Moguls Magazine Issue 1

Page 6

The Crowdfunding Movement The Crowdfunding Industry Report by Massolution put out data showing the overall crowdfunding industry raised $2.7 billion in 2012, across more than 1 million individual campaigns globally. In 2013 the industry is projected to grow to $5.1 billion. (Forbes, 5/2013). Crowdfunding is a marriage between entrepreneurship and philanthropy. It has re-fueled the ‘dreamers’ and given new wings to social causes. Within the U.S. literally tens of thousands of projects were successfully funded in 2012….from the cup-cake lady to the independent filmmaker. The common thread of a successful crowd funding campaign is this; tell your story, make a compelling video about what you’re doing, why, what the money will go towards, and how much is needed to complete the project. Simple? While the concept is simple, like anything worth having it takes work to execute a good solid campaign. crowdfunding platform launches in Atlanta Atlanta-based 5 Star Training ATL (business development and training consultancy) has worked with enough new start-ups to realize that Atlanta needs a crowd funding platform. So it launched Atlanta’s first; Kenectit. com back in December 2013. The site is a localized rewards-based crowd funding platform unique to Atlanta startups. The initial campaigners will be businesses who have refined their vision, done their business planning and are ripe and ready to be funded. Community development and

CROWDFUNDING Made Simple Yolanda Williams

Atlanta is a fertile breeding ground for entrepreneurial ventures. The varied associations such as Atlanta Lean Start-up, Urban League, and grass roots community development organizations are prime targets for partnering opportunities with Crowd funding is well on its way to replace traditional business lending and will augment new business start-up growth. Don’t be left behind. Want to know more about Contact Check out industry articles info on Facebook: www/facebook/5startrainingatl/Register for workshops at

Before we give crowd-funding the props it deserves for becoming the most exciting new way to fund business and social projects, let me tell you where the concept originates. I doubt that you would have heard this in the chat rooms… ‘Susu’ means ‘small, small’ Susu has become the term used to describe a long time African tradition. It speaks to the way small scale community-based lending happens still today in small towns and villages throughout the Diaspora. Susu is used to fund business projects, homes, and personal life emergencies for people who typically do not have access to traditional loans and bank services. How it’s Organised The basic structure of Susu is a money-pool, each person in the pool gets a turn at being the benefactor. Each participant follows the honor system to repay the funds so as to keep the community strong and the resources flowing. Family, friends, and co-workers share in each other’s success. The rewards extend beyond financial viability to that of enabling the common good to be a focal point for consumers and business owners alike.

Yolanda Williams has Consulted with Fortune 100 companies & others including; GE, Abbott Labs, Ford Motor Company, Home Depot, SunTrust, Wendy’s/ Arby’s Group, Teradata, United Rentals, The Gap, Sears Holding Company, and E*Trade Financial. She is the CEO of KenectIT where she plans to enable the start-up of 1000 new businesses.

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