Crowd funding Interview questions for Hype Magazine Singapore. 1. How did you get to know about crowd funding? We were first aware of the crowdfunding website Kickstarter through Facebook. I can’t really recall the exact project that was featured when we first stumbled upon it. 2. Why do you want to use crowd funding? (Why not traditional ways?) We researched the various crowdfunding outlets that are available online and decided upon using Indiegogo’s platform as it supports international crowdfunding and is most reasonable in terms of its rates for their service. The website’s interface is easy to use also, in terms of seamlessly showcasing our works and products, collecting funds and the social media integration and reach it is able to provide. We are also currently working on coming up with a proposal for an arts grant from NAC for our art form. Also, we don’t really believe in bank loans and are not really wealthy people who have tons of cash to burn for business capital and expenses. We actually have double jobs with a family to support. 3. Whose idea was it? (out of the four members? Other friends?) It was actually brought up by Normann. He is one of the four members in Ambigram Press. Bach, another member, did all the creative work for the T-shirts, art, posters and other perks that are available. We all agreed it might be beneficial. 4. How do you think your project can benefit from crowd funding? Through financial help from the contributions, we would get to purchase two essential equipments which will enable us to move forward into live screenprinting which is truly lacking here and towards better arts awareness in screenprinting in Singapore. Also for our project, if you look at it, it’s actually just like a pre-order for T-shirts or artworks. It’s not a donation (Unless you want it to be). Its like you are buying a product online, which are our creations. Only difference being, we will process the orders only if we reach the target and you will be getting your purchases later on. If we don’t reach our target, you will get your money back and the purchases do not go through. This is because we did not get to raise funds for the equipments, which is usable for live screenprinting, as well as for preparing your t-shirts. In short, No money = No Equipment = No T-shirts. 5. Do you think crowd funding works well in Singapore? Why? To be honest, currently most of our contributors for our ongoing campaign have been our family, friends and colleagues; all of whom are local. There is only one or two outside contributors from Singapore whom we don’t know. These are the ones who truly support the arts. We are very grateful to them. 6. What do you think is the good and bad points of crowd funding? Prior to the availability of crowfunding online, it would be quite difficult to reach out to people for funds or investments. In this digital age, this platform is now easily accessible to the public, whoever are interested to support and invest in your creations, projects, ideas, works-in-progresses or campaigns that have lots of potential to grow and succeed but is lacking in financial means. That is its good point. More independent creations and causes are now being seen. Bad points about crowdfunding would be if a campaign tries to be dishonest and lacks transparency in terms of their goals and objectives in raising funds. Although I personally have never come across a campaign that is a scam. 7. Have you considered the factors when the public might think your project is a scam and does not want to support it monetarily? Yes, of course, that is why we strive to be as transparent as possible through social media, website and Indiegogo! We will be constantly updating our contributors through email regarding the progress of our campaign regardless if we reach the target or not. If we reach the goal, we will continue to do so and update our FB page publicly regarding the purchases we planned to make with the funds. We will post pictures of the progress. We are even open to potential contributors to coming down to our small workshop for a tour or just a chat. 8. How do you think the public can discern from the genuine projects and the scams? That is why people should always do a background research on the campaign prior to contributing. If it looks dodgy, don’t give them your money. For myself if I had the money and its for a good cause or if it’s about something that you really love, like for example, the local arts, I would gladly contribute towards something I believe in! 9. With 29 more days to go but you have already gone pass the halfway mark of your goal of $2800. How do you feel about that? We’re kind of nervous about it to tell you the truth, but we are trying to reach out to as many people as possible every day. We would be slightly disappointed we don’t reach our target but it’s alright. It just means we need to work harder to reach our goals and dreams. Never give up. 10. What exactly are you going to do with the money that you have received through crowd funding? Only to fund the flash cure and an entry level dryer? The funds for the target would go to the purchase of the two equipments as mentioned, namely a flash cure and a dryer. If we exceed our campaign target of USD$2800, we would receive the extra money. This extra money would go to the funding of additional equipment for live screenprinting purposes. There are still many pieces of equipment that we are lacking for us to function properly as a screenprinting entity, for Eg. a proper exposure unit, a washout booth, etc.
Posted on: Wed, 19 Jun 2013 03:15:47 +0000
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