Category Archives: Online Funding Campaigns

Redesign headaches and production delays: Toronto inventor pushes forward with foot-powered washing machine

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CBCnews | Makda Ghebreslassie | Jan 4, 2018

An award-winning idea to build a pedal-powered washing machine has hit some snags and its inventor is facing questions about what's taking so long. But one expert has told CBC Toronto stories like this are common and are even to be expected before a new product finally makes it to store shelves.

Yi Jiang, the creator of the Drumi — an electricity-free, foot-powered washing machine — has experienced many challenges taking his product from mock-up to market.

"It's just taking us so much time and energy to figure out how to make things work," he said.

The prototype won the national James Dyson Award in 2015.

See: Finalists Announced for the 2016 Canadian Crowdfunding Summit Live Pitch

It's a compact washing machine, operated by a pedal, that can hold about two kilograms of clothing. That's usually three to five items.

All that is required is water, detergent, sanitizer and a few minutes of your foot pushing the pedal to spin the drum that holds the clothes.

Jiang gained financial support for the concept with pre-orders on the crowdfunding site Indigogo and his company's website.

'Not chump change'

Walter Sanchez says he came across the Drumi while reading an article about inventions that could make a difference in your life.

"I was attracted to that concept of having an item that is easily accessible to me that would make an otherwise tedious task more appealing and more functional and efficient," he said.

In May of 2016, he went on the website for Jiang's company, Yirego, and pre-ordered it for $265 plus tax and shipping.

Sanchez says the website indicated pre-orders would be shipped out by the end of the year but that kept being pushed back.

He says he emailed Yirego last April and was told they did not know when the product would be shipped out and they would keep him informed.

But Sanchez says eventually all communication, including the company's monthly updates on its website came to a halt.

"The product doesn't get delivered and no one is returning your calls and there are no updates, so as a consumer it raises a lot of concern because three hundred and whatever dollars is not chump change for a lot of us," he said.

Jiang says the plan was to have the actual product shipped to customers by 2016 but that deadline has come and gone.

Yi Jiang says he was inspired to create the Drumi after having negative experiences with public laundromats. 'It's not just about the cost and the time consumption, it's also about the energy and the way that people are using it,' he says. (Makda Ghebreslassie/CBC News)

The delay, he says is partly due to redesigning the Drumi, adding new features and meeting manufacturing standards.

Jiang says because he was creating a whole new product with no electrical parts, off-the-shelf components were not an option.

He even had to design and produce basic parts like the springs the machine needs.

"It's like a concept car. You can't drive around a concept car," Jiang said.

But while his team works on improving the product, customers who pre-ordered are left waiting.

After sending several messages this past spring, Sanchez said the company finally contacted him and provided him with the refund he requested in October.

"The way the situation was handled, I think it was poor," said Sanchez.

Expect delays

Many of the challenges faced by the inventor of the DRUMI and its clients are very common, says Daryl Hatton, the CEO of  FundRazr and the director of the National Crowdfunding Association of Canada.

See: Crowdfunding raises a roof: Tips for newbie Crowdfunders

Hatton says people choosing to get behind products on crowdfunding sites need to fully understand what they are committing to.

"They will have to be patient because it frequently takes longer than they want. There's a chance that they might not ever get it. It's possible that the entrepreneur might fail and it won't work," he said.

"You're backing a venture and a concept and an idea more than just a purchase. There's risk involved," he said.

Hatton said there are things that entrepreneurs like Jiang can do to help ease the concerns of their clients.

"The number one advice is to over communicate and demonstrate the progress being made," he said.

Continue to the full article --> here

 

The National Crowdfunding Association of Canada (NCFA Canada) is a national non-profit actively engaged with social and investment crowdfunding, alternative finance, fintech, peer-to-peer (P2P), initial coin offerings (ICO), and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, networking opportunities and services to thousands of community members and works closely with industry, government, academia and eco-system partners and affiliates to create a vibrant and innovative fintech and online financing industry in Canada.  For more information, please visit:  www.ncfacanada.org

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RED Mountain Hurdles Historic $1.5 Million Mark; Keeps Going

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Nasdaq Newswire - Red Mountain | Dec 13, 2017

Scrappy Ski Mountain Reaches Major Milestone in Crowdfunding Campaign

ROSSLAND, British Columbia, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Nearly sixteen months ago, RED Mountain launched an historic initiative for ski hills to raise capital through crowdfunding, offering ownership in the storied Canadian ski resort to investors for starting at $1000. Today, RED is proud to announce that it has hit— and exceeded — its minimum offering of $1.5 Million collectively raised on both StartEngine.com in the USA and FrontFundr.com in Canada and has accepted the first round of subscriptions under the crowdfunding offering. This means that the first funds can be accessed for use in “improving the adventure,” and investors can begin using some of the perks offered as early as this ski season.

See:  RED Mountain Goes LIVE With Crowdfunding in Canada; Urges Fans to “Fight The Man. Own The Mountain.”

“It’s hard for me to even put into words what this milestone means to our team,” says RED CEO Howard Katkov. “This campaign has been non-stop since we launched… It’s been intense in a way I’ve never experienced in any of my previous business endeavors, but most gratifying for me, my team, and our community. We planted this flag for independent skiing and touched a nerve with skiers and boarders around the world. It’s way bigger than RED Mountain now — and RED’s pretty big!”

Dubbed “Fight The Man. Own The Mountain,” the RED campaign has raised eyebrows as well as money, highlighting the importance of independent skiing.  RED Mountain has presented itself as one big, continually growing “family”, something very unique, juxtaposed to the rapid corporate consolidation of ski resorts in North America.

“After we tossed this notion out there 16 months ago, we received pledges of over $13 Million,” explains Katkov.

“We knew that not everyone would convert to their reservations to subscriptions for Class D Units— that not everyone is able to — but the traction we’ve seen on this issue is commendable on its own. More people are aware of the transformation of skiing due to corporate consolidation and we have created a touch point for those who care about independence, authenticity, affordability and access. We’ve received investments from numerous supporters who’ve never even been here! RED isn’t the only independent out there fighting the good fight, but we have become a high-profile underdog.”

“RED is defining a movement that is transforming what it means to be an Angel Investor,” explains Sean Burke, COO of FrontFundr. “You don’t need to be a high net worth individual to invest and own a piece of RED and this is what democratized investing in private enterprises is all about. RED has proven this and now holds the single largest closing for equity crowdfunding in Canada, with total subscriptions of over $1.5million.”

“Our passion hasn’t wavered,” adds Katkov. “We will continue to accept subscriptions for the Fight the Man / Own the Mountain crowdfunding offering over the winter and fully expect to raise additional equity after this great start. Just know there’s room at the table of this historic offering and truly unique opportunity to own a chunk of RED Mountain. We know that many more die-hards will be joining the family over the winter and we can’t wait to meet them!”

The US offering circular can be viewed here.

Source:  here

Press inquiries can start here:

Christine Andison – Planning & Development
RED Mountain Resort
250-362-5551
christine.andison@redmountainventures.com


 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit: www.ncfacanada.org

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Ottawa phone startup’s fundraising bid dropped over copycat allegations

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CBC news | Sept 19, 2017

Crowdfunding site shut down campaign amid allegations Ottawa company's phone was copy of Chinese model

An Ottawa-based mobile phone company's crowdfunding efforts were shut down Tuesday morning amid allegations the phone they were offering was a copy of an existing model.

Moe Omer, the co-founder of mobile phone company frank., told CBC News that Indiegogo contacted him saying several members of the public had contacted them, reporting his phone was a copy of a phone already manufactured in China.

See: Ottawa Teen's Low-Cost Smartphone To Take On Apple & Samsung

Omer said he explained that the phone's pre-made mold already existed on an online marketplace called Alibaba, but they were making custom improvements and that their edge is that by making a bulk order, they can lower the price.

Indiegogo promised to follow up, Omer said.

"Then we were shut down without notice," he said.

A yellow banner tops the web page now, reading "This campaign has been closed by Trust and Safety due to a violation of our Terms of Use."

Continue to the full article --> here

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both investment and social crowdfunding, blockchain ICO, alternative finance, fintech, P2P and online investing stakeholders across the country.  NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a vibrant and innovative online financing industry in Canada.  Learn more About Us or visit www.ncfacanada.org.

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True Leaf: Crowdfunding Legal Cannabis Products Across North America

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Marketwired | Darcy Bomford | Sep 20, 2017

SEATTLE, WA--(Marketwired - Sep 20, 2017) - CFN Media Group ("CannabisFN"), the leading creative agency and digital media network dedicated to legal cannabis, announces the publication of an article examining True Leaf Medicine International Ltd. (CSE: MJ) (CNSX: MJ) (MJ.CN) (OTCQB: TRLFF) and its pending Regulation A+ public offering that is giving anyone the opportunity to invest in hemp and cannabis products that will be fully legal in both the U.S. and Canada. True Leaf's mission is to create safe, natural cannabis based products that enhance the quality of life for both people and pets. The company already has pet products in the market, and is in the final stages of Canadian approval to grow and sell legal cannabis.

"This is a truly unique opportunity for investors to own a piece of a company that produces and distributes cannabis products that are fully legal right now across North America," says True Leaf CEO and Founder Darcy Bomford. "We're excited about this opportunity -and we're excited about the future of True Leaf in the cannabis space."

Two True Leaf Divisions
True Leaf Pet
Americans will spend nearly $70 billion on their pets this year, according to the American Pet Products Association, including nearly $15 billion in over-the-counter medicine and supplies. At the same time, consumers are increasingly searching for hemp-based products for their pets as an alternative to conventional foods and pharmaceuticals. Only a handful of companies in the space are currently serving this rapidly growing subset of the market.

See:  RED Mountain Goes LIVE With Crowdfunding in Canada; Urges Fans to “Fight The Man. Own The Mountain.”

True Leaf Pet is the first company to combine the beneficial properties of hemp seed with other scientifically proven ingredients to create a line of functional pet products. The company's widely popular True Hemp™ line of supplements include CALMING, HIP+JOINT and IMMUNE+HEART support products available in soft chews, sticks, and oil formats. These products are already on the market and available for sale in the United States.

True Leaf Medicine
Canada has become a pioneer within the legal cannabis industry following the passing of the Access to Cannabis for Medical Purposes Regulations (ACMPR) and its predecessors. According to Deloitte, Canada's legal cannabis industry could exceed C$22.6 billion over the coming years, including C$8.7 billion from the retail market each year. Licensed producers represent some of the best opportunities to capitalize on the market.

True Leaf Medicine is seeking a license to sell medical cannabis in Canada under the ACMPR program ahead of federal-level recreational legalization next year. The company's application has already passed through the preliminary and enhanced screening process and is currently in the approval to build stage of the process. Once the production facility is inspected and approved, the company will be able to grow and sell cannabis into Canada's market.

The leadership team behind these efforts has significant experience navigating regulatory frameworks and working in manufacturing. Chairman Michael F. Harcourt is the former Premier of British Columbia as well as the former mayor of Vancouver, while CEO Darcy Bomford has 30 years of experience in the pet industry operating manufacturing plants and marketing pet products worldwide. This team is uniquely qualified to execute on the company's vision over the long-term.

Looking Ahead
True Leaf Medicine International Ltd. represents a unique opportunity in both the U.S. and Canadian cannabis industry. With products already in the market generating revenue, the company differentiates itself from many development-stage companies in the space, while its diversified operations create an opportunity for superior risk-adjusted returns.

"People are looking for natural ways to lead healthy, long lives and they want the same for their pets," said True Leaf CEO Darcy Bomford. "As attitudes and laws continue to change around hemp and cannabis, True Leaf aims to take the global lead on creating products that improve quality of life for people and pets. We are excited to extend the opportunity to own a piece of True Leaf to customers, supporters, and investors who share our values and enthusiasm."

Click here for more information regarding the upcoming financing.

Source:  view release


The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both investment and social crowdfunding, blockchain ICO, alternative finance, fintech, P2P and online investing stakeholders across the country.  NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a vibrant and innovative online financing industry in Canada.  Learn more About Us or visit www.ncfacanada.org.

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Ottawa teen’s low-cost smartphone to take on Apple, Samsung

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CBC News Ottawa | Joe Lofaro | Sep 3, 2017

Moe Omer, 17, and business partner hope $180 smartphone will take off

Moe Omer is about to take on tech giants Apple and Samsung with the launch of his own smartphone next week, with one noticeable difference between him and competition.

He's launching the phone with some of the features you'd expect in most mid-range phones, but for just $180. Oh, and he's only 17 years old.

What started out as a passion project for the Ottawa teen has now blossomed into a full-blown entrepreneurial undertaking.

Moe Omer, 17, is studying industrial design while launching his new smartphone company. (Twitter/@therealmoeomer)

Omer told CBC Radio's All in a Day that when he met with a millionaire investor and shared his idea, he was told he was on embarking on a futile enterprise.

See:  Crowdfunding Best Practices  |  Campaigns

"I kind of just went with it, and he didn't think we were going to make it up to this point. And we're here now," Omer said.

Omer is now the chief technology officer of the new smartphone brand "frank." Along with his business partner and CEO, Fahd Alhattab, Omer hopes to attract prospective customers with an Indiegogo fundraising campaign that will launch Sept. 5.

The new phone looks like your typical, modern smartphone. It has a fingerprint reader, a 16-megapixel rear camera, a 5.5-inch HD display, and it runs on Google's Android operating system.

But what stands out most about the phone is the price, which is the focus of their cheeky social media campaign.

"I just want this to be a brutally honest, frank phone. I want to be honest with everyone in the most brutal way possible, and we're not shying away from different methods of marketing," Omer said.

See:  For Canada’s tech to thrive, startups must grow up

The first 500 phones will be available for the $180 price, but after that the cost jumps to $220. Omer hopes to attract a young, money-conscious demographic with the low price tag.

The guiding mantra behind developing the phone over the past year was sacrifice.

Continue to the full article --> here

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

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Be warned… Kanoa Headphones Shuts Down After One Brutal YouTube Review

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Fortune | David Z. Morris | August 27, 2017

Kanoa, a crowdfunded company promising its backers a pair of innovative wireless headphones, has announced that it will shut down without delivering products to most of them. The shutdown comes after a string of challenges, but the final nail in the coffin may have been a merciless YouTube video posted last Saturday in which a reviewer found numerous basic flaws with the product – and alleged that the company tried to bribe him for positive coverage.

Kanoa’s journey began in 2015 when it's successful crowdfunding campaign promised in-ear wireless headphones with a sharp charging case and smart features like adjustable ambient sound pass-through. According to the company’s parting message, the following year saw them encountering technical challenges and starting over from scratch.

They began to ship a few units to backers and reviewers this month, but they were apparently still not up to snuff. Technology reviewer Cody Crouch, also known as iTw4kz, received a review unit from the company, and... well, things got rough.

Crouch’s review video is like a horrific car crash — hard to watch, but impossible to turn away from. It chronicles his Sisyphean struggle to get the headphones, which were planned to retail for $300, to perform basic functions like connecting to his phone. Kanoa’s promised pass-through feature produced unlistenable feedback, and they didn’t reliably connect when Crouch had his phone in his rear pocket. The fancy charging case, stunningly, wouldn't charge the headphones while plugged in.

Continue to the full article --> here

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

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RED Mountain Goes LIVE With Crowdfunding in Canada; Urges Fans to “Fight The Man. Own The Mountain.”

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Red Mountain Resort | via Kara Zucker | Aug 14, 2017

ROSSLAND, BC, CANADA (August 14, 2017) – Less than a year ago, RED Mountain Resort in Rossland, BC launched a $10 Million crowdfunding campaign online called “Fight the Man. Own The Mountain.” This was the first time a for-profit resort had explored equity crowdfunding online and nobody knew what to expect. Fans of independent skiing and snowboarding showed up from far and wide to pledge their support and the resort surpassed its goal by several million dollars in Phase 1, known as “Test The Waters.”

Starting Monday, August 14th, Canadians can make good on their pledges and walk away actually owning a piece of one of North America’s most storied ski resorts.

“We planted our flag on this issue just as some of North America’s most famous resorts were amalgamated,” explains RED CEO Howard Katkov. “People were very passionate about keeping RED out of harm’s way. And, within a month, we had surpassed our wildest dreams on the crowdfunding front. I just hope everyone in Canada will recognize that now is the time to make good on those pledges and invest real dollars, for real equity, in a resort that’s about as real as it gets.”

Canadians are able to commit to their equity purchase starting August 14th on FrontFundr.com. US investors can purchase equity starting November 2nd on StartEngine.com, as the U.S. regulatory process takes approximately 90 days longer than in Canada.

“I want to make it very clear that the earlier Canadian opening date on subscriptions does NOT offer an undue advantage to RED’s Canadian fans,” explains Katkov. “Nor does it present a disadvantage to American investors. We will not run out of equity. We will not run out of perks or tiered rewards. People on both sides of the border will still have the same opportunities to invest and the same opportunity to reap the rewards. Nobody’s jumping the gun here…it’s a staggered start.”

Since launch on Phase 1, this unique “Fight the Man. Own the Mountain.” campaign has resonated far beyond Canada’s Kootenay mountain range with a fierce message of independence in an atmosphere of corporate mergers and acquisitions.

See:  So This Just Happened… RED Mountain Hits Their $10 Million Goal on Crowdfunding

Potential investors are urged to “do the math”—i.e. their homework, their “dude diligence”—before dropping in on this unique equity offering, and can begin here. Two unique aspects of the offering are worth noting up front:

The first is a clause informally dubbed, “Last In, First Out”. What this means is that investors in Phase II—whether they’re in for $1,000, $25K or more—would be among the first paid back for their Class D units in the eventuality of any possible future sale of the resort. They would receive their investment back before all previous equity investors.

The second is the “rewards” associated with each level of investment, from lift tickets, custom skis or snowboards, season and family passes and access to a purpose-built clubhouse and overnight cabins. These rewards are laid out in the FrontFundr and Start Engine platforms.

“It’s showtime, and we’re both excited and a little nervous at the same time,” says Katkov. “The success of the campaign thus far has been an incredible reminder of the passion that the snowsports community really runs on. I think a lot of us in the industry lose sight of this passion from time to time…  ‘Fight the Man. Own the Mountain.’ has become emblematic of the fight for independence in skiing all over the world. Even people who have never skied here are sending me emails from Scotland and Switzerland asking how they can invest just because they like what we’re up to here. This means the world to us. It really does. I can’t think of any sport where the passion runs this deep or crosses borders and languages so effortlessly.”

(RED Mountain Resort will continue to investigate the possibility of investors outside Canada and the US participating – international investors, stay tuned!)

To be a part of the future of independent skiing and snowboarding, you can learn more about the offering and invest here — as long as you’re Canadian.

 

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

Check out the RED Mountain “Fight the Man. Own the Mountain.” launch video here along with videos from partner brands Blizzard and Mervin Mfg.

 

  1. RED Mountain Fight the Man, Own the Mountain

https://youtu.be/SzwXKFmiQZo

 

  1. Lib Tech Video

https://youtu.be/BrlVTSXVx6Q

 

  1. Blizzard Video

https://youtu.be/IQkhpSz_Q3M

 

 

 

Press inquiries can start here:

Christine Andison – Planning & Development
RED Mountain Resort
250-362-5551

christine.andison@redmountainventures.com

 

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