The entrepreneurial movement that traveled coast-to-coast hosting town halls and building a network of 300 partners has fallen short of its fundraising goal on Indiegogo.
Startup Canada saw its campaign on the crowdfunding Web site expire today with $36,731 out of a goal of $100,000 raised. The non-profit organization was running a “flexible funding” model of campaign, meaning it will keep the funds it raised and pay Indiegogo a nine per cent commission on the money raised, or $3,305.79. If the goal had been met, it would have only had to pay four per cent, $1,469.24.
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Tapping the crowdfunding site was just one avenue of funding that Startup Canada is pursuing, says Francis Moran, an advisor to organization and one of the Indiegogo campaign managers.
“I won’t pretend I’m not personally disappointed by the response,” he says. “I thought the target was reasonable.”
Startup Canada still has momentum, Moran says, having recruited 18 volunteers out of a field of 120 applicants in the past few weeks. It also announced its Startup Blueprints platform before the new year. The organization is now about $40,000 closer to its next step of launching Startup Canada Connect, described as an online meeting place for Canadian entrepreneurs to find support, resources, opportunities, associations, communities, events, mentors, learning, and inspiration.
“It’s on the low end of the quotes they’ve got to build the platform, so they’ll have to be entrepreneurial,” he says. “I’m sure Startup Canada will look at the gap between the expectations and the results and learn lessons from it.”
The non-profit is trying to accomplish something that hasn’t been done before, he adds. Its unique business model may be troubled by asking for the time and money of entrepreneurs, who are so often time-strapped and cash-starved.
More details about Startup Canada’s platform are expected in March.