Last fall we tried to help promote the potential of crowdfunding as a tool for bringing inspired ideas to life. The Low Hanging Fruit Press project brought a cider press to Goshen to help us deal with an abundance of apples, with the support of many individuals and even a few businesses.
We sorta fell in love with the CommunityFunded platform we used and continued to explore how we might take advantage of their unique system for building community among businesses, organizations, and community members by making it easier to solicit and offer in-kind rewards. That interest recently gained some momentum as we’ve begun developing a local platform just for Goshen campaigns and businesses.
One of our underlying motivations for promoting crowdfunding was to help the community find new ways to “invest” in itself. Donations and philanthropy are great, but how can we create more opportunities to finance start-up initiatives as genuine investments? We’re excited to see that potential emerging at a broader level.
Indiana’s new equity Crowdfunding Exemption “allows non-accredited investors to invest up to $5,000 per campaign in privately-owned businesses. In turn, Indiana entrepreneurs are allowed to raise up to $2 million from Indiana residents through the internet.” (read more). Michigan, one of just a few other states making similar progress, just saw the launch of CrowfundingMI.com, a dynamic tool to help investing in local businesses and real estate.