Michelle Rodger discusses rewards based crowdfunding and Bloom VC - Jonathan Lea Network

Michelle Rodger discusses rewards based crowdfunding and Bloom VC

The video below is a recording of an interview I hosted this morning with Michelle Rodger, one of the founders of Bloom VC, the UK’s first rewards-based crowdfunding platform.

In the interview some of the areas Michelle discusses are how Bloom VC was started and where the founders got their inspiration from, the importance of social media and networks for successful campaigns, what types of projects and organisations are suited to raising rewards-based finance and what kind of information is required for a good pitch.

Michelle Rodger

Michelle mentioned online accessories shop Bonnie Bling as a good example of a business that had been successful with Bloom VC and how they had generated great publicity through using celebrities to promote their products.  However, Michelle was keen to stress that whether or not you are developing a physical product, with a bit of thought and imagination rewards-based crowdfunding can work for any type of business, whatever the type of service or product that is being sold.  Interestingly, because of the simple way the funding model works and the absence of regulatory obstructions, anyone in the world can use the Bloom VC website to raise funds or participate as an investor, while any kind of organisation, incorporated or not and no matter how informal, can list their project on the platform and carry out a fundraising campaign.

Of course, the other great thing about this way of funding is that founders don’t have to give away any ownership or control in respect of their company.  While this is a great attraction for entrepreneurs determined to maintain their independence, it also makes rewards-based crowdfunding a simple way for startups to get off the ground and prove their business model without sacrificing their equity early on, thus enabling businesses to more easily raise equity investment later on in their development.

About Jonathan Lea

Jonathan is a specialist business law solicitor who has been practising for over 18 years, starting at the top international City firms before then spending some time at a couple of smaller practices. In 2013 he started working on a self-employed basis as a consultant solicitor, while in 2019 The Jonathan Lea Network became a SRA regulated law firm itself after Jonathan got tired of spending all day referring clients and work to other law firms.

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