Entrepreneur Wisdom

A different way to get funded, Thomas Sychterz's Words of Wisdom

Monday, December 4, 2017

A different way to get funded

Thomas Sychterz's Words of Wisdom

Thomas Sychterz is the head of operations for North America at Ulule Canada. He hopes to drive the expansion of the company’s crowdfunding platform throughout the continent.

When you start a business, you look forward to all the exciting, fun aspects, like being your own boss and successfully selling your products and services. But the vast majority of projects all start with some minimal investment—in money, in effort, and in passion.

For example, in the case of Espace T, the founders needed liquidity in order to acquire a space and certain kitchen supplies. They did some research and after exploring their options, they approached our crowdfunding platform, Ulule

Espace T is a business put together by friends over coffee while discussing their ideas, which is often how businesses are started. Their idea was to create a tea room/café that also housed a vegan restaurant and a boutique in the same space. It should be noted that this concept is practically never found outside of Montreal! Yet that is exactly what Véronik Lacombe and Yolaine Lafrance had in mind for the city of Saint-Jérôme when they thought up the idea for Espace T

The crowdfunding campaign: An enriching experience 

I remember there was a lot of energy involved when they were putting together their crowdfunding campaign. Above and beyond raising capital, the campaign results outpaced the expectations of the Espace T founders.

“We got off to a good start and then went out like a lion—it was a super-emotional end to the campaign!” recalls Véronik Lacombre.

I should warn you that reversals of fortune are very common amongst those who launch crowdfunding campaigns. But that said, the effort is always worthwhile—the confidence and experience gained by the project leader are invaluable.

The biggest surprise a crowdfunding campaign can bring is interaction with other people. It’s a unique opportunity to present yourself and grab the attention of a large audience.

In Véronik and Yolaine’s case, the campaign was a way to gauge how much interest there was for their idea amongst the public, thereby validating their business concept. As they saw the number of people following them on social media increase, they quickly realized that a crowdfunding campaign is a very useful tool for communicating with their community, and even for developing a community in an original way. Their direct interaction with contributors and participants was highly valuable. 

Anyone who has done a crowdfunding campaign will tell you that an Ulule campaign is about more than just getting financing 

To learn more about crowdfunding, visit Ulule's web site