Lone Survivor Foundation is excited to announce our affiliation with the crowdfunding platform – Fire Funder!
Fire Funder is the first crowdfunding platform built specifically to focus on the Shooting, Hunting and Outdoor Trade (S.H.O.T.) Community (unlike other crowdfunding platforms like Kickstarter or Indiegogo.) Traditionally, crowdfunding has been used as a way for artists and entrepreneurs to gain the capital they need to get their projects off the ground. The crowdfunding industry has become wildly successful and is currently doubling in funds raised every year.
What this means for companies:
Our affiliation with Fire Funder allows LSF to create mutually beneficial relationships with companies (both start-ups and established) in the Shooting, Hunting and Outdoor Trade! When you select Lone Survivor Foundation as your non-profit when setting up your campaign, Fire Funder will donate 5% of their profit from your campaign to Lone Survivor Foundation. This doesn’t cost you or your campaign a thing, but it will result in a financial donation to the Foundation to support our wounded service members. The Foundation will feature Fire Funder campaigns on our social media pages, which helps drive traffic towards your campaign.
What this means for our supporters:
By visiting our affiliate link, Fire Funder will donate 5% of their profit from your pledge to Lone Survivor Foundation. It won’t cost you or the campaigner a thing, so you’ll be helping a small business get started, or an established business launch an amazing new product, all while supporting our wounded service members! If you visit Fire Funder through our affiliate link, AND you back a campaign that supports Lone Survivor Foundation, Fire Funder will double their donation to 10% of their profits!
“While we certainly fill the role of crowdfunding for New Entrepreneurs of outdoor products that revolve around shooting, hunting, fishing, camping, hiking etc., we are changing the game by bringing Established Industry Leaders and Valued Nonprofits to the table.
OUR INDUSTRY IS COMPRISED OF 4 DISTINCT SEGMENTS:
- Established Companies / Manufacturers,
- New Entrepreneurs, and
By bringing these segments together, combined with our unique crowdfunding model, we are pushing the outdoor industry forward with an awesome array of new products. Join the Fire Funder Community and make a difference!”
What is crowdfunding?
Crowdfunding is a form of alternative financing to fund projects or ventures by raising monetary contributions from a large number of people typically by “pre-selling” to them the seller’ s or campaigner’s new product or service.
For most business ventures, access to capital is the single largest of the many early stage challenges. You start out with a great idea, raise seed capital from friends, family and even spend your own. You get your product through development, you have a functioning prototype that is ready to go to market, and now you have a problem. The costs to tool up for production, set up and implementation of a marketing plan, packaging and distribution and even manufacturing your first run can be crippling if not completely out of reach for most early stage ventures. Crowdfunding allows for a company to raise the capital they need to get their venture off the ground, while building an early customer base, without giving up equity. This model also allows for a company to gain valuable market insight with an accurate customer profile following a successful campaign.
For the established manufacturer, Crowdfunding is a valuable market research tool. Instead of unreliable focus groups, a manufacturer can gauge the potential success of a new design by judging the success of a Crowdfunding campaign coupled with the analytic data gathered throughout the campaign process. This greatly reduces the risk of a failed product launch and eases the out of pocket expense with bringing new products to market. Even for the largest companies in the marketplace, a lower out of pocket expense with reduced risk means higher profits and more innovation.
How is crowdfunding done?
- A campaigner builds a campaign by telling their story, showing off their product, and offering several different discounted product offerings called rewards.
- Consumers pledge support for a campaign by committing to buying the rewards at different monetary levels and then receive the rewards based on their level of support.
- When the fund goal is met the campaigner receives their funding and takes their next steps to launch their product and fulfill the rewards.
Flex Funding vs. All or Nothing:
When a business is getting ready to launch their campaign, they have the choice of All or Nothing or Flex Funding.
All or Nothing – If a campaign is set for All or Nothing, the campaign must reach or exceed the fund goal in order to receive the funds raised. This is generally used in a case where the company will not be able to fulfill campaign promises without the fund goal being met.
Flex Funding – If a company is in a position to take their product to market with or without the money raised through Crowdfunding, Flex Funding can be an excellent tool. In the event that a campaigner chooses Flex Funding, they are able to choose, at the end of the campaign, whether or not to accept the funds raised, even if the campaign did not meet its goal.
Fire Funder is currently adding functionality that will allow campaign supporters to be able to see which funding type the campaigner has selected.
Why use Fire Funder?
Fire Funder was started by Sam Lambert, the co-founder of Ochoco Arms. While working on launching their product line in 2014, Sam realized the hard way the all of the crowdfunding websites operating within the United States all shared a “No Weapons Related Products” policy. A little more research revealed that none of the existing crowdfunding sites did much at all within the outdoor world. So, in October of 2015, Fire Funder was born.
Fire Funder will allow you to crowdfund to start your new S.H.O.T related business, or to launch a new product line. Have a great idea for a product but need the funds to get it started? Create a Fire Funder campaign! Already have a company, but need to raise capital for manufacturing a new product? Create a Fire Funder campaign!