The VFA Innovation Fund is an annual month-long crowdfunding competition with more than $40k in prizes (!). During the Innovation Fund, participants work closely with the VFA team to refine their idea, set a fundraising goal, devise a plan—then spend four intense weeks raising money for their projects. And we’re not talking small change: this year, our 11 Fellow-led teams raised $83,918 on Indiegogo.
We are so excited to announce the winners of the 2016 Innovation Fund (drumroll, please…)
- BikesORO: Chelsea Koglemeir’s socially conscious, everyday bikes
- PINCH Crawfish Kitchen: San Antonio’s very first Vietnamese-style crawfish boil brought to you by Sean Wen ‘14
- Al-Dente by Simple Kitchen: A rice cooker for healthier rice, created by Swad Komanduri ‘14
All of this year’s participants hustled to get their projects off the ground, and they learned a lot along the way. Here are some reflections from the 2016 teams:
What was your team’s main takeaway?
“Crowdfunding takes a lot more commitment than I thought. Great to help you figure out your brand/story/language, too.” – Pinch Crawfish Kitchen
“Anything is possible! You have to listen first in anything you do. Go to people smarter than you know and gain the knowledge you need for whatever venture you go on.” – Native <> Newcomer
“Crowdfunding campaigns can have multiple goals, on top of raising cash $$$.” – The FORGE
What are the next steps for your project?
“Host more hack nights for code improvement, and expansion to Colorado.” – Women Rising
“Making the thing! We have a great team with diverse skills, and each of us is tackling a wide variety of separate work streams. I’ve been most impressed by our team’s ability to communicate, share, and listen openly to feedback. We all respect that the others know something we don’t, and we treat it as a learning experience rather than a competition.” –Wakeable
“Fulfill perks and build the bike! After I find a place in which to work and assemble.” – VegCycle
Hindsight is 20/20. What’s one piece of advice you would give to next year’s Innovation Fund participants?
“Make sure everything is quality – from your copy, to your story, to your video.” – PINCH Crawfish Kitchen
“Start networking early and often.” – Women Rising
“Start selling to strangers. Family and friends don’t take much time to persuade, but strangers do. Start with a broad plan of how you want to approach your market and start talking to them about it early!” – VegCycle
Final Thoughts?
“It was a great way for me to figure out what I wanted to do. Throughout the campaign my understanding and vision changed. It was a great exercise and it took a lot more work than I realized! Great experience.” – VegCycle
“The additional funds are a game-changer and giving me (probably the others too) the opportunity to keep going. Thank you!” – BikesORO
“Make sure you understand your company’s story/brand BEFORE you start building out your Indiegogo page.” – PINCH Crawfish Kitchen
Congratulations to all of our participating teams – we are incredibly proud of all of you, and can’t wait to see you take your projects to the next level.
Interested in learning more about the 2016 Innovation Fund projects? Check out their pages on Indiegogo.