The 2018 Innovation Fund, our annual crowdfunding competition, has officially ended! You can find all of the Innovation Fund participants here.
After four intense weeks of hustling, emailing, posting to social media, and reaching out to every friend, family member and former neighbor they’ve ever had for support, our Fellows have officially survived the 2018 Innovation Fund. The VFA Innovation Fund is an annual month-long crowdfunding competition with more than $20K in prizes. During this competition, Fellows work closely with the VFA team to refine their idea, create the right marketing materials, set a fundraising goal, and devise a plan—and that’s only the beginning. The real work comes in once their projects go live on IndieGogo and they’re officially raising money to turn their new ideas into full-fledged businesses.
And by raising money, we’re not talking small change. This year, our 11 Fellow-led teams collectively raised over $72,000 on Indiegogo! 2018 was our biggest and most successful Innovation Fund to date.
This is no small feat. Crowdfunding at this level takes weeks of preparation to launch, and constant time and energy to keep up throughout the month-long campaign. Our Fellows receive support from the VFA team and guidance from our partners at Indiegogo.
Beyond securing those needed pre-sales for a product, crowdfunding also serves as a great way for our Fellow to test the market and validate product-market fit. Even if the initial fundraising goal is not met, the experience provides invaluable feedback, allowing Fellows to refine, iterate, and ultimately improve their products. Using a platform like Indiegogo to launch a brand new product or service amplifies the marketing possibilities to reach more potential customers. It’s rapid market testing – with real buyers at the end!
To recognize the Fellows for their hard work, and more importantly, to help sustain their businesses beyond the initial launch phase, VFA awards additional prize money to the winning team. We are so excited to announce the winners of most funds raised for the 2018 Innovation Fund
- First Place ($7,500 Award): Lookalu, the easiest way to snap cute baby photos, raised $17,800 surpassing their original goal of $10,000
- Second Place ($5,000 Award): DIOP: Bold Streetwear, West African inspired clothing made from premium Ankara fabric, raised $16,193 – beating their original goal of $5,000 three times over.
- Third Place ($2,500 Award): Actually Good, a platform to empower rising comedic talent, raised $9,640 from over 180 backers.
Those aren’t the only rockstar campaigns. Some other highlights include…
- Bloom Edition, the world’s only magazine dedicated to inclusive fashion, raised 125% of their goal!
- The ABC’s of LGBTs, a helpful guide to begin family discussions on gender and sexuality, got a social media shoutout from @desmondisamazing, a prominent drag youth with a reach of over 40K on instagram.
- Mello{be}, mindfulness cushions for everyday life, raised 124% of their original goal!
- BOAT, the Bus for Outdoor Access & Teaching, raised $5,749 throughout the competition, and is still raising funds now!
- HiveLend, a platform to connect beekeepers and the farmers who need them, raised $3452 throughout the campaign.
- FloatMe, an ethical microlending app, raised $1,251 throughout the competition.
- Gregory, an AI-based tutoring software, raised $2,579 during the Innovation Fund.
- Hoodies for Diversity in Tech, a campaign to raise money for diversity in tech non-profits, raised $1,890 over the course of the month.
The Innovation Fund is an annual highlight of the Fellowship experience. It’s a time when we get to highlight and show the public all of the amazing projects and businesses our Fellows are working to build. In the past, the Innovation Fund has served as a feeder into our VFA Accelerator and is a springboard into full-time entrepreneurship for our Fellows.
Want to get involved as an investor or mentor to our Fellow Founders? Email us at launch@ventureforamerica.org.