Retail Matters 2024 Report
Produced in partnership with Virginia Retail Alliance, the 2024 Retail Matters research report features the economic, consumer, and technology trends impacting a wide spectrum of entrepreneurs and small business owners.
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Crowdfunding for Small Businesses, Maine Downtown Conference Panel
In this episode, recorded in front of a live audience at the Maine Downtown Conference in November 2024 in Biddeford, Maine, host Matt Wagner explores the world of crowdfunding as a financing alternative for small businesses.
In this episode, recorded in front of a live audience at the Maine Downtown Conference in November 2024 in Biddeford, Maine, host Matt Wagner explores the world of crowdfunding as a financing alternative for small businesses, featuring a crowdfunding expert and two Maine entrepreneurs who successfully used community crowdfunding. This episode’s featured guests are:
- Mary Chapman-Sissle: Owner of Sissle & Daughters, a cheese shop based in Portland, Maine
- John Stirratt: Owner of Otyokwa, a vacation rental facility in Bremen, Maine
- Ross Chanowski: Founder of NuMarket, a community crowdfunding platform
This episode builds on an earlier episode featuring a conversation with NuMarket’s Ross Chanowski – listen to the episode here.
In this conversation, we dive deep into:
- The State of Crowdfunding: A comprehensive overview of crowdfunding, exploring its different types (donation-based, equity, and rewards-based), historical context, and current landscape. Ross explains how crowdfunding has evolved since the Jobs Act, highlighting its potential as a financing tool for small businesses, particularly those deeply connected to their local communities.
- Business Stories: Mary explained how she used crowdfunding to expand her cheese shop, while John explored potential funding for his seasonal hospitality business. Both stories illuminate the challenges of traditional financing and the benefits of community-based funding.
- Key Learnings from Crowdfunding Campaigns: The group discussed insights into running successful crowdfunding campaigns, including the importance of consistent communication, understanding nuanced messaging, and engaging directly with the community. Mary emphasized the need to be persistent, clear about the campaign’s purpose, and actively involve potential contributors. The discussion reveals that successful campaigns are less about the number of followers and more about genuine community connections.
- Audience Q&A: In an interactive session where audience members asked questions about the crowdfunding process, the group discussed topics such as business vetting, municipal support, campaign strategies, and the potential of crowdfunding as a financing tool. The discussion provides practical insights into how small businesses can leverage community support and alternative funding methods.
Connect:
- Check out Sissle & Daughters’ website
- Check out NuMarket’s website
- Check out Otyokwa’s website
- Listen to our last interview with Ross
Episode Links:
About the Main Street Business Insights Podcast
Each week, join host Matt Wagner, Ph.D., as he travels the country and takes a deep dive into the personal journeys of downtown and neighborhood entrepreneurs. The stories that far too often go unheard. Learn about the innovative ways that these Main Street businesses have overcome adversity, whether it’s starting a new enterprise or keeping a multi-generation business alive, and the advice they have for others on how to keep their businesses on track. Main Street Business Insights is powered by Main Street America.
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© Ketut Subiyanto
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