Output said it was on the verge of closing before turning to reward-based crowdfunding and raising 10,000 inside 24 hours. The business, which centres on producing content for the visual communications space, has thus prevented the loss of three jobs and a number of regular freelancers. Outputs issue came to a head towards the end of February when it was discovered that it only had enough money in the bank to pay for that months wages. It had previously been refused credit because, according to the business, its stance as an independent publication, run by a young MD, meant it had no physical collateral with which to secure the loan against. In a statement, Output said: Upon notice that the closure of Output was imminent, the reaction from the communities that we serve was both awesome and humbling. The #StopPress hashtag, through which we were telling our story, exploded with companies and individuals keen to find a way to keep us going proving once and for all that what wed been telling the banks and lenders about being an important service for the industry was absolutely true.
Output used Crowdfunder to raise the capital, and says that it was up against the clock to raise the funds in time and keep operating. Four investors came forward on the back of over 4.5m impressions on the campaign and half a million Twitter users reached. Output went on to say: The support we received from the Crowdfunder team was incredible, explaining our options and helping to push the message out further. Regardless of where a business is, whether it is just starting out or looking for extra funding to push it on to its next stage, Crowdfunder is a platform that everyone should consider as an option for helping their companies or organisations grow. Read more about crowdfunding:
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