Founder Dominic Lin talks about the origin of Funding Garage Inc. and provides 4 simple tips to running a successful Crowdfunding campaign

For Dominic Lin, Funding Garage is his passion. He launched the company in September of 2012 with the vision to provide automotive enthusiasts an alternative fundraising avenue to help bring ideas to reality. Today there are over 60 project submitted, 13 of which are approved and currently on Funding Garage website. Watch the video as Lin describes the origin of Funding Garage as well as 4 simple tips that will help you run a successful crowdfunding campaign. Video courtesy of FunditTV.com

  

High school students; high hopes for crowdfunding their solar go-kart project

The students at Cienega High School, Tucson Arizona, are trying something nobody ever tried before; crowdfunding their Solar Go-Kart project for the University of Arizona sponsored Racing the Sun program.

The Bobcat Solar Runner (Cienega's team name) debut their solar go-kart last year and took their competition by surprise; taking home the fastest Speed and Grand Champion title in 2012.

This year they've chosen Funding Garage as the vehicle to help them reach their goal of $1000 fund raised for the 2013 competition. In the past two months, team members Joshua Velasco (President), Alex Hampson (Treasurer), Tyler Howard (CFO), and Maria Borquez (Secretary) have been meeting weekly with Funding Garage Inc. founder Dominic Lin to hash out their crowdfunding master plan.

As they return from the Winter Break, they will be launching their crowdfunding campaign and make history happen for the automotive education industry. Wish them good luck!

Their Funding Garage profile page can be found here: http://fundinggarage.com/projects/cienega-hs-racing-the-sun-solar-go-kart-club

The Funding Garage Movement

In a recent internal company correspondence Founder and CEO of Funding Garage, Dominic Lin, wrote to his team about "The Funding Garage Movement."

In the words of Jim Collins from the book Good to Great, "The good-to-great leaders began the transformation by first getting the right people on the bus and then figured out where to drive it."

Funding Garage is at one of the critical milestones of its lifecycle; we've launched the company's online website 3 months ago, collected over 50 projects, approved 13 to post profile, and are piloting crowdfunding for 1 project. The eyes of the public are on us to make big moves in the coming months; I agree performance and results are important.  

However, I do not want us to forget that the vision of Funding Garage is to start a "Movement" to become the #1 supporter of all Automotive Entrepreneurs in the World. In order to get there, we need to attract the most capable, highly motivated, and well connected individuals of this industry to stand  shoulder to should with us so that we can turn this flywheel and make the Funding Garage Movement a reality for all of us. This is why we are placing the next 12 months of our main focus on building our Executive Board, Advisory Board, and Internship (Ambassador) Pool.  

Please reach out to your connections within and outside of your network to find the "right people" to load the "bus," so that we have the necessary human capital to get to our destination.

Respectfully,  

Dominic Lin

Founder & CEO Funding Garage Inc.

To join the Funding Garage Movement, please read this previous blog about available positions.

Receive up to $4000 Scholarship Funds from SEMA in 2013

SEMA Memorial Scholarship Fund is dedicated to fostering the next generation of automotive aftermarket industry leaders and innovators. Scholarship awards range from $1,000 - $2,000, with $4,000 going to the top student.

Not sure if you qualify, read here: http://www.sema.org/scholarship-faq

Seeking Candidates Immediately - Board of Directors, Advisory Board, Interns

12/12/2012

Critical to the sustained growth of Funding Garage Inc., FG is looking to staff the company with highly motivated individuals with the background, experience, and energy to bring the company to the next level.

Board of Directors

Front line leaders that have the vision along with the drive to manage the critical day-to-day operational activities of the organization. The following positions on the Board are open:

• VP Communications
• VP Business Development
• VP Operations

Advisory Board

Mentors and advisers that can provide critical insights, directions, and connections to key industry players. The following areas of expertise are sought:

• Legal/Corporation Structure
• Automotive Aftermarket Industry SME
• Fundraising SME
• Marketing/Promotion SME

Internship

Go-getters looking to work in a small start-up environment for Y2013 in Tucson Arizona. The following positions are open:

• Marketing
• Communications
• Programming (Ruby on Rails)

To Apply Send Your Resume to info@fundinggarage.com

Interview with Pro DB Systems, offering the most sophisticated license plate protection system available on the market today

Funding Garage had the previlage to interview Martin Young of Pro DB Systems, with the mission to help motorists protech their privacy in a flash. Pro DB (http://fundinggarage.com/projects/pro-db-systems) has an active crowdfunding campaign currently on Funding Garage website.

Funding Garage (FG): Please tell us a little about yourself, your story, and why you're here.
Pro DB: We are a group of individuals from around the globe who believe in our fundamental right to privacy. Based in Denver Colorado, we believe that any unauthorized intrusion into our lives, especially an unauthorized photo should have a solution. We have designed just such a system the Professional Data Blocker or Pro DB Privacy and Identity Protection System.  US Citizen are photographed an average 150 times per day (More in major centers) and we think this is an invasion of our everyday privacy. We have produced a US car, truck and motorcycle mobile data blocker system and are in the development phase of full blown anti paparazzi systems for mobile, home and office; targeted at the celebrity market. We have spent our own money developing these systems in the lab and tested on the street, in real time, under real time conditions. We even produced a small run of production models to test the market. We now know we are ready and are looking for the source money to produce the production model Rev E in sufficient quantity to hit the market right! We are proud and excited to be a part of FundingGarage.com 

FG: Can you give us a definition of what you think "crowd-funding" or "crowd-sourcing" is, and could become?
Pro DB: We think crowd funding is an excellent idea that allows small business entrepreneurs a chance to flourish and grow without depending on one large investor or bank to decide your fate. It also gives a chance for people to become a part of that success and the opportunity to support something close to their hearts, or even an interest associated with the concept. We also see Crowdfunding becoming the number one way to raise the initial kickover money, or even get behind and push a company to a completely new level. 

FG: What attracted you to crowd-funding?
Pro DB: The unique concept and the ability to interact with the public at large in such a friendly medium instead of just our friends and family who all think “It’s a great idea”.

FG: What do you expect from a successful campaign?
Pro DB: We would love to see a successful campaign that gains momentum with the support of the public who believe in their right to privacy.

FG: If you could build any vehicle (your dream ride), whether it be bike, dragster, hot rod, classic, rally car, you name it, and where budget really was no object; what would it be and why?
Pro DB: It would be a car that transgresses a rally car and a supercar. It would be an Aston Alpina Lancia RS12 – Could you imagine that monster!!

FG: Good luck with your campaign.                  

Pro DB: Thank you.

Against all odds, Funding Garage Inc. has opened its gates to welcome any and all automotive entrepreneurs

Funding Garage Inc., an internet start-up founded on the vision to help automotive enthusiasts raise the money they need for their projects, has officially soft launched its website (www.fundinggarage.com) in September of 2012. Currently on its website are 10 registered crowdfunding campaigns ranging from clients such as US-based supercar maker Lotterschmid Performance to Diva Racer, a team of positive females that devotes their time and energy in helping young girls. Mindy Chen, the Funding Garage writer, had a chance to interview founder, President, and CEO of Funding Garage Inc., Dominic Lin on the day of the soft launch 9/28/2012.

Mindy Chen (MC): Since the last time we talked Funding Garage was just a concept you had. Seven months later, here we are at the official soft launch of FG website.

Dominic Lin (DL): Indeed today is an exciting day for our co-founders, advisors, investors, myself, and more importantly the automotive enthusiast community. Against all odds, challenges, competition, and the state of our country’s economy we have soft launched our FG website at fundinggarage.com.

MC: Can you elaborate on “against all odds.”

DL: Certainly. In the past 6 months we have ran into many challenges such as awareness; awareness of the concept of crowdfunding in the automotive industry. In our public relations outreach in the past Summer we’ve realized that the crowdfunding language is foreign to even key industry players like Universal Technical Institute (UTI), Society of Automotive Engineers (SAE), Sports Car Club of America (SCCA).

MC: What was the rationale for reaching out to those organizations?

DL: It’s very clear to me that those that are going to benefit the most from automotive crowdfunding are people that have the passion and the aspiration to want to make a different for the industry; whether they are professionals going after further specialized education to be able to open tuning shops, college students innovating new technologies to make the sport safer, more competitive, or less costly through competitions, or racers looking to redefine the limit of performance. UTI, SAE, and SCCA are just some examples of organizations that have members that resemble such population.

MC: Who are your key competitors?

DL: Most people would probably guess our competitors are other crowdfunding portals; namely popular sites like Kickstarter, RocketHub, etc. On the business level I would agree; clients have choices and they may not decide to choose us to join their journey every single time. On a personal level I think it’s a win-win regardless of which portal they choose; every successful crowdfunding campaign is a win for the industry. I had the pleasure of speaking with John “Jay” Rogers, co-founder and CEO of Local Motors, the open-source community of car designers and fabricators. During one of his visits to our Tucson office at Arizona Center for Innovations, he asked me “what keeps you up at night.” Jay as the visionary leader in the crowdsourcing space cautioned about the recent regulatory changes to the laws defining crowdfunding and the unknowns of SEC rulings. An unfavorable ruling in regulations could sink the entire crowdfunding industry.

MC: So what are your expectations now? How do you plan on bringing people to your website?

DL: I am asking our marketing department to take a whole new approach to marketing Funding Garage to the public. I strongly believe that crowdfunding campaigners don’t exist for Funding Garage; rather Funding Garage exists for its crowdfunding campaigners. I believe the stories that these fundraisers have to tell are much more impactful and meaningful, and it is FG’s job to help spread their stories and gain support for their cause. We will be launching a series of social media campaigns to showcase the projects as they show up on www.fundinggarage.com including interviews, stories, and more. The success of our crowdfunding campaigns will determine the success of FG.

MC: Thank you for your time and good luck.

DL: We are excited. It’s always a pleasure Mindy.

Eliminate Fraud or Scams on Crowdfunding

Quick thought from Dominic Lin, founder of Funding Garage:

"Crowdfunding has been receiving lots of negative publicity for the seemingly endless amounts of fraudulent campaigns or unfulfilled promises it has delivered.In my opinion there is a fine line between the two but the end result is the same: disappointed contributors. As these contributors get "burned" time after time, I can understand why crowdfunding becomes a total turn-off for them; which is unfortunate.


One idea Funding Garage is thinking of implementing into its system is the process of releasing funds to campaign starters in phases; where campaign owners would be required to spell out the purpose and amount of funding needed per a released milestone schedule. If the campaign goes radio silence, the funding gets frozen.


Of course there would be an added level of monitoring, auditing, and management, and one would ask if this is proper or even viable for a crowdfunding website company. I would offer that if us crowdfunding website founders do not do anything about controlling frauds or scams quickly, we would be making a big mistake."

D. Lin
Founder, Funding Garage
www.fundinggarage.com

Technological Advancement Project on Funding Garage

According to an earlier post here about late adopters of automotive crowdfunding,  I see that Technological Advancement will eventually become one of the dominant categories on Funding Garage. Many individuals, groups, small businesses, and established businesses are already jumping on the alternative energy bandwagon. Crowdfunding will open up a new source of initial seed capital for many more.

Submit your funding campaign at http://fundinggarage.com/

Here are some generic examples of the types of projects I would anticipate to see:

 

     Alternative/renewable energy

            Products: Affordable EV, neighborhood EV, hybrid cars, solar powered in-car devices

            Campaigns: EV awareness, rally for alternative fuels, reduce dependence on petroleum 

     Innovation and Inventions

           Mobile: Smartphone apps, accessories, plug-in adapter, wireless hotspot, data center

           In-Car Interface: Open source modification, heads-up-displays, in-dash display

Safety Project on Funding Garage

According to an earlier post here about late adopters of automotive crowdfunding, I see that Safety will eventually become one of the dominant categories on Funding Garage. We all know that the number one rule of automobile is safety. There are many good inventions, innovations, and awareness campaigns that can benefit from utilizing crowdfunding to gain popularity and adoption.

Submit your funding campaign at http://fundinggarage.com/

Here are some generic examples of the types of projects I would anticipate to see:

        

Inventions, Innovations

   Audience: Parents, commuters, children, new drivers, senior drivers

   Products: Safer child seats, hands-free mobile apps, blind spot detectors, etc

   Services: Call service centers, non-emergency response team, etc

Drivers Education, Awareness Campaign

   Audience: Parents, new drivers, senior drivers

   Sponsors: Activist groups, police department, public safety, high school, college

   Programs: Training, reevaluation program, defensive driving, etc

   Types: Classroom, virtual internet, hands-on, seminar

Educational Development Project on Funding Garage

According to an earlier post here about late adopters of automotive crowdfunding,  I see that Educational Development will eventually become one of the dominant categories on Funding Garage. Many creative people will look to use crowdfunding to create competitions, training classes, specialized programs; catering to various demands of the automotive community.

Submit your funding campaign at http://fundinggarage.com/

Here are some generic examples of the types of projects I would anticipate to see:

 

     Competitions with the focus to advance education

            Audience: High school, collegiate, national, international

            Topics: Renewable/alternative energy, vehicle design, safety, etc

     Specialized automotive programs, classes, seminars 

            Audience: High school, college, amateur, professionals

            Types: Classroom, lab, seminar,training, virtual web

            Topics: Eco-driving, general maintenance of EV or hybrid vehicles, ECU tuning, etc

     Literature/Media

         Types: Magazines, blogs, videos, DVD, internet

           Topics:Magazine for EV owners, web training for defensive driving, etc

Specialty Equipment and Accessories projects on Funding Garage

According to an earlier post here about early adopters of Funding Garage,  I see that Specialty Equipment and Accessories category will be the first to populate our website with crowdfunding campaigns.

Submit your funding campaign at http://fundinggarage.com/

Here are some generic examples of the types of projects I would anticipate to see:

Individuals or teams building a car to claim the title of a competition:

The world’s fastest: The Texas Mile, NHRA Drag, Salt Flats, etc

The best in show: HIN Night Shift, SpoCom, Motion,

Podium finish: 24 hours of Lemons, SCCA National Championships, NASA Nationals

Individuals building a unique one-off:

         V8 powered sports compact

         Jet engine/twin-engine power plant

         Stretched exotic limo

Companies testing the waters for a new product:

Power Modifications: Intake and exhaust systems, camshafts, boost controller, turbocharging and supercharging kits

Electronics: Piggy-back ECU, ECU tuning software, datalogging software, dashboard display customization software, active differential tuner

Suspension and Chassis: Electronically controlled dampening system, electro-magneto shocks, pneumatic dampers

Aerodynamics: Body kit, spoiler, diffuser

Accessories: Universal smartphone/tablet/laptop mounts, short range walkie-talkie for caravans

Companies testing the waters for a new service:

         Mobile maintenance service (oil change, tires, brakes), 

         Mobile car wash service

Companies testing the waters of a new mobile app

What projects are suitable for Funding Garage?

Funding Garage provides a crowdfunding platform specifically for the automotive community. Because Funding Garage is pioneering this effort for the industry, many have wondered what types of projects would come into the spotlight in the coming months. I do not have a magic mirror hanging on my wall, but I want to offer you the following perspectives: what I think would happen and what I think should happen.

Typically when I tell people about Funding Garage for the first time, the reaction I most often get is: “this website would be great for car enthusiasts that need money to finish their garage project,” or “companies can utilize the success of a crowdfunding campaign to test the water for a new product or service.” I don’t disagree with these statements and in fact we may actually see many of these types of projects dominate Funding Garage in the early stages; some will be successful and some won’t. This is because the early adopters of our platform would inevitably be auto enthusiasts; endlessly pursuing the goal of personalizing their own vehicles or helping others personalize their vehicles.

I do anticipate the second wave of platform adopters to arrive shortly after; agents of change with the passion to drive societal impact by utilizing the automotive theme as a backdrop. I predict that we will see a gradual influx of projects focused on addressing educational development, technological advancement, and transportation safety. We may see campaigns promoting hands-on design competitions for high school students, the innovation of the next generation affordable EV vehicles, or the invention of a mobile app to warn drivers of real-time accidents in the immediate vicinity to avoid a multiple car pile-up phenomenon in a low visibility environment. This movement would open up the audience base to the greater population, allowing contributions to come from alternative sources impacted by each project scope.

This so called second wave is a necessary phase for the growth of Funding Garage as well as showing the world the greater potential of the crowdfunding platform.

Side note: in the crowdfunding realm, the “crowd” dictates (or has a large influence over) the momentum, direction, and adoption of each campaign. The accumulation of the series of successfully funded projects will act as a branding agent for Funding Garage, shaping the playground for the types of project creators and contributors likely to be attracted by the website. On the flip side, the success of campaigns depends heavily on the creator’s ability to convert social capital to financial capital where 80% of the funds will come from people already within his/her social network or will be reached through the social marketing campaigns.

I know it’s cliché but probably the most appropriate to say: “only time will tell.” In the mean time, I will follow up with a series of blog posts with generic examples of the types of projects I would anticipate to see on our website.