Mindy Chen (Funding Garage writer) spoke with Dominic Augustus Lin, the founder of FundingGarage.com - recently released a pre-launch website to the public. Lin talked about his motivation, visions, and challenges behind Funding Garage.
Mindy Chen: So what is your real name, Augustus or Dominic?
Dominic Augustus Lin: Well, that depends. On the west coast where I grew up everyone calls me Dominic, and on the east coast everyone calls me Augustus (Gus for short). I started a practical joke when I attended Rensselaer in Upstate New York and told people my name was Gus. Apparently the joke's on me because that name has been stuck with me ever since. It's quite interesting to observe the confusion when east coast friends visit west coast, and vise versa.
MC: Since we are on the west coast, let's go with Dominic then.
DL: Sure that's fine.
MC: Tell me about how Funding Garage got started.
DL: The automotive community is filled with all types of interesting projects, inventions, competitions, etc, but many of these initiatives don't reach beyond the conceptual phase due to the lack of funding, exposure, and audience buy-in. Automotive enthusiast forums are great because it's free to use and gives you access to people with same interest, but it functions terribly when used as a fundraising tool. Government sanctioned or privately held awards competition provides great funding for contest winners, but has a high barrier to entry for the average person. Educational institutions have great relations with major automakers, holding curriculum to boost innovations, but rarely do projects get recognition in the commercial world. There must be a better way for the average person to effectively raise money and awareness for his/her unique project, and that's the vision behind Funding Garage.
MC: Why did you choose crowdfunding as the platform for Funding Garage.
DL: Crowdfunding is a method for raising funding by soliciting contributions from individuals coming together because of common passion and trust to support efforts initiated by other people. The automotive community is fueled by individual's passion for the pursuit of innovation, education, collaboration; much like the music and film industry. We've seen what crowdfunding can do for the music and film community; it is time for the automotive community to jump on the wagon.
MC: How is this site different from other crowdfunding websites?
DL: Crowdfunding websites that exist today aren't that much different from each other except when it comes to a few ground rules such as % commission upon successful campaign, what types of projects fits or don't fit in their criteria, what happens if campaign doesn't reach its fund raising goal, etc. With that said, it's easy to see that less than 1% of all projects supported by existing crowdfunding websites are related to the automotive industry. There are so many great ideas and projects out there (i.e. development of alternative energy vehicles, mobile apps for cars) but very little of them receive support through crowdfunding. Funding Garage is created to bridge the inventors/creators with the automotive community.
MC: Where do you see Funding Garage in 3 years?
DL: I believe Funding Garage provides an web interface that is long due for the automotive world, and if the automotive community embraces crowdfunding through Funding Garage, this website would gain some significant traction within the first year. In 3 years time I see individuals or groups utilizing Funding Garage to drive some key initiatives with impact to the national audience, driving marketing trends and consumer behavior.
MC: What is your biggest challenge right now?
DL: The biggest challenge, in my opinion, is how well we go about spreading the word about what we're trying to do for the automotive community, and attracting not only the individuals that would benefit from this platform, but individuals with key strategic ties to help bring Funding Garage to the next level. The challenge is in how well we can manage the awareness campaign with limited resources and capital without running out of cash.
MC: How is Funding Garage being funded currently?
DL: We are at the very beginning of market validation phase, and we've been blessed and lucky to receive some initial capital from close friends and family members. I personally am the biggest financial contributor to date with the most skin in the game which is a message to potential investors that I honestly believe in the potential of Funding Garage. We are planning to go for another round of fundraising with the goal to raise $100k in the coming weeks.
MC: Sounds like the first crowdfunding campaign on Funding Garage could be raising funds for the website.
DL: Realistically you are not that far off.
MC: What's next on your agenda?
DL: I am attending TSL's Los Angeles Capital Creation and Crowdfunding Conference next Tuesday, March 13th and 14th (eventbrite link), and I hope to learn about the latest happening in the crowdfunding world from industry experts with the goal to meet some people that may be able to help accelerate Funding Garage.
MC: Thank you for your time.
DL: Any time Mindy.
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