ALPHARETTA, GA Do you have a great idea for a business or project but no way to fund it? Some entrepeneurs are turning to what's known as crowdfunding.
Michael Lundmark and Josh Rachel have nearly completed the Jekyll Brewery in Alpharetta, a tasting and touring brewery featuring home made craft beers. "We'll have tours and tastings here in front, and Josh, our Brewmaster, will brew beer in the back," said Lundmark as he showed blueprints for the building.
They hope to tap into an industry they believe is about to explode. "We're on the cusp of a huge boom for the whole craft beer industry for Georgia and the Southeast," said Rachel.
Unexpected construction costs mean the duo needs $30,000 to finish the brewery. With bank funding hard to come by, they've launched a campaign on Kickstarter.com. "It is an online tool that allows people in our social networks to help us through a financial hurdle," said Lundmark.
Backers can contribute a dollar or thousands; not for a stake in the company, but for other perks. "You can donate one dollar and get our eternal gratitude. For $100 you can have a hat, a shirt and your name on the wall of the brewery, said Lundmark.
Kickstarter, based in Palo Alto, Californian has attracted close to $500 million in pledges in the past four years. It's hatched apps, games, art and films such as Incente, a documentary that just won an Oscar for best short documentary. The owners get five percent of the funding for each project.
So far Lundmark and Rachel have raised just over $18 thousand dollars, but their kickstarter campaign ends at noon on Saturday, March 2nd. If they don't reach $30,000 none of their potential backers will be charged a penny. "If we don't get it, we get nothing. So that means we'll have to look for other resources to pay for our build out," said Lundmark.
They hope to open Jekyll Brewery in late spring.