Conversation with Dakota Gallimore, Founder & CEO, Dreams.Build
A unique two-stage crowdfunding model for innovators!
Crowdfunding is all about reaching out to like-minded people who can monetarily help you with actualizing your dream project. Dreams.Build is a crowdfunding platform for innovators but with a unique two-stage model.
Startup-Buzz media recently got to interact with Dreams.Build’s CEO & Founder, Dakota Gallimore, where he explained about his revolutionary platform. Read on.
Ques: Dreams.Build is an innovative charitable crowdsourcing. Can you shine some light on this two-stage crowdfunding platform?
Ans: When designing our platform, we wanted to create a crowdfunding friendly model, one that tackled the majority of issues plaguing the industry today. With two-stage funding, innovators are no longer restricted to one funding period. We have combined two funding models into one. During the first stage, the funding is “all-or-nothing” or that to receive any funds, the innovator must hit their funding goal. If they hit their funding goal during stage one, they will proceed to stage two where it’s purely supportive; they will keep any money they raise.
Ques: Why do you consider this new funding model revolutionary?
Ans: We consider this new funding model revolutionary because of the freedom and security it presents the innovators. They can structure their project for different goals based on their current stage. We engineered stage one to be more short-term to gather the funds needed to get to the project to market. On the other hand, stage two funding is engineered to be more long-term funding. This could include offering stretch goals or providing updates on how they used the stage one funds. This second stage provides additional security to innovators against sponsor fraud. If they are funded in stage one but are unable to gather all of the funds needed from sponsors, they will have a second funding stage to raise money to cover failed donations. It also protects sponsors, by having the “All-or-nothing” stage first. Sponsors can back a project without the fear of receiving nothing in return. Charges will only occur if the dream is funded. During stage two, innovators will receive their donations from stage one, which allows them to apply those funds and build confidence. They can also start to fulfill stage one incentives while in stage two. This is the reason why we consider it revolutionary and something that is not possible on another platform.
Ques: Dreams.Build offers the opportunity to host digital files. So the platform is majorly suitable for software and hardware based project?
Ans: Yes, the platform is suitable for both types of projects, with digital files predicted to be used more often for software projects. We want to provide innovators with an avenue to reach fans who could not donate money. Because of this we do not limit digital files to only software projects, instead, the functionality will be there, and innovators can choose to use it or not.
Ques: Your business model is charity-centric. Why did you decide to follow this approach?
Ans: Crowdfunding projects make an impact on our lives but we have to wait months for them. We want to make a system that allows innovators to make a difference while funding. This leads to our second slogan of “Innovations of tomorrow, making a difference today”. What this means is that while innovators work on to get their project to market, they will also, make a difference today with their charity donation. They will move on to make a difference again once their project hits the market. We also want our charity model to help innovators on our site, which is why the charity donation rate will be 1/6th of our income. The more projects funded, the higher our charity donations.
Ques: What is your aim behind providing donations to established charities?
Ans: We want to help others to make the world a better place. By donating to established charities we help those in need, as well as the people who do not have the opportunity of a crowdfunding platform. We hope more companies will look at our model and follow something similar. Imagine a world where all companies donate a fraction of their profits. We, as humans, could solve major issues facing the world.
Ques: You will provide monthly charity donations. Tell us about the key principles for the selection of a charity.
Ans: We look at three key principles when selecting a charity. The first being, the organization must be a verified 501(c)(3) non-profit unit. Secondly, they must have a clearly defined mission/cause. Lastly, they must use more of their donations towards their respective cause instead towards administrative costs. While we have our own list of non-profit causes, we will prioritize charities submitted by our community. We want our fans to have a say in who we donate towards and our picks will reflect this.
Ques: Hosting projects on the web is highly important. Tell us about your partnership with Nuuk?
Ans: First, let me say how amazing Nuuk is and it’s an honor to have them onboard. Finding resources for crowdfunding projects can be difficult. It’s a problem where innovators are trying to craft a startup but need professional gear and advice to succeed. We want to make this process easier for all innovators. This is where our Nuuk partnership plays a big role. They are a professional crowdfunding marketing agency and they know their stuff. When innovators submit a project to our platform, they receive an email offering them a free 1-hour consultation session with Nuuk. They can then decide if they want to proceed with Nuuk handling their marketing front. It’s one of the ways we provide access to high quality professionals.
Ques: Explain us the importance of Dreams.Build’s community hub and how it works for innovators and sponsors.
Ans: We believe all crowdfunding platforms should have a place where their community can congregate and share ideas. We provide a space for innovators to create new relationships with their fans, market their projects, get advice, and do networking with users who can expand their project. Sponsors benefit by having a new avenue to find upcoming projects, express their thoughts on projects, and build a better relationship with projects they’ve backed. This community gives us a hub where we can observe our community’s reactions to what we do, without them having to file a support ticket. We want our community to have a say in what we do, which is what an integrated community hub is all about.
Ques: Could you explain us the application process for interested innovators?
Ans: Sure, once the platform launches, innovators can visit the site and create an account using Twitter, Google+, Facebook, or with no social profile. Once they have an account, they can select the “Build your dream” section in our header, which takes them directly to creating a dream. From there they will fill out the project form and submit it for us to review. We review all projects personally which allows us to provide helpful advice should the innovator need it. We also have an upcoming closed beta. To be involved contact us with a message on any of our social media accounts. We will also offer launch specials, which being in the closed beta will allow those innovators a greater chance of acquiring those.
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