“Crowdfunding is an increasingly important tool for entrepreneurs seeking to develop their businesses,” said 1871 CEO Howard A. Tullman. “At 1871, we distinguish ourselves from ordinary co-working and desk rental spaces by providing extensive, high-quality resources that help our members grow successful businesses. This partnership with Indiegogo provides a critical service to 1871 startups, and we are excited that Indiegogo will have a noticeable and continuing presence at 1871. I have known Slava Rubin, Indiegogo’s CEO, for many years and there is no one I’d rather have as a partner in this exciting new area. He’s one of the most innovative and passionate people I know.”
The partnership agreement will establish Chicago (and 1871) as the Midwest headquarters for Indiegogo. Indiegogo staff, when in Chicago, will work from 1871, and Indiegogo will also explore stationing full-time personnel in Chicago. Indiegogo will host quarterly Indiegogo Labs for 1871 members to learn crowdfunding basics, and will provide individual mentorship opportunities for 1871 startups with crowdfunding campaigns. Indiegogo plans to host meet and greets between successful and new or pending crowdfunding campaigners, and will also host various events for the Chicago community.
“As a Chicago-native, I have experienced first-hand the incredible innovation that the city has to offer,” said Indiegogo Head of Outreach for Hardware and Tech, Kate Drane. “Today, I’m thrilled that Indiegogo and 1871 have teamed up to take the lead in fostering this spirit and empowering Chicago’s entrepreneurs to bring their ideas to life through crowdfunding.”
In addition to its physical presence and labs, Indiegogo will maintain a satellite presence in 1871, which includes hosting virtual office hours and providing dedicated campaign review for 1871 members who launch Indiegogo campaigns. 1871 members will also benefit from Indiegogo’s expertise in using social media and video for business purposes.
“I am excited to have Indiegogo at 1871 because many of us could use their help,” said Brian Busche, 1871 member and Brewed in Chicago founder and CTO. “My company is in the final stages of crafting a crowdfunding campaign for Brewed in Chicago. It would be extremely valuable to interface with somebody from Indiegogo in order to achieve the highest level of success on their platform.”
The Jumpstart Our Business Startups Act, or JOBS Act, envisions that, once the SEC issues the implementing regulations, U.S.-based startups will be able to take advantage of equity crowdfunding which allows them to raise funds in exchange for shares of their companies. 1871’s partnership with Indiegogo ensures that 1871 and its members will lead the way for startups using equity crowdfunding.