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Mom of Four Wins National $50,000 Moms In Business Grant Package via peerbackers

Sally Outlaw — Mon, 21 May 2012 14:57:27 +0000

Mompreneur wins nation’s only crowdfunding business grant while raising four kids and working as emergency room doctor.

Mom of Four, Emergency Room Doctor, and budding entrepreneur, Tara Coles MD, is the national grand prize recipient of the Moms In Business Grant. Dr. Coles will receive a package of business growth tools and cash valued at more than $50,000 from The National Association For Moms In Business (NAFMIB), the leading association representing the fifteen million entrepreneur, executive and CEO moms in the United States.

The grant is expanding and innovating the way mom business owners can get capital for their businesses. The Moms In Business Grant uses crowdfunding to give mom business owners a better chance at launching a new business or current business project. It’s the first and only business grant competition to utilize crowdfunding.

Tara Coles has become known as the“super-shero” mom in the NAFMIB office and has astounded everyone with her drive and tenacity. In addition to launching ArtNest, Tara is an Emergency Room doctor and a mom of four. Tara surpassed her grant race funding goal three times. Her initial goal was to raise $1000 in the crowdfunding race portion of the competition; however, within the first three days she surpassed that goal. She raised it to $2,000, then to $3,000 and finally to $3,500. In addition, she coached her grant race “rivals”to help them get better results because she believes that there is more power in every mom doing well.

Tara’s winning entrepreneurial project is ArtNest. ArtNest’s mission is to spread the love of original art, to promote support for emerging artists, and to provide unique opportunities for art and culture in local communities. It also provides a platform to make art and the art world more accessible, transparent, and connected to the every day.

According to the Small Business Administration (SBA), Women own over 9 million businesses yet they receive the least amount of financing from traditional sources. Women traditionally own smaller types of businesses that don’t meet financial assistance minimums of banks and venture capital firms. Tara was one of those women with several attempts and trying tradition business lending with no success. She saw the Moms In Business Grant as a way to test out the viability of her entrepreneurial dream without tapping her credit cards for needed capital.

The Moms In Business Grant is the first and only crowdfunding business grant and it teams with peerbackers.com for this annual competition. “Moms In Business is giving a crowdfunding business grant rather than using the traditional grant-giving model for three reasons,” says founder and president of the National Association For Moms In Business, Gina Robison-Billups, “We wanted to provide an innovative way to motivate moms to kick start or grow their businesses. In addition, it’s an “everybody wins” scenario where all those that participate have the opportunity to raise money, create exposure, and build a following for their business, and lastly, due to the promotional requirements to be successful via crowdfunding, it’s a good way to identify those entrepreneurs who will go the extra mile to publicize and build their ventures therefore making them ideal candidates for our grand prize grant of $50,000 in business growth tools.” The package includes advertising in Moms In Business Magazine, customized monthly business coaching from CEO moms, Cover mom feature in Moms In Business Magazine, a team of expert marketing and business advisers at her disposal and $1,000 in cash — all in addition to the $3,600 Tara raised in the competition.

Mini-Angels: You Might Be One – Or Benefit From One – Soon!

Sally Outlaw — Sun, 20 Nov 2011 16:37:38 +0000

For anyone needing more substantial investment than typical reward-based crowdfunding may attract, there seems to be good news on the horizon. peerbackers has been involved in supporting and championing some new legislation that may ease restrictions on those wanting to raise money through selling equity shares in their ventures via our platform. The new rule called “Entrepreneur Access to Capital Act” (H.R. 2930) proposes to allow small businesses to use crowdfunding sites as a way to solicit small investors in their ventures (currently this is prohibited by SEC rules which do not allow public solicitation of capital, nor does it allow for unaccredited investors to participate in the funding process). What does this mean for you and me? That those in your social circle and beyond may soon be able to invest up to $10,000 (per person) in your idea in return for a small equity stake therefore freeing up necessary capital that we currently cannot get through traditional sources such as bank loans – or through venture capitalists or angel investors if we do not have them in our rolodex!

The legislation passed the House with wide support (407-17) and now is in the hands of the Senate. Keep your fingers crossed – or better yet, write your Senator expressing your support for the passage of the Bill!

In summary, the key highlights of the House bill:

The Entrepreneur Access to Capital Act (H.R. 2930):• Creates a crowdfunding exemption from SEC regulations for firms raising $5 million, with individual investments limited to $10,000 or 10 percent of an investor’s annual income, whichever is lesser.
• Preempt Blue Sky Laws and eliminate the application of the ban on general solicitation for issuers relying on the crowdfunding exemption.
• Excludes crowdfunding investors from counting as shareholders for the purposes of calculating the 499-shareholder cap under 12(g) of the Securities Exchange Act.

Crowdfunding and the Rules for Success

Sally Outlaw — Wed, 20 Jul 2011 20:59:50 +0000

The concept of raising funds through a collective effort is definitely not a new one. It’s the model from which charities work and year after year politicians have used this format successfully to fund their campaigns. Even in the late 1800’s the Statue of Liberty became a reality thanks to the combined fund-raising efforts of the French-American Union and Joseph Pulitzer, who touted the statue’s importance, and promised recognition in his newspaper in exchange for contributions. However, in the advent of the social media age today, raising funds through collective efforts has moved on line and is taking on a decidedly new and popular shape, referred to as “crowdfunding”.

How does crowdfunding work? Crowdfunding sites register fund-seekers wishing to raise a pre-determined dollar amount, large or small, for an array of endeavors from creative ventures such as films, books, musical recordings and innovative technological gadgets, to small business start-ups and charities. Some sites are more homogenous in their focus, dedicating themselves to one genre, and yet others help participants raise money for a variety of personal wants or needs. Nothing, it seems, is out of bounds. Mini fund raising campaigns are then set up on line for the individual “projects” and patrons are offered tangible rewards in exchange for a financial boost, with the host site receiving a percentage of the monies raised.

How does one mount a successful campaign? Along with this computer age fund raising format, a few tricks of the trade have developed. After viewing numerous spots on YouTube promising the best “tips” to run a successful crowdfunding campaign and reading several articles offering the same, I walked away with the loud and clear message that these are not simply tips, as in suggestions, but rather hard fast rules for success. We present them as follows:

Promote! This is your number one priority and cannot be stressed enough! Once a campaign is up and hosted on a site, it does not, I repeat, it does not automatically run itself. The key to the success of one’s campaign is a high-level of unabashed self-promotion to the people within one’s inner circles, accompanied by the task of expanding upon this base. It’s called “leveraging the crowd”. Your computer is your best friend here, after all that’s the new denominator we’re working with. Use social media websites such as facebook and twitter consistently to create a buzz and keep the ball of excitement in the air. Reach out to your “social network”, in this case, your family, friends, business contacts, teachers, acquaintances, members of your local community, and any other contacts you may gain through these. Your “social network” becomes your capital. They are funding your project.

Engage your supporters! This should be done in two ways. First, clever and compelling text is good especially when accompanied by cool photos…but a video!!! A creative video which clearly states your project goals and your intentions for the monies raised is the ultimate hook of the fundraising campaign. Statistics show that projects accompanied by videos outperform those without videos by 125%! Secondly, who isn’t intrigued by the promise of a desirable reward? People love special treatment, so the best rewards offer exclusivity. Include information about the exciting rewards you are offering to your patrons that they simply cannot get anywhere else. The higher the pledge, the more appealing the reward should be. This provides potential contributors with easy-to-choose from options (kind of like a value meal!) and encourages them to go for the gold!

Communicate! Do not fail to personalize your mission via direct emails. Tell your project story and speak from the heart. Cutting and pasting from dry business plans or speaking about your project in the third person creates distance between you and your supporters, while a sincere, personal message is rarely overlooked. Address questions and comments posted by visitors to your project site. This is another chance to clarify information, re-state your case, and plead for a call to action! And keep interest alive by updating your crowd on your goal status. Interacting with your audience can give you the opportunity to sway a wavering soul in your favor as well as reach new fans. Remember this is a “word of mouth” venture! So, don’t forget to also visit blogs related to your project theme. Leave your calling card in the form or your own comments and links back to your project site.

Avoid funding fatigue! Set a realistic time limit for achieving your financial goal. Too short and you risk missing out on interested parties. Too long and you will wear out your welcome. A longer time limit does not generally translate into more money, but instead wasted time and energy on your part.

A final golden rule…Pre-sell your project! In the end, no matter how you look at it, this is a business undertaking, so treat it like one. Create excitement for your project even before you are up and running. This is one of the best ways to maximize your time on the crowdfunding site. Your crowd will be primed and ready to join you on your journey, and hopefully bring some of their friends along for the ride.

Now you know about crowfunding and the secrets to mounting a successful campaign. Keeping the “tips” in mind, crowdfunding can be an exciting and optimal platform to fund a dream, but its ultimate success will lie in the creativity, innovation and effort you are willing to pour into harnessing the power of the crowd!

- Guest post by Tanya St. John

Face to Face

Sally Outlaw — Fri, 29 Apr 2011 15:57:02 +0000

It’s easy in this digital age to forgo leaving the keyboard and avoid mixing with other humans. Since meeting face-to-face also requires getting out of pajamas and into real clothes, I know it can be difficult for many (including me!) to take this step. BUT I have to say that I’ve had the good fortune of being a presenter at a few great events recently – as well as being an attendee at a couple more – and I can’t say enough about the importance of participating in these in person activities. Not only is the networking a positive result but it is a great way to keep up the inspiration and energy that is required to do the difficult work of being an entrepreneur. Even if you work in a professional environment on a daily basis, it’s still important to participate in the varied small business events offered in your area (MeetUps, Pitch Events, Chamber gatherings, etc) I remember so many times when I worked in Russia, I’d come home after a draining day of trying to get things done in that country and my colleague would suggest attending an Embassy Mixer or another business event and it was the last thing I wanted to do…clean myself up and drag myself into the subway to trek to some event where I wouldn’t know anybody…BUT, she was ALWAYS right! We’d return to our apartment in St. Petersburg – usually many hours later than intended – with a pocket full of new contacts and re-inspired to thrive in the Russian business community.

In the last two weeks, I’ve spoken at an Entrepreneur Summit at The University of Florida, presented at the South Florida Chamber of Commerce and to the Entrepreneur Club at Florida Atlantic University and attended a pitch event in Miami hosted by The Start Up Forum and with each outing, I was truly inspired. I met incredibly compelling people with great stories, was able to share lessons from my own personal experience (which seemed to be of help to others), learned of resources of which I was unaware, and of course…most importantly, enjoyed myself! So even though you are leaving a list of “To Do’s” unfinished on your desk, I suggest getting up, getting out and interacting with the world as we don’t want to forget about the importance and power of that old fashioned ”Face-to-Face” .

Announcing First Crowdfunding Grant

Sally Outlaw — Sat, 19 Mar 2011 23:21:53 +0000

Peerbackers is excited to announce that we have solidified a partnership with the National Association For Moms in Business (NAFMIB), the leading association representing the fifteen million entrepreneur, executive and CEO moms in the United States. This innovative partnership will identify entrepreneur moms who will go the extra mile to publicize and build their new business or current business ventures. NAFMIB will determine this by hosting the first ever crowdfunding grant competition – those ventures that successfully participate in the competition will be eligible to receive a grant in addition to the money they raise during their crowdfunding campaigns.

Peerbackers is honored to be the hosting platform for the crowdfunding portion of the grant’s competition which runs from May 1st through June 15th, 2011. At that point, all grant applicants who raised 80% or more of their funding goal through peerbackers.com, will move on to the semi-finalist round where a team of mom executives and entrepreneurs will judge each application on a point system to decide the $10,000 Grand Prize Grant Package winner!

The Moms In Business Grant is now accepting grant sign-ups. Competitors must be members of the National Association For Moms in Business. And every competitor receives a hefty business growth tools prize package just for participating!

As an entrepreneur and mother of two, this unprecedented collaborative venture is near and dear to my heart! We’ve begun to receive some terrific applicants already and we are looking forward to more submissions as the May 1st entry deadline approaches! More information about the grant can be found at momsinbusinessgrant.com or mibn.org.

My Peeps

Sally Outlaw — Thu, 27 Jan 2011 03:05:15 +0000

Aside from chocolate, there is nothing better than being in a room full of dedicated entrepreneurs. Last week my business partner and I attended the Entrepreneur Magazine Growth Conference in Atlanta and had a wonderful experience. From the kick-off breakfast to the open bar cocktail party, it was a class act.

There were over 500 entrepreneurs in attendance (my peeps! It’s GREAT to be understood one day a year!), along with an inspiring keynote speaker (former Kentucky Governor and restaurant Pioneer John Brown), winners of the College and Emerging Entrepreneur of the Year Awards and many fantastic speakers conducting workshops on important topics to small business owners. In fact, we were honored to have our peerbackers website mentioned in the “How to Raise Money” seminar as an important and suggested crowdfunding resource!

But that’s not all! There was also a “Pitch the Editors” opportunity for attendees to tell their story to Entrepreneur Magazine writers as well as easy access to everyone in attendance including experts in social media, financing, sales, and brand building.

peerbackers took full advantage of the event leaving no opportunity unexplored! From creating 500 special Tshirts for all attendees (given out in the event gift bags), to literally “working the rope line” handing out our cards to hundreds of entrepreneurs waiting to pitch (hey – our favorite – a captured audience!), we squeezed every possible networking occasion out of the experience. We highly recommend attending this annual happening!

So our thanks to Entrepreneur Magazine for hosting this terrific event and to UPS for their generous sponsorship which allows this conference to be offered at no cost to us hardworking and often broke small business owners!

Sally Outlaw, peerbackers & Amy Cosper, VP & Editor in Chief

Money From The Masses – Entrepreneur Magazine

Sally Outlaw — Tue, 28 Dec 2010 00:11:58 +0000

Thanks to Entrepreneur Magazine for the coverage of peerbackers in the January 2011 edition. It’s very rewarding for us to receive this sort of acknowledgment only 60 days post launch and it certainly speaks to the severe need for these types of innovative funding solutions for hard working small business owners. By the way – speaking of Entrepreneur Magazine – we are looking forward to attending their Growth Conference in Atlanta next month. We’ll report back via the blog about all the activities – although it’s not too late to sign up yourself (it’s free – we love free!) if you want to hang out with us at the event and pick up some terrific tips for your business from the impressive line-up of speakers! Oh yes – click here to read the full magazine article.

peerbackers Gets a Nod in The Wall Street Journal

Sally Outlaw — Fri, 10 Dec 2010 02:18:54 +0000

How nice to wake up to a crowdfunding article in The Wall Street Journal this morning – particularly one that references us of course! I like to see that this alternative funding solution is getting more and more press – clearly the industry is maturing and more and more people are coming to understand how this collaborative funding model works. It’s encouraging to see this growth as it means more start-ups will get the seed capital they need to launch…and that’s what we’re all about! Without further ado…read the full article here.

Put the Power of the Crowd to Work

Sally Outlaw — Mon, 06 Dec 2010 05:00:56 +0000

I realize peerbackers is a crowdfunding website so if you are reading this you are probably already familiar with the power of the crowd, but I wanted to make sure that as entrepreneurs you were also aware of and using crowdsourcing in your businesses. Numerous things can be crowdsourced from creative services (logo, website design, writing, etc) to solving technical problems to performing simple freelance work tasks.

For example, we crowdsourced our logo using www.crowdspring.com and not only were we very happy with the result (which we call our “happy entrepreneurs”!) but we enjoyed the process of engaging artists from all over the world and seeing the variety of creative ideas that were submitted. The website is one of our most favorite due to ease of use and the built in tools they offer (I particularly liked that I could view portfolios of work and then email the artist to submit a design for our task). Be sure to check this service out for your creative needs – you can get a logo designed for as low as $230.00 including all site fees.

Here’s a few other great crowdsourcing resources –

On demand work marketplace – Mechanical Turk https://www.mturk.com and Crowd Flower http://crowdflower.com/

Website Usability Testing Service: http://www.usertesting.com and http://www.feedbackarmy.com/

My Man Matt

Sally Outlaw — Sat, 04 Dec 2010 01:47:43 +0000

One of the many things I love about being an entrepreneur is being a part of this wonderful community of like-minded, driven people who are eager to help when asked. A total stranger who emailed me today on a non-peerbackers issue had a cool sign off on his email – it showed icons for all of the social media sites (Twitter, Facebook, Linkedin and skype) and of course linked to them with a click. I’m sure for most hip, techno types, this was nothing earth-shattering but when I saw these, I wanted them!

I asked in my follow-up email how he created these buttons in his signature and he spent the next hour researching how to accomplish this for my specific email program and then went beyond the call of duty to even create all the URL’S for each button – including making one for our peerbackers logo – along with detailed instructions for me on how to insert these into my Gmail. Then, as he probably anticipated, he continued to work with me through my multiple attempts to implement his instructions!

BTW, he’s a really nice guy – follow him here http://twitter.com/#!/MattLassiter (but don’t tell him I told you that he helped me out of the kindness of his heart as he may fear an influx of free requests for his time!). Thanks Matt – you rock! And if anyone out there wants to imbed social networking icons in their emails, I’m happy to forward the instructions he sent me. Just email me at sally@peerbackers.com