Show Me the Money!

The following represents notes taken during Indie101 Show Me the Money! Alternative Funding for Your Project Panel 2015

Panelists included: Samantha Evans (YouRockRed), Erin Kinghorn (eEk!), Jeremy Klaver (Factor) and Jen Fox (Eggplant Entertainment).

Grants 
*when applying for grants ensure you meet the eligibility requirements.
*Don’t try to fit a square peg into a round hole.
*Sometimes you’re better to get less money and complete the application well. For instance, getting a FACTOR demo grant vs. juried sound recording.
*Remember reporting is often the hardest part. Keep receipts in accordion folder do you can use them with final report or sdownload an app that you can take pictures of receipts with your phone while on tour,
*Join Music Ontario or at least join their newsletter. They usually report about upcoming grant deadlines.
*Be sure you are ready to apply for a grant. For a DEMO grant, you will need at least one song, a bio, and a marketing plan. The song should have good quality vocals. Also be sure to be specific about what things you will change when you receive the grant. Will you add drums? strings?
*Make sure your marketing plan is tailored to your band. Don’t just use a template you found online. Often those templates were created by jury members. They will recognize their own work.
*Factor assigns you a representative. This person will be a great asset. They will answer emails and phone calls.
*Check out Factor’s video tutorials as well

Crowd Funding
*Panelists seemed to like Pledge the most.
*However, before even starting a crowd funding campaign, ask yourself if you really have a fanbase that will support you.
*Run a profit/loss scenario. Figure out what you will actually earn after the platform takes their share and after the cost of the merchandise (e.g. CD) and shipping.

Bottom Line: Create a strategic plan that is forward looking a year in advance. Plan backwards from goals to incorporate funding options.

 

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