1. We’ve decided to disband the board and start over. After realizing that we were trying too hard to be a startup, we’ve decided that it didn’t make sense to have an arbitrary board at this stage. For the most part, it was for show and it wasn’t helping our cause. There were no contractual agreements and we’ve decided to disband it.
2. The previous agreement with a local digital marketing agency, OnMilwaukee, fell apart. Instead, we’re working with another local marketing firm that believes in our cause. They believe in our mission and they're helping our company at below cost. We’re currently working with them to learn and begin the initial marketing efforts.
3. We’ve continued to work with initial users to raise money for nonprofits in the pilot program. We’ve also signed our first customer today under the paid program. Our goal is to sign up 100 local nonprofits under the paid program and try to create a repeatable process to build a network. The main value we’re trying to provide is educating the public about the nonprofits making a difference in our local community. From there, the community can start supporting the nonprofits in various ways.
4. We’ve discussed with Wefunder with extending the deadline. We have 2 more months to work towards our minimum goal. While it is not a guarantee that we will reach it by the new deadline, we’re going to keep living our truth and by doing so, we’re confident that we’ll find the truth. The $50k minimum raise would be a gamechanger for what we're trying to do now as we're operating on zero funds both in the business and in our personal lives. However, the painful truth may be that we don't have a business that's investable at this stage. We're going to keep pushing and we'll find the truth.
Wefunder supports three different federal laws that allow startups to raise money legally. To comply with the law, Wefunder Advisors LLC and Wefunder Portal LLC (both owned by Wefunder Inc) also list startups depending on the regulation used.
Legal May 16th 2016
Wefunder Portal LLC
for 417 startups
Wefunder Advisors LLC
for 119 startups
for 3 startups
Curious how well the companies have done? Or how many raised follow-on financing?
Some fine print: 1) These numbers include startups currently live on Wefunder if they pass their minimum target. 2) Some startups use two different laws at the same time (i.e., Regulation D and Regulation Crowdfunding).
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