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Crowdfunding Industry Rolls Out the Red Carpet to Hollywood and Indies with First Crowdfunding Film Festival in California
Crowdfunding Film Festival Set to Roll Out the Red Carpet to Hollywood and Independent Filmmakers to Promote Revolutionary New Public Equity Crowdfunding Finance Tool
The First Annual International CrowdFunding Film Festival will be held October 2-6, 2013 in San Francisco. The film fest will bring together artists, filmmakers, entertainment and video game creators to showcase their craft, network and raise money through the new crowdfunding finance tool. The film festival has plans to collaborate with film schools in New York, London and Paris.
Film students from universities all around the country are increasingly looking to crowdfunding to find backing for their projects. With over countless films successfully funded through crowdfunding portals such as Kickstarter and IndieGoGo, Hollywood is now paying close attention to all this movement.
Director/Writer Rob Thomas has raised over $5.7 million for his movie "Veronica Mars" while Zach Braff's feature "Wish I Was Here" has raised $2.6 million in donations. San Francisco State Student Sterling Cook keen on exploring crowdfunding of finance for production projects.
"I see in these directors, writers, and cinematographers, the same core passion for innovation. They are not only artists but more importantly, entrepreneurs – they are seeking to touch the world and make a difference through their films. We know of their struggle to find financial backing and I believe crowdfunding will be the answer," stated the ICFFF's organizer Sydney Armani.
A film production involves collaboration between dozens of creative groups and getting all the individual pieces to fit together is similar to managing a business. Crowdfunding is changing the production landscape and the movie industry is currently experiencing a real game changer
Ted Hope, advocate of America's Independent Cinema Movement and Executive Director of the San Francisco Film Society, provides deeper insight into the current state of the film industry in his blog post "Why I Left New York for the San Francisco Film Festival."
He said, "Our entertainment economy and the art it supports, was built upon the concepts of scarcity and control, but today's reality is one of super-abundance and access – the exact opposite. To survive and flourish, today's artists/entrepreneurs–and those who support them–must all embrace practices that extend beyond the core skills of development, production, and post-production of their art and reach beyond the attention and practice of marketing and distribution." The meaning behind Hope's words echoes the exact spirit and foundation that is the core of Silicon Valley's passion for entrepreneurship and reflects the same spirit represented by the film festival.
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Tags: artists, Crowdfunding, Crowdfunding Finance, entertainment executives, film, Film festival, Film Schools, Filmmakers, Hollywood, Independent Movies, Indies, Industry, London, Movie, New York, Paris, Rob Thomas, San Francisco, San Francisco Film Society, San Francisco International Film Festival, Silicon Valley, Sydney Armani, Ted Hope, Top Crowdfunding Sites, video game creators, z, Zach Braff
Categories Accredited Investors, Conferences/Trade Shows, Crowdfunding Events, Crowdfunding Industries, Crowdfunding Investments, Crowdfunding PR Campaigns, Donation-Based, Entertainment, Equity-Based, Film & Movies, FilmFunder, Games, Hollywood, Indiegogo Crowdfunding, Keynote Speakers, Kickstarter, Media Sponsorships, Music, Panel Discussions, Perks-Based, Press Conference, Rewards-Based, Round Table Discussions, Seed&Spark.com, Seminars, Speaker's Bureau, Theater, United States, Venture Capitalists
FilmFunder, created by active film producers, Jude Tucker and Stephen Fiske, is one of the first crowdfunding platforms geared specifically towards film professionals. The crowdfunding phenomenon has quickly taken on a prominent role in the vast landscape of film production and finance. Already this year, the Academy of Motion Pictures Arts and Sciences has lauded two crowdfunded projects with filmmaking's highest honor.
FilmFunder Crowdfunding Platform Targets Hollywood and Film Professionals
In addition, the "Veronica Mars" movie, based on the popular TV series, rose over $2 million dollars in just twelve hours on Kickstarter. Now, FilmFunder enters the scene to bring crowdfunding to professional educated investment in motion pictures to get the entertainment industry back to work for good.
Currently, the prerequisites for listing a project on a crowdfunding platform, such as Kickstarter, are minimal. As a consequence, the market has become crowded with projects of all types and quality seeking financing.
FilmFunder entered the crowdfunding space because motion picture investment is a prime target for crowdsourcing due to each film's startup-like structure and relatively short exit period, typically 12-18 months. However, the number of motion pictures seeking funding in any given year is greater than the typical number of startups in other industries. Therefore, it's to be expected that motion picture crowdfunding be fraught with overcrowding and unsuccessful campaigns.
FilmFunder brings to life the vision of a carefully curated crowdsourcing platform that would focus only on the most developed film projects. FilmFunder's goal is to create a symbiotic relationship between investors and producers, allowing a higher project success rate and recurring participation by investors.
"Producers have been unsure of many crowdfunding platforms due to the 'closed door' nature of the film development industry," said Jude Tucker, feature film producer and creator of FilmFunder. "We worked hard to create a platform that preserves the traditional fundraising methods, but streamlines the process for the future of motion picture finance."
Each project is seen only by investors or investment firms, not by all members of the platform. This gives all producers a safe place to conduct business and get their projects into production, creating much needed jobs in the film industry. Additionally, producers often incur the costs of generating sales estimates or legal documentation during the fundraising process. FilmFunder can assist by providing forms and tools that producers can use as a starting point in creating these documents, allowing more time for creativity.
In another new crowdfunding advance, FilmFunder also mandates that each project supply certain documentation to enable investors to make educated decisions about their investments. Each project will include a significant amount of due diligence material so that potential investors can make their investment decision without a long due diligence process. The platform also includes a rights tracking tool to assist in accurate reporting and distribution of revenue to each investor involved with a FilmFunder project. Finally, all projects submitted through FilmFunder will be issued a completion bond and insurance to provide additional investor protection.
Investing in a film should be simple. FilmFunder automates the process to allowing for quick and painless investment transactions. To maintain a high level of quality, all project applications will be carefully reviewed and vetted by a team of two pre-qualified, bond-approved line producers, or "FilmFunder Ambassadors."
Starting on April 16th, FilmFunder is accepting the first project applications from motion picture producers. In early May, accredited investors will be permitted to browse and review projects for investment. Once the SEC fully activates crowdfunding, FilmFunder projects will be open for investment to all individuals.
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Tags: business, Crowdfunding, Crowdfunding Films, Entertainment, film, Film Production, FilmFunder, Filmmaking, Hollywood, Investment, Jude Tucker, kickstarter, Motion Pictures, Renewable energy, Social Good, Stephen Fiske, Veronica Mars
Categories Crowdfunding Industries, Entertainment, Entrepreneurs, Film & Movies, FilmFunder, Top Crowdfunding Sites, United States