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Crowdfunding Site Dragon To Offer $100K Bonus To Certain Start-Ups

As if the thought of raising $1 million on a crowdfunding site isn’t alluring enough, now there’s this: Dragon Innovation said Monday that it will start giving an extra $100,000 to startups that raise seven-figure sums on its website.

The money could help a young company grow its team or pay its rent — expenses that crowdfunding dollars may not cover because they are dedicated to producing whatever the new gadget is, said Dragon founder Scott Miller.

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No one has come close to raising $1 million in Dragon’s short history. The top-grossing project to date earned slightly less than $200,000 in pledges. But Miller, who honed his manufacturing expertise at iRobot as vice president of its Asia Pacific operations, is confident that his site will host some smash hits.

The bonus money will come in the form of a convertible note, giving Dragon an equity stake if a recipient hits certain thresholds, like raising a funding round of at least $750,000.

Read the whole story at Boston Globe »

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