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.
Dragon launched a new crowdfunding platform in the fall, with a special focus on
fledgling hardware companies. Previously, the Cambridge firm had served as a consultant to startups listing their products on sites like Kickstarter and Indiegogo, helping them establish manufacturing
and supply chains. Now, companies can make Dragon Innovation a one-stop shop for crowdfunding and logistical guidance.
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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 »