Loudoun Startup Shares Funding Strategy
Jason Meringolo, a renowned sommelier and founder of Vino e Amici Most small businesses have to piece together their funding. Upcoming Loudoun County business Vino e Amici is no different, having used personal savings, friends, family, traditional bank loans, and even crowdfunding. These different pieces are helping them bring their dream of a wine store and tasting room to life.
Loudoun Economic Development’s Vanessa Wagner interviewed Jason Meringolo, a renowned sommelier and founder of Vino e Amici, to learn about his experience with crowdfunding.
Why did you decide to use the platform Fundable?
We spent a considerable amount of time researching different types of crowdfunding and various platforms. Fundable seemed to be one of the more friendly sites for startups, and we liked that there are several hospitality companies on the site. Another selling feature is that Fundable charges a fixed fee versus a percentage of the amount raised. The staff at Fundable was very responsive to our questions and needs prior to setting up and launching the campaign, and after launching, they provided excellent resources to assist us with marketing the campaign.
What determined the goal?
When planning the campaign, we spoke with family and friends (i.e., the primary contributors) and decided that $10,000 was a realistic minimum goal. We earmarked the money from the campaign to cover the cost of the wine racks for the shop. Choosing a realistic amount was important because Fundable is an “all-or-nothing” site. However, if our minimum is exceeded, we’ll have a head start on the amount needed to purchase the Enomatic wine machines we will have in the tasting room.
How did you choose your “gifts” or incentives for contributors?
It was important to us that the awards were wine-centric and something that our contributors would want to have and use. We wanted the items to be quality and branded so they can be also used as marketing tools, and span multiple price-points to allow us to sell the remaining items in the shop when we open.
What advice would you offer other businesses seeking a crowdfunding platform?
Do research to figure out what type of program (e.g., equity or reward-based) works best for your business, and then choose the right platform for your campaign. Create a marketing plan to promote your campaign prior to launching it, and set reasonable, realistic and achievable goals. Be patient and remain positive throughout the campaign. Most importantly, remember family and friends want to help. Do not be afraid or apologetic in asking for contributions!