7 Things Filmmakers Should Probably Know About Equity Crowdfunding
by David Willis
Film Courage: You’re one of the first feature length films (is that right?) to do equity crowdfunding for I’LL BE NEXT DOOR FOR CHRISTMAS?
David Willis: We are the first feature-length narrative films in the United States to do equity crowdfunding, yes.
Film Courage: And it sounds like you’ve done a lot of research (you and your team). If you were to sit down and advise someone else that wants to do the same, what are some top five things that they should be aware of right away? If you are allowed to talk about it? Now I know there are certain rules that prohibit discussing certain things? Within the guidelines of what you can talk about.
Watch the trailer to I’LL BE NEXT DOOR FOR CHRISTMAS here on Vimeo!
David Willis: Sure. Absolutely I can talk about that. It’s a great question because that’s a question I would love to have heard the answers to about 6 months ago when I was working on this. The first thing you need to know is it’s a ton of paperwork. It’s like doing your taxes times 100. There is accounting paperwork, legal paperwork. You can hire people to do this or you can do it yourself. But there are a few things where you have to have an actual lawyer at least look it over because it’s an investment. It’s a serious thing. People are trusting you with their money. And you are saying “Hey! If you invest in our company, we are going to make money and were going to give you more money back to you make a profit.” That is what you’re saying to these people. That is a serious thing. And people in show business, we’re creative. We’re creative people. We like to tell stories. We like to act. We like to direct. We’re not accountants. If we wanted to be an accountant we’d be doing that, you know? And we’re not lawyers or we’d be doing that. So you have to embrace the fact 1) that there is a lot of paperwork and that you are going to be doing a lot of jobs that are not fun and creative like acting, writing and directing is. So you have to embrace that and do these chores. You can hire people do to that. You can spend about $10,000 and these professionals do all that paperwork and that stuff for you. Like $5,000 to $10,000 depending on which money you’re raising. The more money you want to raise, you can raise up to a million dollars under the regulations of crowdfunding rules.
And then the second thing is (watch the video interview on Youtube here).
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