First posted by Handshake 2.0 on 12/16/2012
We are delighted to announce that health innovation crowdfunding site Health Tech Hatch has approved our own health innovation – behavioral health software platform Cognichoice(TM) - for a crowdfunding project. We will launch our campaign on Tuesday, January 15, 2013.
Having attended Startup Virginia’s Rollout in Blacksburg on November 26, 2012, U.S. Senator Mark Warner’s Crowdfunding Event at TechPad in Blacksburg, Virginia via Twitter on November 29, 2012, having studied Mr. Handshake 2.0′s detailed notes taken at the event, and having consulted with fellow startup founder and crowdfunding event attendee, Z. Kelly Queijo, I learned what I didn’t know about crowdfunding - that proceeding with caution about crowdfunding in exchange for investment is merited, but as Health Tech Hatch puts it, “There are four different types of crowdfunding: donation-based, reward-based, loan-based and equity-based.” I didn’t realize that startups were using donation-based and reward-based crowdfunding campaigns to fund their growth. So, thank you Senator Warner and fellow members ofBlacksburg’s startup community who packed the event and tweeted about it. This entrepreneur’s new understanding of crowdfunding was crowdsourced.
Then, having attended day one of the mHealth Summit, having woken up at 4:00 AM from a dream where mHealth realities danced relentlessly in my head, having exclaimed to my suit from Bonomo’s hanging in my hotel room’s closet, “We’ve got to crowdfund Cognichoice!”, I met Pat Salber, founder of Health Tech Hatch on day two of the mHealth Summit, December 4, 2012.
Pat asked a question about crowdfunding at a session and shared that she had founded a health crowdfunding site. I whoop-whooped from the audience and she and I shared a smile. I searched for her after the session, found her in the hall, and we greeted each other and laughed, for no reason, just because. I felt an instant connection. Only as she began to describe her startup, Health Tech Hatch, did I remember my dream…
A joy and relief for me about crowdfunding is that one isn’t asked to volunteer to be transparent, one is required to be. Why we’re launching the project, how much money we’ll ask for, what we’ll spend the money on, and what we and our donors will achieve having spent it – all of that goes on a crowdfunding campaign page.
So here’s some transparency about choosing a crowdfunding site.
I am known for my energetic enthusiasm and it is sometimes perceived as naïveté. That’s fine. What this naïve one did immediately upon returning from the mHealth Summit was send Health Tech Hatch’s Terms and Conditions for review to our startup’s attorney, Ken Maready. (The path is so much easier if one follows readily available guidance for entrepreneurs from the start.) His response was favorable, with a few questions. I submitted the questions to the Health Tech Hatch team and the questions were answered comprehensively, satisfactorily and impeccably. Only then did I check the terms acceptance box.
I continued my due diligence and researched other crowdfunding sites. The most popular crowdfunding site, Kickstarter, doesn’t allow health initiatives on its site, so it was out. I very much enjoyed donating to a local company’s Indiegogo campaign but for the very reasons Jim Kukral chose Indiegogo, I would not. He likes that anyone can launch a campaign on Indegogo without review. But Cognichoice is a health app – for people! For health apps, reviews by gatekeepers are an imperative. Rightly so, we were required to apply to Health Tech Hatch. The Health Tech Hatch team, led by Patricia Salber, M.D., tested our app before accepting our project.
Handshake 2.0′s tagline is “It’s still who you know” and I am known for taking work personally. I know Patricia Salber, founder and CEO of Health Tech Hatch, personally. For crowdfunding, we’re going with Health Tech Hatch.
To follow the unfolding story of the crowdfunding of Cognichoice(TM) and our launch on Health Tech Hatch on January 15, 2013, please check out our category, Cognichoice on Handshake 2.0.
This post links to 7 Cautions for Entrepreneurs Considering Crowdfunding by Mike Drzal, a partner with law firm LeClairRyan. LeClairRyan is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0