Slava Rubin

CEO Indiegogo

THIS CHAT HAPPENED ON December 02, 2015

Discussion

Slava Rubin@gogoslava
Hi - I'm Slava Rubin, Co-Founder and CEO of Indiegogo. My job is awesome because I get to empower people from all over the world to make the ideas they care about a reality. I've seen an incredible diversity of entrepreneurial projects across tech, film, and social innovation, and also some really inspiring causes that the global community has rallied to support. Ask me anything!
Ryan Hoover@rrhoover · Founder, Product Hunt
Hi, Slava! Crowdfunding is relatively young. What does it look like in 10 years?
Slava Rubin@gogoslava
@rrhoover in ten years 1) crowdfunding will be integrated into everyday funding like social networking is now into communication 2) banks will offer indiegogo as an alternative financing product for small biz 3) Fortune500 will integrate indiegogo into their R&D methods 4) the boundary of crowdfunding and commerce will blend creating "emotional commerce" - commerce that leverages relationship, feedback, and direct to consumer connection 5) equity crowdfunding will be a day to day norm 6) a billion dollar project will be funded, probably for good or supporting a crisis
Farbod Saraf@farbodsaraf · Co-founder Everboard.io (YC SUS17)
@gogoslava Hi Salva, Thanks for doing AMA. I have a question which is quite controversial and has been never answered clearly by crowdfunding platforms: What if a campaign fail to deliver what they initially promised? Does Indiegogo have any responsibilities to take some legal actions against the campaign owner? Disclosure: I'm a victim of Sondors campaign (2nd Largest Indiegogo Crowdfunding Campaign), got neither ebike, nor refund.
Slava Rubin@gogoslava
@farbodsaraf My understanding is Sondors has delivered. If you have not received it yet pls send us a note at support@indiegogo.com or email me at slava@indiegogo.com
DVRK DVD@garrettgrohman · Indiegogo
@gogoslava behind wannabe, what is your favorite spice girls song? ...asking for a friend.
Slava Rubin@gogoslava
@garrettgrohman definitely wannabe. its my karaoke goto. you should join some time
DVRK DVD@garrettgrohman · Indiegogo
@gogoslava awesome. i will let my friend know and maybe take you up on that one day.
Changyin Zhou@lightfield · CTO, Visbit
@gogoslava thanks you for doing AMA here. In addition to crowdfunding, I see indigogo adds extra values, like helping with partnership as you mentioned above. Can you talk a little more into this -- an end-to-end solution for hardware startup? Thank you!
Slava Rubin@gogoslava
@lightfield totally agreed. here is a nice writeup to show what is possible and where we are going to help our entrepreneurial thinkers - http://nypost.com/2015/11/28/cro...
ilan abehassera@ilan · Co-Founder, COO at Prodontis ✨
@gogoslava Hi Slava, would love your take on Kickstarter vs Indiegogo. How does a HW startup decide which crowdfunding platform they should pick?
Slava Rubin@gogoslava
@ilan Hardware is a sweetspot for Indiegogo. We work with entrepreneurs from Idea to Distribution. Check out cat ear headphones for example. 2 college students look for market validation. raise $2mm with promotion from Indiegogo. then go into our Indemand program and raise nearly $2mm more. then we help partner with Brookstone for support with manufacturing and distribution. We are an end to end solution for hardware with the best support and promotion available.
Slava Rubin@gogoslava
send me an email. we have awesome campaign strategists we can set you up with to plan out the best funding and exposure possible. slava at indiegogog.com
Slava Rubin@gogoslava
@gogoslava sorry i am a bad typer slava @indiegogo.com
Changyin Zhou@lightfield · CTO, Visbit
@gogoslava Awesome. Thank you!
Emily Hodgins@ems_hodge · Operations @ Product Hunt
@gogoslava Thanks for joining us today. During your career to date, what is the best piece of advice you've ever been given? Flip side - what's the worst?
Slava Rubin@gogoslava
@ems_hodge best - my dad - people that make it look the easiest are the people that work the hardest worst - you need a lot of money to do a startup
Erik Torenberg@eriktorenberg · Former Product Hunt
Slava! Thank you for joining us. What does the future of crowdfunding look like for funding startups? For gov't & taxes? For any other grand implications? Where is it all going??
Slava Rubin@gogoslava
@eriktorenberg whats up sir. thanks for the opportunity answered some above but i will give you more 1) crowdfunding will be integrated into everyday funding like social networking is now into communication 2) banks will offer indiegogo as an alternative financing product for small biz 3) Fortune500 will integrate indiegogo into their R&D methods 4) the boundary of crowdfunding and commerce will blend creating "emotional commerce" - commerce that leverages relationship, feedback, and direct to consumer connection 5) equity crowdfunding will be a day to day norm 6) a billion dollar project will be funded, probably for good or supporting a crisis 7) govt taxes can have a crowdfunding component. people will create projects - local, state, country, or world. then we will keep 20% of our tax money in an excrow account as opposed to handing to govt. we will then have to allocate the funds from the escrow account into our favorite tax projects set by others. that way we have more control over tax money allocation. its a big idea, but totally can be tested in a small way to start 8)
Kate@katesegrin · Head of Social @ GitHub
Did you anticipate Indiegogo to be the huge success it is today when you were first starting out? What were some of the roadblocks and turning points for you along the way?
Slava Rubin@gogoslava
@katesegrin We always thought we could be big. We think there is still lots to go. There have been many stumbles and learnings along the way. Market crash of 2008/2009 was tough. we got turned down by 93 VCs. Lots of competitors along the way. We had to innovate and keep refining the product. We had to navigate maintaining an open philosophy while maintaining integrity and trust. We are proud of all the hard work that goes into creating a good consumer experience
neeharika sinha@neeeharika · Google, Threadchannel
Hi Slava, great to meet you here. I was wondering do you have one project that comes to mind which Indiegogo helped fund and you were really proud to make that happen.
mike lin@mikelinsf · Founder & CEO, influencersTV
Did indie gogo ever pivot or has the mission been the same from day one?
Slava Rubin@gogoslava
@mikelinsf Our missions has always been to democratize access to capital. we launched in January 2008 after coming up with the idea in fall of 2006. We were turned down by 93 VCs before one decided to join in our mission. We are proud to stay true to our mission.
Jourdan Bul-lalayao@jourdanb21 · Co-Founder & CTO, Jobox
Hi Slava! Thanks for chatting with us here on Product Hunt!! My question is intentionally vague as I'd love for you to answer based on your interpretation of the question :). If you had only one tip to share with entrepreneurs on how to build a successful startup, what is your absolute #1 tip?
Slava Rubin@gogoslava
@jourdanb21 Think Big. Start Small. Iterate Quickly. Always focus on the customer.
Aroon@aroonuidesigner · Co-Founder Realmonkey & UI/UX designer
@gogoslava @jourdanb21 Great lines so motivating
Harry Stebbings@harrystebbings · Podcast Host @ The Twenty Minute VC
@gogoSlava as you know slava, I and @twentyminutevc are massive fans of yours, my question is, it took about 3-4 years before Indiegogo really took off, why do you think it took this long and what was the catalyst to your explosive growth? Would absolutely love to have you on @twentyminutevc in the future. Let me know what you think!
Slava Rubin@gogoslava
@Harry. the market crashed in 2008/2009. We started the industry so it was still early. and we needed to keep refining the product based on feedback. I would love to be on 20minvc. thanks
Kingsong Chen@kingsongchen · Dev
Hi Slava, what are some key characteristics that you have noticed in successful projects on Indiegogo?
Slava Rubin@gogoslava
@kingsongchen 1) have a good pitch like have a video 2) be proactive like get off to a fast start and do updates every 5 days or less 3) find an audience that cares like know who will fund you on day one so then you can rise up the ranks on Indiegogo and get lots of promotion from us
Ali Benslimane@ali_benslimane · Stripe Atlas, ex-Google
Hi Slava, why do you think small business campaigns have low success rate?
Slava Rubin@gogoslava
@scarabeous what exactly do you mean?
Ali Benslimane@ali_benslimane · Stripe Atlas, ex-Google
@gogoslava, sorry my question was not clear. If you check the chart (Success rate by category) in this page: http://www.visionlaunch.com/crow... it seems like SB category (think local shops: barbers, mom and pop stores, dry cleaners...) has the lowest success rate, why is that? (the data says that it comes from Indiegogo but not sure if this is true.
Slava Rubin@gogoslava
Hi everyone this is Slava. Excited to be here. thanks for joining
Smittens®@smittensmittens · Inventor/CEO, Smittens®
@gogoslava What's next for you, Slava?
Slava Rubin@gogoslava
@smittensmittens we are exploring commerce and equity. And i just had a baby boy
Smittens®@smittensmittens · Inventor/CEO, Smittens®
@gogoslava @smittensmittens Congratulations!! Maybe when he is old enough to walk you can use Smittens together :)
Randy Ksar@djksar · I find cool things
@gogoslava @smittensmittens congrats on the baby boy! got two young ones my self (almost 4 and 2). love to have a separate chat on entpreneurship and parenting of newborns and toddlers.
Scott Ruona@scottruona · Marketing Analyst
@gogoslava How does Indiegogo balance its brand between democratizing crowdfunding and keeping it from being too wild and dangerous for consumers? For instance, the Skarp laser razor didn't meet Kickstarters requirements and went to Indiegogo. Are there any concerns about Indiegogo being the crowdfunding platform less reputable companies settle for?
Slava Rubin@gogoslava
@scottruona We are proud of being open and global. Being open is hard. It is important to give everyone a fair chance to present themselves to the world in a transparent way. Then let the world decide what they think and if they want to fund the idea. Even Edison failed manny times before the light bulb worked and changed the world. regarding the razor judgment is still out and we shall see. cnet checked it out last week - http://www.cnet.com/products/ska...
Roklyn@roklynclub · Janitor, Roklyn
@gogoslava what is the best thing and worst thing about being CEO at Indiegogo?
Slava Rubin@gogoslava
@roklynclub best 1) working with a great team 2) collaborating with inspiring customers 3) getting to take small steps to change the world 4) having my 2 cofounders still on the team worst 1) not being able to do it faster 2) you dont control anything 3) Actually I love it