By Claire Adler
September 7th, 2012
A watch brand has emerged as the king of crowdfunding, a trend that allows creative people to connect online with the public for cash to fund their business ideas.
In April, after numerous rejections from venture capitalists and rapidly running out of cash, five 20-something men from Silicon Valley turned to Kickstarter, a site that allows creative companies, including many filmmakers and musicians, to raise money from individuals online.
The site does not charge to set up a campaign. But, if it is successful, the site takes 5 per cent of the final amount. Amazon, which processes the payments, takes 3 to 5 per cent.
Click the link to read the entire article which includes quotes from Milton Pedraza, CEO of Luxury Institute: http://www.ft.com/cms/s/0/51da221e-f1c3-11e1-bda3-00144feabdc0.html#ixzz26Cbscu00