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Glasgow Business . 25 www.glasgowchamberofcommerce.com


SOWING THE SEEDS FOR A BRIGHT FUTURE


CASE STUDY: WHIRLIGRO


Iain Findlay wanted to set up a business that would meet the need of food being grown as close to the consumer as possible. Given the fact that many people live in cities with limited space for ‘growing your own’, he came up with the idea of what he called a Whirligro. It is a flexible tubing product designed for the


use of growing vegetables and – inspired by nature – in the shape of a double helix. Iain believed he had a good idea, but he


was reluctant to go to banks for funding – he was concerned about taking on a loan and had heard about obstacles for small businesses seeking funding. He decided to look at crowdfunding and opted


for Bloom, as he felt it was a genuine alternative to the traditional banking model and gave people the opportunity to “buy into an idea they really believe in”. Iain felt that people would buy into the ethos behind his innovation, but he needed to gauge the demand for such a product. Crowdfunding allowed him to test the consumer response before the production stage. Iain’s target for crowdfunding was £4,000 – he


received £4,050 in promised funds. It was a reward- based crowdfunding project where investors could promise amounts between £5 and £100. » £5+ global recognition of your help » £10+ a £10 discount off a sales price of a product


» £25+ money back on the price of any Whirligro product


» £25+ Twirligro product and personal advice via email


» £100+ any of the above offers plus two twirligros.


Having exceeded his funding


requirements, Iain was able to make the first production line of Whirligros. He soon had 80 prototypes available for sale through the Whirligro online store. He has also adapted two new designs and hopes to further improve on the product development for future sales.


GEM OF AN INVESTMENT CASE STUDY: BONNIE BLING


Mhairi Mackenzie had a full-time job and eight years’ experience in graphics and web design when she founded her business Bonnie Bling. The original idea of producing jewellery


based around Scottish slang came to her at a dinner party with friends. She went with the idea and produced original designs which were a great success at craft fairs and Scotland’s trade show, where she won best the Best New Product Award. Within six months, Bonnie Bling was


receiving celebrity endorsements including being featured on ITV’s The X Factor. This meant big demand for the jewellery and Mhairi had a decision to make whether to stay in her job or expand into doing Bonnie Bling full time.


Mhairi decided to put her decision to the


crowd and placed her project on Bloom. She thought crowdfunding would not only raise funds she needed for in-house production, but would also give her a chance to gauge consumer reaction to the product. Mhairi’s target for funding was £7,500 –


she received £8,300 in promised funds – 108 per cent of what she wanted. It was a reward-based crowdfunding project


where investors could promise set amounts from £5 to £500.


Rewards: » £5+


10% discount code


» £10+ 10% discount code & limited edition badge


» £20+ T-Shirt plus donor badge » £25+ Necklace or badge and surprise item


» £40+ ‘Och aye the noo’ set of his n hers » £50+ Goody bag » £150+ Custom designed word necklace or badge


» £500+ Custom set of Bonnie Bling designed uniquely for the investor.


The project exceeded its target amount. The funds were used to purchase a laser machine, which meant that production did not need to be outsourced and that bespoke designs and celebrity requests can now be produced with a next-day turn around. Bonnie Bling now has nine employees and


is available online through Bonnie Bling and the ASOS marketplace, with plans to expand into other retail outlets.


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