Read the following article from the Belfast Telegraph about a crowdfunded cheese business. Answer the accompanying questions.
TO HELP HIS CHEESE DREAMS MATURE, MIKE THOMSON
TURNED TO CROWDFUNDING By John Mulgrew
He only began selling his blue cheese Young Buck late last year from Newtownards, Co. Down, under the banner of Mike’s Fancy Cheese… But despite plying his trade in such an ancient tradition, Mike Thomson went about funding his business in a very modern way. The 28-year-old raised £80,000 [over €100,000] through online crowdfunding…
Mr Thomson studied at the School of Artisan Food in Nottinghamshire for a year to learn the crucial skills required to produce something worthy of the best cheese boards… But despite the training, overwhelming passion and grand plans to begin making cheese, he found it impossible to find the much-needed start-up capital to get the business up and running.
‘I moved back, contacted all the banks thinking there would be lots of money floating around – but no,’ he said, ‘So, I chose Seedrs – equity-based and all online. And we raised £80,000 in three days.’
1. Why is crowdfunding a good alternative to traditional financial institutions for start-up businesses?
