An innovative approach to raising money for promising start-ups in West Palm Beach is matching dollars with ideas.
On May 13, Startup Palm Beach, in partnership with the City of West Palm Beach and the Downtown Development Authority, will host the second annual Crowdfunding and Cocktails, an in-person crowdfunding event that recognizes talented early-stage startups in Palm Beach County and allows the community to participate in the companies’ success.
By definition, crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. This community event brings it live allowing local residents to inspire and empower the entrepreneurship ecosystem in Palm Beach County.
For Crowdfunding and Cocktails, attendees purchase a $100 event ticket and receive the money back in the form of ten branded $10 bills. During the event, guests will hear pitches from ten featured startups, who have applied and been vetted by the committee. The audience can then decide to allocate some or all of their branded funds to the startups of their choice. During the inaugural event, more than 100 non equity funders participated and Startup Palm Beach gave away $10,000 in startup funding.
“The chance to compete in Crowdfunding and Cocktails proved to be invaluable to the start up of Live Advantage Bait LLC. The event brought much needed recognition to my venture and the funding I won was integral to completing the pilot scale project,” said Dr. Nicole Kirchhoff, CEO of Live Advantage Bait and Inaugural Crowdfunding and Cocktails featured startup.
Crowd founding and Cocktails will take place from 6 p.m. – 9 p.m. in the Lake Pavilion in downtown West Palm Beach. Local startups can apply by visiting StartupPB.com.