By Cherileigh Co
Some Digital Media Zone (DMZ) startups take a different approach to funding.
Of the 79 startups at the DMZ, two startups turned to crowd-funding sites for capital.
Pawly and DreamQii turned to Indiegogo to raise money for their product. Pawly, a pet-sitting device, raised $40,566 and did not reach their goal of $80,000. However, DreamQii’s PlexiDrone, an aerial photography drone, overachieved their goal of $100,000 with $491,917.
“We encourage startups at the DMZ to pursue funding and grants where it makes the most sense for them. Crowdfunding can offer a rapid approach to real-world market validation and faster access to cash,” said Valerie Fox, executive director of the DMZ.
The DMZ provides aid to startups by connecting them with customers, advisors and office space. But the startups choose their own financial strategy.
“We wanted to be in a place where we can ask people for ideas. They have a great network of advisors and known as one of Canada’s top incubators,” said Sean Min, Pawly’s marketing director.
“Companies decide what source of funding they wish to pursue. Crowdsourcing has become a very realistic approach for pre-revenue companies,” said Sean Wise, a DMZ steering committee member. “The DMZ doesn’t send anybody anywhere, it only provides assistance to help startups increase their growth and development.”