RocketHub

RocketHub was an online crowdfunding platform launched in 2010, its first use was September 1, 2009 (77868751). Based in New York City, its users—including musicians,[1] entrepreneurs,[2] scientists,[3][4][5] game developers,[6][7] philanthropists,[8] filmmakers,[9] photographers,[10] theatre producers/directors,[11][12] writers,[13] and fashion designers,[14][15]—post fundraising campaigns to it to raise funds and awareness for projects and endeavors. Operating in over 190 different countries, RocketHub was once considered one of America's largest crowdfunding platforms.[16]

buntha
Type of site
Crowdfunding
URLrockethub.com

History

Incorporated in 2009, the platform launched by January 2012.[17] The original founders of RocketHub are Brian Meece, Jed Cohen, Alon Hillel-Tuch, and Vladimir Vukicevic. Bill Clinton and Bill Gates selected it as part of their guest-edited Ways to Change the World edition of Wired Magazine.[18] The company was based in New York City.

RocketHub was selected by the US Department of State as one of its 12 top global partners, alongside large corporations such as Coca-Cola.[19] Secretary of State John Kerry provided the foreword for the report. RocketHub operates in over 190 different countries, and through its partnership with the US Department of State is the only established US crowdfunding platform able to operate and crowdfund in emerging regions across the world.

RocketHub was the first crowdfunding platform to partner with network television,[20] “We believe we’re the first broadcast network to start an initiative using crowdfunding to help people grow their business ideas,” Dr. Libby H. O’Connell, SVP of Corporate Outreach for A&E Networks.[21]

RocketHub engaged in an innovative partnership with marketing agency Wieden+Kennedy and Chrysler's Dodge Dart in 2013 allowing users to crowdfund the purchase of a car. The partnership garnered 70 million impressions[22] and was featured at the 2013 Cannes Film Festival, the campaign video became a Cannes Bronze Film Lion winner.[23]

On April 15, 2015, RocketHub was acquired by EFactor Group, an online resource center for entrepreneurs. The acquisition deal was valued at US$15M.

Crowdfunding

RocketHub enables direct-to-fan social media-based outreach and fundraising. Project leaders, i.e., fundraisers, publicize campaigns themselves through Facebook, Twitter and similar platforms. When posting a campaign, users choose a campaign deadline, target funding-goal, and offer “perks” in exchange for contributions.[24] Broadly, RocketHub shares similarities with platforms such as Kickstarter, Sellaband, and Pledgemusic,[25] however if the selected funding target is not reached by the deadline, the project leader is still able to keep the collected funds. RocketHub charges 4% of funds collected, plus 4% payment processing fees, if the project is fully funded, and 8% plus 4% payment processing fees if the project does not reach its goal.[26]

JOBS Act

On April 5, 2012, President Obama signed the Jumpstart Our Business Startups Act (JOBS Act) into law. Among other things, the act legalizes investment in closely held corporations in exchange for funds from non-accredited investors.[27] In response, RocketHub published a whitepaper entitled “Regulation Of Crowdfunding” offering its perspective on how the U.S. Securities and Exchange Commission should regulate the industry.[28]

On June 26, 2012, Rockethub testified in Congress regarding the JOBS Act, presenting three points. They included how crowdfunding democratizes fundraising; how it will lead to job growth; and how it empowers investors.[29]

Partnerships

RocketHub has partnered with organizations in order to educate the public about the emerging field of crowdfunding:

  • The Recording Academy and The Grammy Awards - November 4, 2010 - Music Box Panel: A Professional Development Event Crowd Funding[30]
  • New York City Department of Consumer Affairs and New York City Department of Cultural Affairs - October 23, 2010 - The Art of the Deal[31]
  • CMJ Music Marathon, Music Dish, and Women in Music - October 20, 2010 - The "Musicians As Entrepreneurs" Official CMJ Music Marathon Networking & Showcase Event[32]
  • New Music Seminar - July 19, 2010 - NMS New York 2010[33]
  • Fractured Atlas[34]
  • The Orchard (company)[35]

See also
  • Comparison of crowd funding services


References
  1. Rice, Andrea. "RocketHub: For Creatives, By Creatives", American Songwriter, June 22, 2010, accessed November 29, 2010.
  2. Maltby, Emily. “Tapping the Crowd for Funds”, The Wall Street Journal, December 8, 2010, accessed August 30, 2012.
  3. Zelnio, Kevin. “#SciFund Puts YOU in Charge of Funding Science!”, Scientific American, November 11, 2011, accessed August 30, 2012.
  4. Koerth-Baker, Maggie. “Help crowdfund scientific research!”, Boing Boing, November 1, 2011, accessed August 30, 2012.
  5. Giles, Jim. “Finding philanthropy: Like it? Pay for it”, Nature Magazine, January 18, 2012, accessed August 30, 2012.
  6. Meece, Brian. "$80K in 10 Days, The Story of Extra Credits - As Told By Show Co-Creator James Portnow", RocketHub Blog, July 15, 2011, accessed August 30, 2012.
  7. Schmidt, Brandon. “Interview with Nine Dots Studio”, The Indie Mine, December 19, 2011, accessed August 30, 2012.
  8. Kempe, Anika. “Weathersby creates fund in honor of late father”, The Collegian, January 26, 2012, accessed August 30, 2012.
  9. Lungulov, Darko. "Tribeca Takes: Darko Lungulov on Here and There", Tribeca Takes, May 11, 2010, accessed November 29, 2010.
  10. Hainer, Michelle. "New Site Helps Cash Strapped Creatives", Tonic, June 10, 2010, accessed November 29, 2010.
  11. BWW News Desk. “The Amoralists to Present THE BAD AND THE BETTER for 6-Week Run at the Peter Jay Sharp Theater”, Broadway World, April 18, 2012, accessed August 30, 2012.
  12. Boroff, Philip. "Fringe Festival Impresarios Find Angels Online With RocketHub", Bloomberg,Feb 30, 2010, accessed November 29, 2010.
  13. Paquette, Aaron. "Be Part of Something Very Cool! Only You Can Make It Happen…", Aaron Paquette Network, June 24, 2012, accessed August 30, 2012.
  14. Davis, Paul./projects/656-help-paul-davis-fund-his-next-collection/ "RocketHub - Help Paul Davis Fund His Next Collection!!!"], November 22, 2010, accessed August 30, 2012.
  15. Gabrielle. "Become part of the Bunmi Koko Launch during London Fashion Week", Fashion Industry Network, September 7, 2010, accessed August 30, 2012.
  16. Mandelbaum, Robb (December 26, 2012). "RocketHub Ponders Its Future In Crowdfunding". New York Times. Retrieved January 9, 2017.
  17. Peter. “Alternative Marketing: 5 Best Crowdfunding Sites”, Business Advice Daily, May 13, 2012, accessed August 30, 2012.
  18. Olson, Mike. “Here’s How You Can Help Fund Sensational Research Projects”, Wired
  19. Office of the Spokesperson. “Department of State Releases 2015 State of Global Partnerships Report”
  20. Wagner, Kurt. “Could crowdfunding produce A&E's next hit show?”, Fortune
  21. Conner, Cheryl. “Television Meets Crowdfunding: A&E Networks And RocketHub Launch 'Project Startup' For Entrepreneurs”, Forbes
  22. Google Think Insights. “Dart Registry Crowdfunding for cars. ”
  23. Macleod, Duncan. “Cannes Film Lions 2013”
  24. RocketHub. "FAQs", accessed August 30, 2012.
  25. from PRINT EDITION. Putting your money where your mouse is, The Economist, September 2, 2010, accessed November 29, 2010.
  26. "What does it cost?"
  27. Colao, J.J. “Breaking Down The JOBS Act: Inside The Bill That Would Transform American Business”, Forbes, March 21, 2012, accessed August 30, 2012.
  28. Hillel-Tuch, Alon. "Regulation of Crowdfunding", May 1, 2012, accessed August 30, 2012.
  29. Hillel-Tuch, Alon. "RocketHub Testifies in Congress - JOBS Act & Crowdfunding", June 27, 2012, accessed August 30, 2012.
  30. Grammy365 Staff. Music Box: A Professional Development Event Crowd Funding, Grammy365, November 5, 2010, accessed November 29, 2010.
  31. Catton, Pia. In Queens, a New Project: Learn the Art of the Deal, The Wall Street Journal, October 25, 2010, accessed November 30, 2010.
  32. Press Release. The "Musicians As Entrepreneurs" Official CMJ Music Marathon Networking & Showcase Event, Mi2N, October 6, 2010, accessed November 29, 2010.
  33. Rice, Andrea. "The New Music Seminar: Viva La Revolution", American Songwriter, July 26, 2010, accessed November 29, 2010.
  34. Fractured Atlas. "Fiscal Sponsorship", accessed August 30, 2012.
  35. "RocketHub Partners with The Orchard to Fuel Music Industry Marketplace", September 14, 2011, accessed August 30, 2012.
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