Supporting Our Businesses: The Crowdfunded Discounting Project

crowdfunddiscounting 1. Project Overview This project is designed to create a system that allow everyday people group together and create a fund that can be used to help a specific merchant provide discounting to boost sales and patronage. Many small businesses have difficulty competing with larger brands on price and cannot afford to cut into their profit margins to make a sale. In addition, there has been nothing but talk and hot air about supporting Black businesses by ineffectual influential people in the Black community. Our goal is to connect the Black community to Black businesses through the use of investing and patronage and facilitating the relationship between merchant and the community through the use of crowdfunding and discounting. The way the system should work is a merchant will make a pitch presentation package and sell to the community why they should be crowdfunded for discounting. It is up to members of the community to provide funds which will be held in a funded account. The merchant will not receive the funds directly – instead, a coupon or discount code system will be in place that allow customers to purchase and the merchant will be reimbursed. We will create a web site first to facilitate this service as a beta test then move to a mobile app and other forms. We will also beta test this service here in Atlanta, Georgia and hopefully if everything works, roll out nationwide. The benefit of creating a crowdfunded discounting system is to establish a system that helps the community invest indirectly into local businesses and at the same time, patronage those businesses with the incentive the discount. By empowering the local community to support small businesses and by empowering the local businesses to offer competitive discounts, we see the benefit of economic activity and growth overall as well as a stronger community/business relationship. 2. Brainstorming Yellow Sticky Pad Content: • Tax implications – can only tax the discounted amount • Mobile app to show discount • Mobile app display qr code to process discount • Confirm code email confirmation when discount applied • Funding fee or find fund amount or service fee? • Merchant use mobile or internet to process coupon • Alternative to print coupon with confirmation code • E-commerce capability with discount code • Type of discount BOGO x% off less price to compete with Wal-Mart • Table Vendor discount of event • Investor make pledge amount pay later • Sheet on the business and location if minority empowerment zone • List the product or discount offered (don’t like) • Merchant pitch is a video on YouTube that can be shared • Social network to share merchant pitch • Alternative to use email address in lieu of coupon • Send invoice for interest to make payment on pledge • Break down the cost of pledge from paypal fee and amount donated • No refund on pledges • Investors and shoppers sign up • Setup list of communities by region or type to invest in • Email to alert about business and sales • Graphs and metrics to show milestones • Admin page dashboard for merchant • Investor dashboard of portfolio • Alert merchant that customer was an investor • Mobile app for coupons • Countdown and timer to fund deadline 30 days, 60 days 45 days • Show merchant amount and number of buyers • How-to and instruction videos 3. Strategy Development coming soon 4. Solution Approach coming soon 5. Product Development coming soon 6. Marketing Campaign coming soon 7. Product Launch coming soon

One thought on “Supporting Our Businesses: The Crowdfunded Discounting Project

  1. Would love to see how this works out in the Beta Testing Mr. Ed. I must keep reading this site daily to stay up on this and many other issues. Thanks.

Comments are closed.