Success Stories and Standout Projects: Crowdbase's Impact on Cypriot Innovation
Crowdbase, the thriving crowdfunding platform in Cyprus, has completed its first year with remarkable achievements and resilient growth. From funding innovative projects to shaping the financial landscape, it has become a vital player in the Cypriot startup ecosystem.
In its inaugural year, Crowdbase celebrated milestones such as successful funding campaigns for projects like easyBoat and Snap, which attracted significant interest from investors. The introduction of regulations by the Cyprus Securities and Exchange Commission (CySEC) has further enhanced Crowdbase's operations and credibility, fostering trust among investors and promoting cross-border investments. The local community in Cyprus has responded enthusiastically to Crowdbase, recognizing its importance in addressing the funding gap for early-stage ventures.
In this interview with Panayiotis Kakourides and Frixos Larkos, we delve into Crowdbase's journey, highlighting key milestones, the influence of CySEC regulation, and the engagement of potential investors and entrepreneurs. Additionally, we gather valuable advice for aspiring entrepreneurs considering crowdfunding as a means of funding their ventures.
Looking back on Crowdbase's first year, it's been a busy but rewarding journey. We had many big moments, like when we first announced our platform, the event where we showed off our first three projects, and successfully funding our first two campaigns in Cyprus with easyBoat and Snap.
The first year for any startup can be tough when it comes to financing and navigating the “valley of death”. But our business plan helped us face these challenges. We kept our costs low by doing as much as we could ourselves, and also made money by offering advice to others. This lets us keep going without needing outside money. It's been a good start, and we're excited about what's ahead, with another exciting startup and a real estate project coming over the summer.
We're proud to have kick-started some exciting projects on Crowdbase, which has quickly become a popular platform in Cyprus. One project that stands out is easyBoat, our very first.
This was led by the most well-known Cypriot entrepreneur, Sir Stelios Haji Ioannou, and his household brand, easyGroup. This project was a big hit and helped many people learn about crowdfunding. We raised €470K from 141 investors, most of them from Cyprus. After easyBoat, we wrapped up a project for Snap, a mobile app for booking wellness and beauty appointments in Cyprus. We took what we learned from easyBoat and worked closely with Snap's experienced founders. We were able to raise more than our initial funding goal from 44 investors. This success story shows how we're helping innovative companies in Cyprus grow.
CySec regulation has added significant credibility to our platform and enhanced trust in our industry, setting a foundation for its growth across Europe
The introduction of CySEC regulation has been instrumental in shaping Crowdbase's operations. By legitimizing crowdfunding as a funding strategy for startups and small-medium businesses, it has added significant credibility to our platform. This protective measure has not only enhanced trust in our industry but also set a foundation for its growth across Europe.
Investor safety is paramount in the investment landscape. The CySEC regulation provides a set of comprehensive standards to protect investors, ensuring a secure and transparent environment for financial transactions. This regulatory framework is crucial to maintain investor confidence and promote prudent business practices. Moreover, the uniformity of these rules across the European Union opens the doors for more cross-border investments. Such an approach is particularly vital for a country like ours, fostering an environment conducive to innovation.
The response to Crowdbase from the local community in Cyprus has been overwhelmingly positive. Both entrepreneurs and investors recognize the platform as a vital solution in the financial landscape. On the entrepreneurial side, we've seen a surge of interest from startups and founders seeking to raise capital. This is a clear indication of an existing funding gap in Cyprus, especially for early-stage ventures, which our platform tries to address.
As for investors, we've observed a considerable level of engagement, particularly with campaigns like easyBoat. Both seasoned investors and newcomers alike have shown an eagerness to explore new investment opportunities through crowdfunding. Additionally, the Certificate of Innovative Enterprise, offering substantial tax benefits for investing in innovative companies, has provided an added incentive for individuals wanting to reinvest their income. This has further bolstered participation in our crowdfunding campaigns.
Before a campaign's launch, we advise owners to rally their network and secure early commitments to the campaign
We heartily welcome those seeking to fund innovative ventures to connect with us. Even if crowdfunding might not be the perfect fit for a particular idea, we strive to provide advice on alternative methods and leverage our network to link them with suitable individuals.
For projects accepted onto our platform, we work closely with the owners to maximize their chances of success, which can depend on various factors. For instance, before a campaign's launch, we advise owners to rally their network and secure early commitments to the campaign. This strategy helps build momentum at launch and can reassure smaller investors who might be reluctant to join a campaign until it reaches its minimum target. Additionally, we guide project owners in crafting their campaign video and pitch. These elements are vital in transmitting the right information to potential investors, thus increasing the likelihood of campaign success.