Crowdfunding for franchises

With so much talk of crowdfunding in the air, as a form of business finance with which to fund business plans, as many of you may already be wondering, I'm thinking if this may be a source of franchise funding.

We are already seeing the move towards this in the US with the countries first social network specifically for franchises.

Sprigster, the nation’s only crowdfunding platform focused exclusively on franchising, announced today the launch of its “Boost a Hero” program to help returning veterans raise the needed capital to realize their dream of franchise business ownership. Sprigster is introducing the donation-based crowdfunding program in the VetFran Pavilion during the International Franchise Association’s Annual Convention in Orlando.

"While veterans have access to discounted franchising fees, they often don’t have the initial start-up investment needed to open most franchise businesses," said Mark Mohler, CEO of Sprigster. “Sprigster provides a viable option to raise the necessary monies. These brave soldiers have served our country and acquired skills that are readily transferable to operating a successful franchise business. They just need a boost to get started.”

Sprigster’s “Boost a Hero” program is based on the increasingly popular crowdfunding approach in which an entrepreneur collects small contributions from “the crowd” to cumulatively fund a project – such as opening a franchise business. Prospective veteran franchisees set a funding goal, then “pitch” their project to the public, and through pledges and contributions, raise the capital needed to open their franchise business.

Qualifying U.S. veterans can register for the “Boost a Hero” program at Sprigster’s website. Once approved by their franchisor, a veteran’s profile and funding goals are developed and the project is featured on the website. Sprigster provides resources and coaching to assist the veteran in promoting his or her project to the “crowd” using social media tools. The crowd, which can include friends, family, the local community, other military veterans, fans of the franchisor, and essentially anyone compelled to support the veteran, can then contribute toward the funding goal.

"Sprigster's ‘Boost a Hero’ program is an innovative solution harnessing the power of social media and crowdfunding to accelerate veteran ownership of franchise businesses,” said Stephen J. Caldeira, IFA President & CEO. “As a sponsor of VetFran, Sprigster’s Boost a Hero is helping to strengthen our industry and the U.S. economy as well as doing the right thing for our veterans and our nation."

Franchisors who have prospective veteran franchisees approved for their concepts, as well as those who wish to attract returning veterans, are already signing on to participate in the program. Currently, Sprigster’s “Boost a Hero” site is running in beta mode and hosting approved franchisees from The Dwyer Group/Aire Serv (U.S. Army Veteran Larry Colley) and PostNet (U.S. Navy Veteran Amanda Crow). Additional franchise companies have agreed to participate as well and are currently seeking qualified veteran candidates. They include: BrightStar Care, Driven Brands, FASTSIGNS, Global Franchise Group, Granite Transformations, ServiceMaster, Tasti D-Lite and Valpak.

“We’ve already received tremendous interest and support from the franchising community in our ‘Boost a Hero’ program,” said Mohler. “It’s a very compelling proposition for franchisors in that they are able to obtain qualified veteran candidates – a highly desirable prospect – and receive significant exposure for their brand via Sprigster’s platform.”

Franchisors and veterans interested in learning more about the “Boost a Hero” program may visit the Sprigster Booth (#7E) at the IFA Convention or contact Todd Jones, senior vice president of business development for Sprigster, at (770) 292-9941 and todd@sprigster.com, or visit www.sprigster.com.

About Sprigster
Sprigster is the nation’s only crowdfunding platform focused exclusively on franchising. Sprigster’s initial franchise platform, “Boost a Hero”, was designed to facilitate access to capital for qualifying U.S. veterans. Sprigster was founded by serial entrepreneurs, Mark Mohler and Todd Jones, who have both spent the past 15 years focused on small business formation, with an emphasis on social entrepreneurship-based businesses. For more information about Sprigster, please visit www.sprigster.com. Also, please follow us on Twitter at @Sprigsterllc and check out our Facebook and Google+ pages.