93 Rejections, One Revolution: How Indiegogo Changed Crowdfunding Forever

In this episode, co-founders Slava Rubin and Danae Ringelman recount the formative experiences that led to the creation of Indiegogo, the crowdfunding platform that allows individuals to raise money for various projects. Each founder contributed $30,000 of their savings to launch the platform in 2008, shortly before the financial crisis struck. This new method of fundraising took off as traditional funding became scarce, especially for artists and small entrepreneurs.

The conversation dives into their early struggles, including many investor rejections, fights among co-founders, and the pressure of launching a startup during economic turmoil. Slava and Danae also discuss their backgrounds, which shaped their desire to provide accessible funding opportunities for everyone, moving power from traditional gatekeepers to the crowd.

As Indiegogo launched at Sundance Film Festival in 2008, it quickly attracted attention, leading to growth despite economic challenges. They initially aimed at creative projects but eventually expanded to allow funding for a variety of needs. The founders reflect on the importance of creating an open platform, facing ethical dilemmas regarding project vetting, and how they navigated their own evolving roles as the startup grew.

The episode concludes with a discussion on the eventual transition of leadership within Indiegogo, the challenges they faced post-success, and their continued belief in providing opportunities for creators, highlighting the impact of their work even as they step back from the day-to-day operations of the company.