1. FilmFunder Venture Concept
Opportunity The forces or changes in the environment that are creating this opportunity are the dynamics of the ever-changing film industry. Currently, studio produced blockbusters are dominating the film market leaving scraps for whoever’s left behind, in this case independent filmmakers. The industry wasn’t always like this, but the condition it is in now has left a severe imbalance that must be restored so everyone has a greater chance to showcase their work to the world.
The market my opportunity is designed for is based geographically in Los Angeles, California primarily and made specifically for young independent filmmakers without the means of producing their own films. My location is Los Angeles because obviously that is the hub of filmmaking, so most people will be there. And my demographic are young individuals because most indie filmmakers are younger and lack experience.
Customers are currently satisfying this need through a number of different options with varying degrees of success. The primary method independent filmmakers are coming up with budgets are through crowdfunding sites such as gofundme and Kickstarter. Filmmakers use these sites to get people contribute small amounts to their overall budget, often in exchange for incentives. There is very minimal loyalty to these sites because more often than not the financial goals are not reached and people try different sites hoping that the end result will be different in a positive way.
This is a very big opportunity for a number of reasons. The first of these reasons is that the need is there and has never been more prominent in the history of the film industry. Never before has the financial gap between studio produced and independent filmmaker been this big. Because of this disparity, the independent filmmakers can use all of the help they can get, which is where my idea comes into play. I am not trying to change the industry; I understand that there is nothing that can change how the film industry operates. I am simply trying to find a way for independent filmmakers to showcase their work to the world in a cost effective manner.
I’ve got a pretty good feeling that the opportunity that the window of opportunity for this idea will be open for a significantly long time. Like I said before, the industry is set in its way the way it is now; it would take a catastrophic event to even chip away at its current formula. Because of this, my opportunity has the chance to thrive because the environment is ripe for its need.
Innovation My idea is creating a crowdfunding platform with the specific purpose of funding independent films of all kinds. A filmmaker will request how much money they need to raise as well as what they will offer those that contribute to the film’s budget. Possible investors can choose however much they wish to contribute, much like other crowdsourcing sites.
Based off of feedback, I haven’t been thorough enough with my plan to generate cash flow. This is primarily because I myself cannot seem to figure out the most practical way to accomplish this; I cannot and will not pretend like I know the answer to this question. I have a few ideas, such as a subscription fee, ad revenue, taking a percentage of the cut of movie deals made on the platform and so on, but nothing really jumps at me. These are all possibilities and I have not received enough feedback in this area to come up with a solid one.
Venture Concept I think the main reason customers will switch to my product from other crowdfunding platforms is because there doesn’t exist another such platform that caters specifically to filmmakers and raising money for their budgets. Because of this, I anticipate that it will not be very hard to get people to switch because of how there is quit literally no one else like us in the field currently. The competitors currently are other crowdfunding sites like gofundme and Kickstarter. Even though they do not cater to the aforementioned niche market we do, they are very popular so they are a competitor nonetheless
Three Minor Elements
My most important resource will be my well-established connections in the film industry to give me insight as well as business. Through years of cultivating strong bonds with fellow film enthusiasts, I can confidently say I know my market and they will warm up to me once I hit the scene. I am almost certain of it. What lies ahead for the venture is currently fairly up in the air. I cannot predict how well things will go should my product hit the market. But my hopes are that we will be able to expand our services in quality and scope should we encounter success right out the gate. What lies next for me would be to cultivate the idea to the point where I would feel comfortable passing it off into more capable hands and then move on with whatever my life throws at me next. While I am passionate about my idea, I know others can maintain it far better than I.
2. I received a great deal of feedback from both students and the interviewees of the “What’s Next exercise, and to my surprise and pleasure a great majority was quite positive. What was particularly lauded was the necessity and layout of the idea itself. Virtually everyone I have interviewed or received feedback from said that independent filmmakers struggling for funding is a very real problem that I have presented a functional and feasible solution to, which I was pleased to hear. Conversely, the one drawback I received from near everyone was that my method of making money was vague and unsubstantial. I totally understood this feedback, as I have been told this same thing for months now and have yet to come up with a clear solution in the form of a practical way to generate revenue. This financial aspect was the only part of the venture concept I saw fit to change, as it was the sole main issue I kept hearing about.
3. I changed my venture concept by making the financial aspect of the document much more open ended. Through my feedback, many of the comments regarded how my source of revenue seemed flimsy, and I totally agree. I still, even with the information I received, cannot conceptualize one clear cut way to make good money with this idea, and I promptly reflected that in my revised venture. I made it clear to the reader that while I have many options, a clear-cut method has yet to be determined. I figured that transparency in my thinking will reflect well on me rather than pretending I know the answer.
