When it comes to crowdfunding, most people are familiar with
Kickstarter, a site that boosts the potential of artists and businesspeople, with a strong focus on community efforts and creative arts. For those who don't fall into those categories, though, utilizing crowdfunding has been almost impossible.
That is, until now. Savage-based company
LiifGroup offers a dynamic platform that allows users to raise money through multiple crowdfunding sites designed by the firm.
Co-founded by Mark Connelly, Jack Cosentino, and Kristi Masser, the platform launched on January 8th, and has already been gaining traction.
"The last couple months have been crazy," says Connelly. "We're vetting projects, looking at financials, and going from meeting to meeting. We're the first crowdfunding company started in Minnesota, and it's obvious already that there was a need for this."
LiifGroup's model differs from Kickstarter, since a venture won't lose all their money if a certain amount isn't reached within a specified timeframe. Instead, they can receive partial funding. LiifGroup generates revenue by receiving five percent of the amount each company raises.
The medical market, in particular, will benefit from the platform. Connelly is an emergency and trauma physician for North Memorial Health Care, while Masser spent 15 years with pharmaceutical giant Merck. That experience, combined with Cosentino's tech startup background, made the trio gravitate first to the many medical device startups in the region.
In addition to its medical crowdfunding site, called
LiifMed, the company has a platform for sports-related startups,
LiifSport. Connelly notes that another one is being built for luxury goods, and he anticipates a variety of platforms in the future.
"Already, we see growth ahead, and a great deal of opportunity," he says.
Source: Mark Connelly, LiifGroup
Writer: Elizabeth Millard