Karolinafund crowdfunding and crowdsourcing
Iceland’s Road To Recovery Through Next Generation Crowdfunding?
Opening of the first crowdfunding and crowdsourcing platform in Iceland : karolinafund.com
Icelanders have always been a creative nation, but since the financial crisis the creative industries are literally blooming. Icelandic music is becoming a genre in the international music scene. Icelandic design products are selling all over the world. And the Icelandic movie industry is thriving on international movies being shot on the arctic island. The importance of the creative industries in rebuilding the country after the collapse of its economy is widely acknowledged.
However, many project developers and startups face difficulties in obtaining financial means or know-how to realize their ideas. In order to address these problems, on the 5th of October 2012, the first crowdfunding and crowdsourcing platform in Iceland opened: karolinafund.com.
Karolina Fund is a social platform, on which creators can collaborate with or obtain funding from the crowd, and others can invest, create, interact and/or offer their services and expertise. The future vision of Karolina Fund is to become a next generation crowdsourcing and crowdfunding community that does not only solve funding and employment problems but also addresses lack of trust, transparency, and security in online transactions.
“Karolina Fund will be different and more innovative than existing international solutions in that it goes beyond offering access to finance: it will connect crowdfunding and crowdsourcing with effective project management” says Ingi Rafn Sigurdsson, CEO at Karolina Fund.
Karolinafund.com is open to everyone with an idea and there are several projects already registered on the platform which is currently in alpha development. The projects are all Icelandic and reflect the immense creative potential in Iceland. In the future the platform will also be open to start-ups, that wish to offer equity in their company.
One of the selected kick-off projects is “Horsemen”, a movie in post-production by the Icelandic actor, author, and director Benedikt Erlingsson. It is a movie about love and the rawness of nature, that binds together five plots in a powerful autumn-finale. The high-profile cast included Ingvar E. Sigurdsson (“Angels of the Universe”) and Charlotte Boving (“Den eneste ene” by Susanne Bier) in the leading roles. In supporting roles: Kristbjörg Keld, Steinn Ármann Magnússon, Helgi Björnsson and Juan Camillo Estrada.
The movie is produced by Fridrik Thór Fridriksson, an acclaimed director and producer with an extensive filmography including “Children of the Nature”, which was nominated for an Academy Award in 1992. “Horsemen” has been partly crowdsourced as Icelandic horsemen and their horses have been involved in the shooting and production process. Rewards for supporting this movie range from a personal thank you e-mail from Benedikt Erlingson, over a signed DVD to an invitation to the premiere of the movie and a pre-premiere dinner with the creators.
Pétur Ben, one of Iceland’s most renowned guitar players and musician, whose solo-debut “Wine for my Weakness” has won the Icelandic Music Award for the Best Alternative Album of the Year in 2005, has also set up a project on the platform. He is seeking for funding for the production of his long-awaited second solo album “God’s Lonely Man”. Supporters can get a (signed) CD sent home, or get tickets for a concert anywhere in the world, or a private Skype concert with Pétur Ben.
The Grotta Zine is an art magazine published twice a month by Frosti Gnarr Studios featuring one Icelandic artist in each issue. Frosti Gnarr Studios are looking for funding to get a proper printer to replace the current old home printer. Apart from getting sent home an issue of the Grotta Zine, supporters can get a special edition Grotta Zine made about them or a person of their choice.
But not only ideas from the midst of the Icelanic creative industries can find a place on the Karolina Fund platform. Johanna Bergmann Thorvalsdóttir is looking to get funding for their goat project. “Save a goat” aims at preserving the Icelandic goat and supports the couple in their work and experiments concerning the production of goat products, including goat cheese and cosmetic products. Rewards for supporting the ambitious project range from pictures of goats and goat products to an inscription on the Geitfjár Centre at Háafell.