The Hub Dubai Crowdfunds New Homebase
December
13,
2011
As part of a 5,000+ strong global network in 30+ cities, our non-profit HUB will combine the best of a coworking space, business incubator, innovation agency, member's club, and social network to create a very different kind of ecosystem... a home for values-driven innovators at the front lines of our local, regional, and global challenges: social entrepreneurs - thought leaders - unconventional corporate mavericks - freelancing minds - and government leaders. National citizens. Expatriate denizens. Making our world better together.
The Hub Dubai team has an inspiring mission and has managed to run an impressive crowdfunding campaign. The team has raised enough funds to begin securing a new entrepreneur and innovation space in Dubai. So I caught up with them to learn more about this international project.
Really, it emerged kind of naturally. It was two years ago and we were feeling like there was something wrong with the philosophy that first you need to get the Ivy degree, then the Wall Street gig, the car, find a soulmate, the 20 mil, and only then fix the universe. That sort of wishful, idealist thinking has kept us living in a world with poverty, pollution, you name it. We realized we weren't alone, many smart people all over the planet felt the same way, but didn't have the supporting ecosystem to do good while being well... paying the rent. The personal cost of failure was too high. So, we set about changing that. Enter The Hub.
That path makes a lot of sense. What has your experience been as a crowdfunding pioneer in the world incubators, startups, and innovation in Dubai - how are your supporters responding?
Our fuelers may have been hesitant at first, but in our case, as an unconventional social enterprise still under formation, it was a reassurance that we can raise money in a way that is neither an investment, nor a charitable donation, but an exchange that allows your community to be involved in what you're building. And the concept of crowdfunding itself isn't new; it's the innovative use of technology that is now allowing it to happen at a global scale.
In our case, for Hub Dubai -- in a place that is the world's hub for so many things -- we have New Yorkers, West Coasters, folks from across Europe, Asia, all over the world choosing Dubai as a platform for global solutions to common local challenges. And that's why we've been fortunate to attract so much support, on the merit of our cluster of values-driven creative talent.
You've built a massive amount of momentum very quickly. Any advice for Creatives looking to crowdfund a similar project?
Firstly, I'd say check out the tips on RocketHub.org and follow them to the T. We did, and it worked great for us. Another thing is: invest time building a circle of people who trust us and know what we're all about. We for example have been having regular community events for a year before turning to it for support when the going got tough. Also, think very hard about the rewards you give for your supporters, and the mix of a particular reward for a particular contribution amount. If you were in your supporter's shoes, would you contribute that much for this reward? The reward doesn't itself have to be very costly to you, but it does have to be creative, engaging, and attractive to the complete stranger who just landed on your idea.
Last point: RocketHub is a great analogy for getting an idea launched sustainably... look at the stages of an actual rocket launch. Yes you have a lot of fuel that you need to get airborne, but you also need booster rockets and thrust afterwards by doing additional social media outreach to make it to the moon.
Awesome use of the rocket lingo. We look forward to coming out to Dubai and visit your space. Join the movement, here.
-Vlad



