On The Fundingraising Trail: Introduction

Motivation to carry out a task is backed by the want to do it (whether it’s through the want of personal satisfaction, personal glory, or a sence self worth) and the need to do it (a need to generate an income or a need to fit into society as a contributor to progress).

I’ve previously written about my involvment in MySchoolAct, but for those of you who are unfamiliar with the company, here’s my elevator pitch:

MySchoolAct’s purpose is to provide a platform for discovery and co-creation that redefines how young people get into and engage with music. MySchoolAct aims to change the perception that music is not just for your ears. Online presence, live performances and video of live performances are becoming crucial to creating the strong support needed for new music talent to thrive and grow.

MySchoolAct is an online talent competition created exclusively for high school students who live for their music. Our winning Act will score the ultimate career kick-start, picking up a recording deal, commercial album release and music video from a major music label (Sony Music currently supports the Australian competition).

MySchoolAct isn’t just about the performers. No one makes it in the music industry on their own and we’re all about collaboration and celebrating the crew behind the scenes that make it happen. So, to reward the best video director/producer, audio producer and digital designer/producer, we also give away college scholarships.

I’m currently the chair of the MySchoolAct board, an investor and co-founded of the concept. I have both a want and a need to see it succeed.

My Wants
I want to see MySchoolAct succeed because it contributes to society by giving young musicians a shot at the commercial music world. MySchoolAct also gives back to schools through the Board’s adopted policy of donating musical instruments to schools in need. Formulating a company that operates within a win-win environment (win for young musicans and schools, and a win for MySchoolAct’s investors) is a strong want for me.

My Needs
As the Chair and an investor of MySchoolAct my needs are simple: I need to see results for the hundreds of unpaid hours our senior staff and board (me included) have contributed and I need to realize a return for our investors.

I’m sure splashing the words want and need across this post may come across a tad selfish. Let me assure you that my intentions (my wants and needs) are for the benefit of MySchoolAct and their shareholders and not for my personal glory. However, the search for personal satisfaction is a key driver within all of us and I’m not immune to this by any means.

Moving on….

My first want for the company is to expand into the US. I’ve already relocated from Sydney to LA to do so, and this leads to my need: capital! Yes, I’m currently on the fund raising trail.

Since VCorBust was launched I’ve received a number of emails asking me how I go about raising funds for my companies. Those who wrote to me wanted to know my thought process, my hit and miss ratio’s and the overall process of raising capital. So, I thought it would be of interest to fellow entrepreneurs to share in my experience; my successes, my failures.

This post is my first of a series of posts entitles On the Fundraising Trail.

Please update me with your comments (good or bad), and if there is any thing that I write about that sparks an interest I wil happily expand on it.