Watch the video above: Ontario brothers raising funds for The Greenlid on Kickstarter. Sean Mallen reports.
TORONTO – Two brothers from Brockville, Ont. want to revolutionize the way organic waste is thrown out by developing a compostable organic waste container with the help of Kickstarter.
The duo of Morgan and Jackson Wyatt are just one of a growing number of entrepreneurs using online crowdfunding websites to help boost their cash flow and get their business off the ground and running.
“It’s the first organic waste container made from fully compostable pulp fiber and when it’s full, it is disposed of in your outdoor collection bin or your home compost pile,” said Jackson Wyatt in a promotional video posted on the company’s The Greenlid fundraising page.
The brothers are looking to reach a goal of $25,000 and have received just over $4,000 from 59 backers as of noon Thursday.
Recently, crowdfunding has gotten attention as a way for entrepreneurs to get a quick influx of cash. In return, investors often get first dibs on a product or other perks.
Last year’s Canadian debut of Kickstarter, the world’s largest crowdfunding platform, has brought crowdfunding to the mainstream consciousness.
The New York-based site has raised over $816 million US for more than 49,000 projects since it launched in 2009.
Inventors from Saskatchewan, for instance, raised over half-a-million dollars to make affordable 3D printers. They got $50,000 in the first 24 hours on Kickstarter.
However, business experts say successful entrepreneurs still need hard cash from traditional funding sources, such as banks.
“I suspect it will continue to grow but it will a remain a very marginal source of financing for smaller businesses,” said Dan Kelly, head of the Canadian Federation of Independent Business.
“If you are doing something that is very unique where it is of great appeal to consumers, or something that’s quite original, then I can see it being an option for you.”
The Wyatt brothers hope their compostable organic waste container idea is just that – a product investors can throw their pocketbook at and support.
-with files from The Canadian Press
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