Indiegogo. I have to think the original idea for this site, a crowdfund site, was creative projects. That’s what I think of when I think of “Indie”, like Indie Film or Indie Rock. The way that Storm ended up using this site, to fund wholesale bike imports direct to consumers, is a long way from an alt rock band or Indie documentary. (They should make a documentary about this Storm phenomenon.) I think this is a bad model for selling e bikes, especially to newbies. I doubt that Storm can confidently say he can treat this contributions as revenues and deduct all his expenses, the 7,000 bikes. They chose to call the money contributions, not sales. Most people who receive contributions don’t have ‘expenses’. The money is simply theirs to spend as they will, but they do pay some taxes off the top. The tax laws are too complicated for me to make a judgment, and there might be special rules for crowdfund projects. But I definitely think S/Co should nail this down.
It won’t happen, but everyone would be better off if Storm just went legit. His asset is the name, maybe the bike. What would it take to cancel the campaign? If the tax thing can’t be overcome, or the expenses are just too high, you tell people the truth. Then you cancel all the orders and start an Internet company selling the bike for whatever price works. You actually hire some people, create some jobs, deal within the normal legal framework of being an importer and a real company. Again, Storm is the asset. If he goes down, for whatever reason, that asset is worthless. Throw IGG and A2.0 some sort of bone, 10% of the new company or whatever.
There’s a company I follow called 1UPUSA. They make a bike rack that is hefty enough to carry an ebike. They make it in the US. People write glowing reviews, and make YouTube videos about the racks. It’s too early in the season for me to buy one, but I follow them on Facebook and I like the way they do business. Their website kind of sucks. They can’t seem to do marketing. They are the opposite of S/Co.
http://www.1upusa.com/
I just think, deep down, this is what we should be doing, as a country.