People often ask about my inspirations and how I developed @the14thfactory. This is my story...
Money. Pt 1.
Since LA, I spent a year in London trying and failing to build a new 14th factory and then NYC, as well as scouting many places around the world. I have probably re-designed the project for over 20 sites in the last few years.
The main hurdle is funding. The previous project was run as a non-profit and we couldn't get any kind of sponsorship and came out with zero in the bank, so I decided to change tactics, going for-profit instead.
I set up an LLC, organized a board of directors, upper management, advisory committee, office address and everything necessary. This went well as, after LA, lots of people wanted to get involved. With this set up I developed a proposal that demonstrated the value of the project, and the market potential, and therefore sell a part of the company to investors who would in return profit from every project in the future as we moved it around the world. This investment would fund the new project.
Broken pieces from the crashed Ferrari
Sounds simple right?
We initially got seed money from a dozen friends who invested small amounts, this allowed us to function. But anytime we got a site and did the budgets, we would seek out the main funding, and holy moly, what a nightmare it's been. I've taken investors to site visits, gotten huge favours to endorse us, pulled together huge board room events, done endless sparkling presentations and created a hundred tailor-made pitch decks for all kinds of people with the means to invest.