RocketHub was an online crowdfunding platform launched in 2010, its first use was September 1, 2009. Based in New York City, its usersincluding musicians, entrepreneurs, scientists, game developers, philanthropists, filmmakers, photographers, theatre producers/directors, writers, and fashion designers,post fundraising campaigns to it to raise funds and awareness for projects and endeavors. Operating in over 190 different countries, RocketHub was once considered one of America's largest crowdfunding platforms.
History
in 2009, the platform launched by January 2012. The original founders of RocketHub are Brian Meece, Jed Cohen, Alon Hillel-Tuch, and Vladimir Vukicevic. Bill Clinton and Bill Gates selected it as part of their guest-edited Ways to Change the World edition of Wired Magazine. The company was based in New York City. RocketHub was selected by the US Department of State as one of its 12 top global partners, alongside large corporations such as Coca-Cola. Secretary of State John Kerry provided the foreword for the report. RocketHub operates in over 190 different countries, and through its partnership with the US Department of State is the only established US crowdfunding platform able to operate and crowdfund in emerging regions across the world. RocketHub was the first crowdfunding platform to partner with network television, “We believe we’re the first broadcast network to start an initiative using crowdfunding to help people grow their business ideas,” Dr. Libby H. O’Connell, SVP of Corporate Outreach for A&E Networks. RocketHub engaged in an innovative partnership with marketing agency Wieden+Kennedy and Chrysler's Dodge Dart in 2013 allowing users to crowdfund the purchase of a car. The partnership garnered 70 million impressions and was featured at the 2013 Cannes Film Festival, the campaign video became a Cannes Bronze Film Lion winner. On April 15, 2015, RocketHub was acquired by EFactor Group, an online resource center for entrepreneurs. The acquisition deal was valued at US$15M.
Crowdfunding
RocketHub enables direct-to-fan social media-based outreach and fundraising. Project leaders, i.e., fundraisers, publicize campaigns themselves through Facebook, Twitter and similar platforms. When posting a campaign, users choose a campaign deadline, target funding-goal, and offer “perks” in exchange for contributions. Broadly, RocketHub shares similarities with platforms such as Kickstarter, Sellaband, and Pledgemusic, however if the selected funding target is not reached by the deadline, the project leader is still able to keep the collected funds. RocketHub charges 4% of funds collected, plus 4% payment processing fees, if the project is fully funded, and 8% plus 4% payment processing fees if the project does not reach its goal.
JOBS Act
On April 5, 2012, President Obama signed the Jumpstart Our Business Startups Act into law. Among other things, the act legalizes investment in closely held corporations in exchange for funds from non-accredited investors. In response, RocketHub published a whitepaper entitled “Regulation Of Crowdfunding” offering its perspective on how the U.S. Securities and Exchange Commission should regulate the industry. On June 26, 2012, Rockethub testified in Congress regarding the JOBS Act, presenting three points. They included how crowdfunding democratizes fundraising; how it will lead to job growth; and how it empowers investors.
Partnerships
RocketHub has partnered with organizations in order to educate the public about the emerging field of crowdfunding:
