BEART is a vertical reward-based crowdfunding platform dedicated exclusively to art.
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | www.beartonline.com |
| Sectors | Travel, Leisure & Sport Digital B2C |
| Company number | 9638551 |
| Incorporation date | 15 Jun 2015 |
Investment summary
Idea
Introduction
BEART is a web crowdfunding platform dedicated to artists, art institutions and art professionals who are looking for a simple, engaging and efficient way to raise funds in order to turn their ideas into reality.
It brings together artists, curators, gallerists, collectors, museums, foundations and other art world professionals with their respective followers, for the purpose of developing a faithful audience engagement towards the realisation of art projects. BEART is a reward based platform: in return for the pledge, the supporter will get unique compensations such as artworks or exclusive experiences.
Intended impact
Our aim is that BEART will allow people involved in the art business to get funds and realise new ideas and art projects. We also hope that it will support art institutions to raise funds in an innovative and web oriented way.
In addition to this, we believe that BEART will be able to create a new kind of network for the art community involving art professionals, art institutions and art lovers: a web hub where the art players will share ideas, projects and experiences.
Substantial accomplishments to date
- Built a technical proprietary platform designed by BEART.
- Achieved operational know-how.
- Started business development activity in Italy and in the UK.
- A number of artists, art professionals and art institutions showed interest in funding art projects on BEART’s platform.
- Online since October 2015.
-14 crowdfunding projects on the platform to date, of which 4 successfully funded.
- achieved significant press coverage in Italy.
- entered into a business partnership with an influential art consultant in the U.K. (Matthew Hockley Smith).
- Partnered up with a major Art Fair (Miart Milano, 7-10 April 2016).
Monetisation strategy
Artists, curators, gallerists, museums, art foundations, art trusts or other art players publish their project on BEART’s platform. The web community is invited to support the project financially, getting an exclusive reward they can select from a rewards list.
we see two different models for raising funds on BEART:
• All or nothing model: if the financial goal is 100% reached (or surpassed) creators get access to their funds. Otherwise, funds are given back to the supporters.
• Keep it all model: if the financial goal is 100% reached (or surpassed) creators get access to their funds. Otherwise, if the funding goal is not totally achieved, still creators can collect all the funds raised up to the end of the campaign.
BEART keeps 7% of the total amount raised as commission (which does not include VAT and transaction costs).
Use of proceeds
Having completed the first phase of platform development, we are raising funds to penetrate the market with our reward-based vertical platform. The finance we are seeking will also support communication, advertising and company stabilisation costs.
We will use proceeds in the following way:
40% Product development .
35% Go-to-market.
25% Operational costs.
Market
Target market
The target market is the art community, divided into two clusters:
1. creators: artists, art institutions and art professionals (gallerists, curators, art journalists, etc.).
2. backers: art lovers or followers of a specific artist, art institution or art professional.
BEART's industries are crowdfunding and art.
Characteristics of target market
Crowdfunding is accelerating at an unprecedented rate: in 2014 crowdfunding platforms raised $ 16,2 billion, a 167% increase over the $ 6,1 billion raised in 2013 and it is expected to reach $ 34 billion in 2015.
Our experience has found that the art community is connected, informed, participative, motivated and interested in new trends. It follows artists and visits museums, exhibitions, fairs and art biennials and loves collecting. In 2014 there were more than 50 million visits to the main museums and galleries in the UK, with a growth by 4% over 2013 and even 40% over ten years before (2004) (Source: Department of Culture Media & Sport).
Marketing strategy
BEART’s marketing strategy is the answer to two different questions, which are:
1) How to get projects?
2) How to get backers?
This is our plan;
1)How to get projects.
The creators are reached by means of different connection tools depending on the type of creator.
a) First level Creators .
Our business development team creates a connection by sending our presentation and an introduction letter via e-mail to the potential creators. The e-mail addresses are gathered partly from personal contacts, partly from the most influential publications in the art world and partly from specific researches on the web. In addition to this, the BEART’s team will be present at the major art fairs and events worldwide, performing one to one PR, distribution of brochures and merchandising.
b) Second level Creators.
The “second level creators” have been contacted/informed by creators under a) above. The bigger is the number of followers/users of said above creators, the bigger is the number of second level creators. No activity is due on our side.
Competition strategy
We believe BEART is a “first mover”: at the moment, our view is that there aren't independent and vertical platforms dedicated to art other than charities or platforms depending on generic platforms managing only not for profit projects.BEART is the platform dedicated to art, offering various crowdfunding models (both keep it all and all or nothing), for all the kinds of art projects (profit and non profit), operating in Europe.
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