Live crowdfunding tested out in Finland
Rami Korhonen, startup entrepreneur and CEO of the company Playmysong, is the third presenter on stage. He has exactly five minutes to impress investors with his presentation on a new-generation mobile jukebox service, which makes music interactive, for example, in bars and restaurants.
— Through this app, customers can see a bar’s playlist and request songs for free. Our goal is to make the music experience fun and sociable everywhere in the world, says Korhonen.
Crowdfunding was a new concept for Playmysong, and they were open to the idea. The company was interested in the notion that it could potentially acquire a broad base of supporters, although there were no guarantees. The investors had one day to take part in the investment rounds.
Korhonen’s pitch was a success, and the end result exceeded his expectations: In just 16 hours, Playmysong inspired 35 investors to put up a total of EUR 25 000. The company was also deemed the winner of the Best Startup Pitch competition, along with co-winner Uniqul, developer of a face recognition payment system.
— We secured three investors from the UK, for example, which proves that having an international reach brings concrete results. We amassed a broad group of investors who believed in our story and received direct feedback on our business idea. The future looks bright!