“I didn’t really know about crowdfunding,” West told TheWrap. “I’d heard of Kickstarter and I thought in the past there were just donations from fateful followers and they got a T-shirt or pen.”
But West learned that the rules in the U.K. are different, meaning that investors who participate in crowdfunding actually receive real equity in the project. (Last May, the U.S. legalized equity crowdfunding through the adoption of Title III of the Jumpstart Our Business Startups (JOBS) Act.)
After evaluating a few potential funding platforms, West and his team decided to go with SyndicateRoom, a company developed by a “small group of bright kids” from Cambridge University.
“For a bottle of tequila — a good bottle of tequila — I got the option to the book rights and the first draft of the script,” West said.
“They’ve got a lottery ticket in their hand,” he said. “They’re actually real shareholders. And I’ve got 164 people who are going to see the movie.”