Eggs Inc. recently closed their Equity Crowdfunding success story on FundedByMe, reaching 47% of their total funding goal – enough to get this healthy fast-food alternative up and running. We caught up with Dan Lorentzon from Eggs Inc to find out what they loved about running their crowdfunding campaign, what crowdfunding challenges they ran into and what’s next for Eggs Inc and its 82 new crowd investors.
Introduce yourself – what is your background, what are you passionate about and what are your hopes and dreams?
I have worked in advertising, as a copywriter, for almost thirty years. And everyone who has been in the business knows that the best jobs never got published – mostly because the client didn’t understand the greatness in what he or she had seen. This is why I want my own brand. Now I get to do what I think is best and I have no one to blame if I fail. And Eggs Inc. will be an Equity Crowdfunding success!
How did the idea for your campaign come about? Describe what your campaign does.
If you work in an advertising agency (or probably any kind of office) you are likely to have breakfast brought there every now and then. In Sweden that means sandwiches, always. But if you try to avoid carbohydrates, which about half the Swedish population does, that’s impossible. Because you can’t buy anything else than sandwiches anywhere. And when it’s time for lunch on the town it’s the same thing. If you don’t like a salad you have to skip the pasta, the potatoes, the rice…
I love eggs in all forms and eggs would be perfect for my breakfast or lunch. And I am not alone to think like this. So we will be the first fast food chain totally focusing on egg dishes.
But the road from idea to reality is a long one and for a copywriter who can’t cook or has a clue on how to run a restaurant that could be a problem. The answer was my own dream team of three highly qualified guys with different skills. Kent has 18,000 hens that lay a lot of ecological eggs, Fredrik works with revenue management and knows everything about making restaurants profitable and Andreas was awarded Chef of the Year in 2002 in Sweden. So this will happen!
Why did you decide on crowdfunding? What about FundedByMe appealed to you?
I saw Dragon’s Den on TV. I saw the tough venture capitalists persuade the entrepreneurs to sell their dreams and tell them how to run their business, just to make a fast profit. Maybe they did okay anyway but that’s not how we want to do it. We want to make all the decisions and build our brand in the time it takes.
In crowdfunding you invest most of all with your heart. You see a good idea and you want to help make it happen. If you eventually get rich that’s nice but it’s usually not the main motivation for getting involved. Like I did when I invested in Nerdy by Nerds Jeans.
Talk us through your campaign on FundedByMe – what were some of the highlights and what activities did you do to help ensure that your campaign was successful?
The team at FBM was very helpful and very fast to assist us whenever we had questions. Since no one had ever heard of crowdfunding, this backup was very important to get us started.
Besides producing an interesting presentation our best action was an offer to our investors. All of them, regardless of how much they invested, will get 12 free meals for 2 persons. So if someone invested SEK 1,000 and buy 24 of our SEK 75 meals they will get SEK 1,800 worth of food. And we get a lot of new guests! So it’s win-win for us and our investors.
What was the best part about running a campaign on FundedByMe?
The absolute highlight is the fact that so many people saw us in such a short time. FundedByMe is a new phenomenon in Sweden, but they gave us more traffic than we could ever dream of and eventually 83 new partners/ambassadors. That impressed us.
And what was a challenge about running a campaign on FundedByMe?
That we didn’t know what to expect or who we actually were talking to. I think my background from advertising made it a little easier for us but since we hadn’t heard of crowdfunding before it was definitely a challenge. And a response rate of around 10% is extremely good where I come from.
Would you recommend other entrepreneurs to consider crowdfunding – and FundedByMe – for their financing needs? Why? Any tips or advice to those considering it?
I would definitely recommend it. But I would also strongly recommend that the idea you try to get funded must be a good one. Remember that your investors are buying with their hearts, so if you want to open a grocery store there might be better ways to get funding.
Now that your crowdfunding campaign has closed, what’s next?
Our concept is ready to be launched and the only obstacle right now is finding the address. We need a place to open in the centre of Stockholm. So if you know of any vacancies…Get in touch!