As if the thought of crowdfunding $1 million isn’t alluring enough, now there’s this: Dragon Innovation said Monday it will start giving an extra $100,000 to startups that raise seven-figure sums on its website.
The money could help a young company grow its team or pay its rent — expenses that crowdfunding dollars may not cover because they are dedicated to producing whatever the new gadget is, noted Dragon founder Scott Miller.
Dragon launched a new crowdfunding platform in the fall, with a special focus on fledgling hardware companies. Previously, the Cambridge firm had served as a consultant to startups listing their products on sites like Kickstarter and Indiegogo, helping them establish manufacturing and supply chains.
Now, companies can make Dragon Innovation a one-stop shop for crowdfunding and logistical guidance.
No one has come close to raising $1 million in Dragon’s short history. The top-grossing project to date earned slightly less than $200,000 in pledges. But Miller, who honed his manufacturing expertise as vice president of Asia Pacific at iRobot, is confident that his site will host some smash hits.
“I would love to write as many $100,000 checks as I can,” he said. “That would give me great joy.”
The bonus money will come in the form of a convertible note, giving Dragon an equity stake if a recipient hits certain thresholds, like raising a funding round of at least $750,000.