93 Rejections, One Revolution: How Indiegogo Changed Crowdfunding Forever - How I Built This with Guy Raz Recap

Podcast: How I Built This with Guy Raz

Published: 2025-12-15

Duration: 1 hr 7 min

Summary

In this episode, Guy Raz interviews the founders of Indiegogo, who share their journey from facing numerous rejections to creating a pioneering crowdfunding platform that democratized access to capital for various projects. They reflect on the challenges they overcame, including the impact of the 2008 financial crisis on their vision.

What Happened

In this episode of How I Built This, Guy Raz delves into the founding story of Indiegogo, a platform that revolutionized crowdfunding. The founders, Slava Rubin, Denae Ringelman, and Eric Schell, came together with a shared vision to empower individuals to raise funds for their creative and entrepreneurial projects without the traditional gatekeepers of finance. Their journey was anything but smooth, characterized by intense debates, personality clashes, and a staggering 93 rejections from investors. The urgency of their mission intensified with the onset of the 2008 financial crisis, which made traditional funding sources scarce and underscored the need for a platform like Indiegogo.

The episode highlights Slava Rubin's personal background, including the profound impact of losing his father to cancer when he was just 15. This experience, combined with a lack of financial safety nets, fueled his determination to create a system that could help others secure funding for their ideas, regardless of their connections or background. The discussion unfolds against the backdrop of a changing financial landscape, with crowdfunding emerging as a viable alternative to traditional financing methods, just as the economic downturn made such alternatives crucial. Slava and Denae reflect on the initial challenges they faced, including the pivotal decision to reject early funding offers to maintain control over their vision, ultimately leading to the establishment of Indiegogo as a leader in the crowdfunding space.

Key Insights

Key Questions Answered

What inspired the founders to create Indiegogo?

The founders were driven by the desire to empower individuals to raise funds without traditional gatekeepers. Slava Rubin's personal experience with his father's illness and the subsequent financial struggles highlighted the need for a more accessible funding model. This shared vision among the founders became the foundation of Indiegogo, which aimed to provide a platform where anyone could raise money for their projects.

How did the 2008 financial crisis influence Indiegogo's launch?

The onset of the financial crisis made traditional funding avenues nearly impossible for many entrepreneurs. This urgent need for alternative funding sources made Indiegogo's mission even more relevant, positioning it as a solution for those struggling to find capital for their ideas. The founders recognized that the crisis created a unique opportunity to promote crowdfunding as a viable option.

What were some of the challenges faced by Indiegogo's founders?

The journey of building Indiegogo was fraught with challenges, including personality clashes among the founders and an overwhelming number of investor rejections. They had to navigate these difficulties while staying true to their vision of democratizing access to capital. At times, the stress of these challenges almost led them to shut the venture down.

How did Indiegogo differentiate itself from other crowdfunding platforms?

Indiegogo was one of the first platforms to propose a radical idea: allowing anyone to raise money for anything, as long as it adhered to basic guidelines. This approach set it apart from competitors and established it as a pioneering force in the crowdfunding industry. Its commitment to inclusivity and accessibility became a hallmark of the platform.

What lessons did the founders learn from their experiences with investor rejections?

The founders learned the importance of resilience and staying committed to their vision despite facing numerous rejections. Each rejection served as a learning opportunity, reinforcing their belief in the potential of their platform. They chose to prioritize their ideals over immediate financial backing, which ultimately paid off as they built a successful company.