Update: the original version stated that Funded Today had raised $1 million every day since its creation. The company has raised $1 million every week, not every day.
When Weber State University alum Zach Smith and Brigham Young University alum Thomas Alvord founded their company Funded Today in 2014, they didn’t think that by 2018 they would have raised over $1 million a week, every week, for the last four years. Now, halfway through the year, their company doesn’t show any signs of slowing down.
Every year, INC. magazine puts out the INC. 500 list, a list of the 500 fastest-growing companies in the world, and this year, Funded Today has surpassed Smith and Alvord’s expectations to rank in the top 30 on that list.
Smith and Alvord’s company was recently named the INC. 500’s third fastest-growing company in the marketing and advertising category and the 27th fastest-growing company worldwide. They are the second fastest-growing company in Utah, second only to the software company Podium.
Funded Today helps companies get crowdfunding operations off the ground, and if the $210 million raised thus far is any indication, they are good at what they do.
Back in 2014, however, Smith and Alvord weren’t sure they would even start the company.
Smith said they created a small operation, but people kept asking them for help on their crowdfunding campaigns. “At that point, we realized we were onto something,” Smith said.
Working on their third campaign, they stumbled into the realization that they could, should and would be doing this as a company.
“On our third campaign, we invoiced $60,000 U.S. to our client,” Smith said. “We then asked ourselves, ‘Wow! Is this something we could do, once per month?’”
They decided that yes, it was, and they ran with it. A startup company itself, Funded Today now helps others do just what they did.
When Funded Today was starting out, Smith said they initially had no clue about the market potential of a company focused on crowdfunding consultation. They knew it was a service they could offer, and it was an untapped portion of a wide market space.
“Anyone starting any new business or entrepreneurial venture experiences the same thing. You might think there is huge potential, and then you test things out and find you were wrong,” Smith said. “You might also accidentally stumble into a huge market. It’s all about moving and pivoting quickly.”
Smith attributed their success to the work they have done, of course, but also their execution. “It’s about learning, and the practice we had 4-5 years prior prepared us to ‘seize the day’ when we started Funded Today,” Smith said. Part of that learning came from his time at WSU.
Smith strongly believes the saying “Luck is where prior preparation meets opportunity” held true not only for his company but for anyone looking to start their own business. Preparation was instrumental in Funded Today’s success, as was Smith’s and Alvord’s readiness to adapt to a new and changing market by staying flexible and encouraging growth.
Ultimately, Funded Today’s success presents Smith with greater opportunities. In such a dynamic and fast-moving business, he spoke about how the excitement and freshness never wears off.
“It’s so exciting to be able to help new inventors, small business owners and entrepreneurs bring their new ideas to life,” Smith said. “Every day, we’re working with new clients from all across the world. It has been very easy to be passionate about what we do, day-in, day-out.”
More information about the Ogden-based company can be found online at their website, www.funded.today.