Sarah Simmons, who’s $100,000 Kickstarter went unfunded, talks with Eater about the difficulties of keeping financial ownership over City Grit, the restaurant and culinary salon she founded.
City Grit hosts a rotating series of pop-up dinners throughout the year, often giving young chefs a chance to try out their ideas in New York before committing to a brick-and-mortar institution. For the culinary community, it is among our most important spaces.
Simmons is currently seeking funding on the City Grit website.
From Eater’s fine piece contemplating how restaurateurs are increasingly turning to Kickstarter funding. The flip side of course is that private restaurant investors are sometimes accomplished hospitality professionals who know how to make businesses work. And such investors have a high incentive to make things work (i.e. they want their money back and a return on their investment in three to five years).
Those who fund Kickstarters don’t really get their money back in traditional ways, but rather in the form of free meals, VIP status, etc. So Kickstarter is definitely a different ballgame in terms of to whom and how the recipients of the funding are accountable.