Industry producer , director, and writer Stu Pollard talks to Boston University students about the Do’s and Don’ts of funding your film. Through his industry experience, he offers insights about the different ways to fund a film, and how aspiring filmmakers can bring their stories to life.
On the 14th of February, industry veteran Stu Pollard presented “Funding your Film” on Zoom. During his talk, he provided aspiring filmmakers from Boston University with a comprehensive overview of funding their projects. Pollard spoke as an industry professional who has amassed a wealth of experience. He emphasized the importance of knowledge, experience, and a focus on the various challenges and obstacles that come with financing your film.
The talk began with Pollard addressing the main question of, where is the money going to come from? He started off by distinguishing the difference between debt financing and equity financing. He also touched upon different types of funding such as crowdfunding, grants, fiscal sponsorships, and pre-sales. He specifically noted that grants can be aimed at both nonprofit and for-profit projects as long as they have a societal improvement goal. However, these have become very competitive, especially after the pandemic, he says.
Pollard had a clear list of elements that are needed in order to start fundraising. The first is a compelling script, then a detailed budget, legal assistance, a list of potential investors, and a plan. He stressed on how you cannot raise funds for a project that doesn’t exist. He also stressed on the important step of budgeting and scheduling, which are sometimes overlooked. However, when overlooked, this could lead to projects stopping because of improper budgeting.
Pollard talked about the importance of creating a well thought out business plan. In the business plan it is important to outline many things such as industry analysis, company overview, filmmaker bios, film project details, target audience, distribution strategy, competitive advantage, investment opportunities, financial projections, timelines, and an executive summary.
During a portion of the talk, Pollard talked about the formation of a company. He talked about the types of companies that can be started, but stated his preference of an LLC type company to manage a film project. This due to the fact that LLC’s offer protection and flexibility in management and ownership. Pollard talked about the importance of personal bios that can be given to potential investors, talking about his own experiences to help show the importance of this concept.
Pollard also emphasized the need to raise all of the funds before starting the project and even recommended using an escrow account to help manage funds securely. To the investors financing the film, it is important to have effective communication with them before, during, and after the filmmaking process. Pollard stressed the importance of maintaining good investor relations.
The talk concluded with Pollard sharing his golden rules for funding your film. He shared the most common ways that lead films to not make money such as underestimating budgets, failing to secure distribution, and overpaying yourself.
An audience question touched on the consequences of a film not making back the money for its initial investment. Pollard advised the students that transparency is the important aspect with investors, as they are putting their money into a project.
Pollard’s talk offered valuable insight for anyone looking to enter the competitive environment of filmmaking and those who are interested in film financing, who are aspiring filmmakers looking to bring their visions to life.
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