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On this week's episode of Just Go Grind, hear from Jeff Annison and Paul Scanlan, co-founders of Legion M, an entertainment company that partners with top Hollywood creators to produce movies, TV and digital content. The startup allows fans to invest in its productions for as little as a $100, leveraging new equity crowdfunding laws.
- Legion M exists and was inspired by the Jobs Act, which changed equity crowdfunding laws and allowed everyday people to directly invest in startups. The company believes ownership by fans gives them a fundamental competitive advantage over entertainment companies owned by an individual or a corporate conglomerate.
- Legion M raised $1 million for "Colossal" — a movie starring Anne Hathaway it helped produce — by initially crowdfunding money from 3,500 fans. It's an unimpressive amount of money for Hollywood. But the fact that thousands of investors were baked-in fans "fundamentally changed the calculus" and got Hollywood makers interested in partnering with Legion M.
- The company believes that involving investors in productions creates a virtuous cycle. Director, producers and investors all win.
"This is this is a moonshot. Our goal is to unite one million entertainment fans, to co-own the company alongside of us and then take over Hollywood." -- Paul Scanlan, Legion M co-founder and CEO
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