LA based independent filmmaker and producer Stu Pollard recently shared some of his insights and expertise on equity financing with a packed house of filmmakers at the Film Independent offices. During his presentation, Pollard passed down some of the tools he’s implemented in raising a total of $7 million towards the production of his independent films. One of his key takeaways of the night: “You have to think like an entrepreneur. You’re responsible for every step of the process.”

Here are five of Pollard’s strategies for increasing the chances you’ll succeed in drumming up capital for your films.

1) Build relationships with potential backers.
One thing potential investors have in common is that there is no shortage of people asking them for money. So when you approach an investor and have no history or personal rapport, it’s like asking a random girl in a check out line to come home and look at your baseball card collection. Cultivate relationships. Send hand written thank you notes to people for taking the time to meet with you. Follow up. Be polite. Forget about soliciting and simply try and make a friend. (A ‘no’ in year one could be a yes in year five.) “By the way,” Pollard noted, “a ‘maybe’ is a ‘no’ in disguise.”

2) Sell substance over sizzle.
Sell you. Provide your narrative biography that gives context for your work. It will help define what is unique about you. Relay to people why it’s important to tell this particular story. Does the story have personal resonance? What is specific about this project that will connect with this backer? For example, perhaps the film is based on events from the investor’s hometown. Pollard also reminded filmmakers to be aware that some investors may have more than just dollars at stake. They might actually want to have some fun. Tell them about the parties and festivals. See if they want to be a part of the daily grind and engaged in the process. If the movie doesn’t make all its money back, perhaps some will feel like they got their money’s worth from the experience.

3) Under promise and over deliver.
Investing is risky, particularly in the film business. There is a solid chance of not recouping the investment. A crucial element to this surviving in the independent world is not just trying to create a profitable project, but also a positive experience for everyone involved. The more prepared you are, the better chance you have of seeing things through. This groundwork will help create a positive experience for your investor. If you finish your film and get distribution, this goes a long way towards establishing a long-term relationship. Investors want to know that you’re going to fight it out to the end. (Pollard once sold DVDs out of a van to help see things through.) Pollard pointed out that the biggest reason many independent movies fail is due to running out of funds.

4) Have a script, budget and lawyer before seeking investors.
It’s difficult to produce an accurate budget without a script and this can be even trickier if you’re a novice. Don’t calculate your own budget unless you’re qualified. Another key member of the team to have in place before scouting for financing: a lawyer. When it comes to raising money for a film, Pollard pointed out, attorneys are your best friends.

5) Honesty is the best policy.
“Don’t lie or steal,” Pollard imparted. “If you tell the truth you only have to remember one version of everything. Hopefully most of you understand that. But in a room this size there’s bound to be at least one sociopath.”

JB Bogulski / Film Independent Blogger