Indie Gaming and the Art of Fundraising: How Old Glory Studios is Changing the Game
Blogs
•
February 24, 2025
Introduction: A New Era for Indie Gaming
The gaming industry is undergoing a transformation. While AAA studios continue to dominate with massive budgets and well-established franchises, indie studios are carving out a niche, bringing fresh, innovative experiences to players worldwide. The success of games like Hollow Knight, Hades, and Valheim highlights the demand for unique, player-driven experiences that large studios often struggle to provide.
Yet, building an indie game is no small feat—especially when it comes to funding. Traditional publishers, venture capital, and crowdfunding each present unique challenges. One studio embracing an alternative approach is Old Glory Studios, a veteran-led independent game company that is leveraging equity crowdfunding to fund their upcoming tactical PvP game, Victory’s Grave Outflank.
In this article, we explore the realities of indie game development, the struggles of securing funding, and how innovative funding models like equity crowdfunding are giving developers more creative freedom than ever before.
The State of Indie Game Development: Challenges and Opportunities
The indie gaming boom is in full force, with the global gaming industry expected to surpass $500 billion by 2027. However, for every breakout hit, countless indie projects struggle to reach completion due to financial and logistical hurdles.
Challenges Indie Developers Face
Funding Shortfalls – Developing a game is expensive. Many indie developers start with passion and ideas but lack the financial backing to turn those ideas into a finished product.
Market Saturation – With thousands of games released each year, standing out is a significant challenge.
Rising Development Costs – Even with tools like Unreal Engine 5 making high-quality development more accessible, creating polished games still requires financial investment.
Player Expectations – Gamers today expect a high level of polish, performance, and content from every title, making it harder for smaller studios to compete.
Despite these challenges, indie studios have a key advantage over AAA developers: nimbleness and creative freedom. As Old Glory Studios co-founder Matt Patak puts it:
"The trend of the market is ripe for the idea that we’re trying to achieve here. AAA studios are trend-followers, not trendsetters. They design by trend. But indie studios can focus on innovation and delivering what players truly want."
This ability to pivot quickly and take creative risks has allowed indie developers to fill the gaps left by mainstream studios.
The Old Glory Approach: Lean, Nimble, and Authentic
Founded by combat veterans and AAA industry veterans Lewis Manalo (Ghost Recon: Wildlands, Dying Light 2) and Matt Patak (The Division, ExoBorn), Old Glory Studios is tackling game development in a unique way. Their upcoming title, Victory’s Grave Outflank, aims to capture the authenticity of tactical shooters while remaining accessible—striking a balance between hardcore realism and fun, strategic gameplay.
One of their biggest differentiators is their lean business model. Inspired by independent filmmaking, they structure their team around freelancers rather than full-time salaried employees. Manalo explains:
"In independent film, each production company is really just two people—usually a producer and a director. We’re structuring our studio similarly. We hire developers on a freelance basis and work with co-development studios, much like how an indie film studio partners with post-production houses."
This approach allows them to stay agile, avoid unnecessary overhead costs, and scale up efficiently as funding becomes available.
The Evolution of Game Funding: From Publishers to Crowdfunding
Traditionally, indie developers relied on:
Game Publishers – Providing funding but often taking creative control.
Self-Funding (Bootstrapping) – Risky and unsustainable for many.
Kickstarter & Crowdfunding – A popular option but one that has seen mixed success.
Venture Capital & Investors – High expectations for returns often conflict with creative goals.
Old Glory Studios is taking a different path—using equity crowdfunding.
Equity Crowdfunding: A New Model for Indie Game Fundraising
Instead of traditional crowdfunding (where backers pledge money in exchange for perks), equity crowdfunding allows individuals to invest in a studio for actual ownership stakes.
Manalo explains:
"Unlike Kickstarter, where backers pledge money and hope the game gets made, equity crowdfunding allows supporters to invest and become part of the studio’s success. We’re using a platform called Fola Capital, which focuses on veteran-owned businesses."
Why Equity Crowdfunding is a Game Changer
Investors Become Stakeholders – Instead of a one-time transaction, supporters become long-term partners.
Builds Community Engagement – Investors are more likely to promote and advocate for the game.
Avoids Publisher Restrictions – Developers retain full creative control.
While still a relatively new approach in gaming, equity crowdfunding was made possible through the 2016 JOBS Act, allowing private investments to be raised from the general public.
Other studios have begun experimenting with this model, but Old Glory Studios is one of the first to directly engage with military veterans and gaming communities as a key investor base.
What This Means for Players and Developers
So, what does this mean for the gaming community?
For players, it provides an opportunity to financially support the games they want to see made, ensuring that unique and innovative projects get the funding they need.
For developers, it creates an alternative to traditional funding routes, allowing them to build games on their terms without corporate interference.
Manalo emphasizes the importance of direct engagement with their investors and players, even setting up a dedicated investor channel in their Discord to keep the community involved.
"A lot of our strongest support has come from veterans who are also gamers. Gaming was a big part of military life for us, and this game is designed to reflect that experience in an authentic way."
Key Takeaways: Lessons for Indie Developers
If you’re an indie developer looking to fund your game, consider these key insights from Old Glory Studios:
1. Bootstrap Smartly
Old Glory Studios built a playable prototype in eight months for under $100,000, proving that smart budgeting and lean development are crucial.
2. Identify Your Market Gap
They saw a void between hardcore military simulators (like Arma) and mainstream shooters (Call of Duty, Fortnite), positioning their game to fill that gap.
3. Leverage New Funding Models
Equity crowdfunding allows indie studios to raise capital while keeping creative control—a model that could reshape the industry.
4. Build a Community Before Launch
Engaging with fans early in development ensures both financial backing and a strong player base at launch.
5. Stay Agile and Avoid AAA Pitfalls
Big studios often follow trends, while indies can focus on innovation—use this to your advantage.
Conclusion: The Future of Indie Game Fundraising
Indie gaming is at a crossroads. While challenges like funding and market competition remain, new opportunities—like equity crowdfunding—are empowering developers to take control of their creative visions.
Old Glory Studios is proving that small teams with smart funding strategies can compete with industry giants. Their journey is one that indie developers, investors, and gamers alike should watch closely.
As Manalo puts it:
"We’re here to create games that people will remember 10, 15 years from now. We want to give players the same kind of great experiences we had growing up gaming. And thanks to equity crowdfunding, we can do that on our own terms."
With their veteran-driven, player-focused approach, Old Glory Studios is not just making a game—they’re reshaping how indie developers bring their visions to life.
🚀 Want to support indie game development? Check out Old Glory Studios and wishlist Victory’s Grave Outflank on Steam!
Introduction: A New Era for Indie Gaming
The gaming industry is undergoing a transformation. While AAA studios continue to dominate with massive budgets and well-established franchises, indie studios are carving out a niche, bringing fresh, innovative experiences to players worldwide. The success of games like Hollow Knight, Hades, and Valheim highlights the demand for unique, player-driven experiences that large studios often struggle to provide.
Yet, building an indie game is no small feat—especially when it comes to funding. Traditional publishers, venture capital, and crowdfunding each present unique challenges. One studio embracing an alternative approach is Old Glory Studios, a veteran-led independent game company that is leveraging equity crowdfunding to fund their upcoming tactical PvP game, Victory’s Grave Outflank.
In this article, we explore the realities of indie game development, the struggles of securing funding, and how innovative funding models like equity crowdfunding are giving developers more creative freedom than ever before.
The State of Indie Game Development: Challenges and Opportunities
The indie gaming boom is in full force, with the global gaming industry expected to surpass $500 billion by 2027. However, for every breakout hit, countless indie projects struggle to reach completion due to financial and logistical hurdles.
Challenges Indie Developers Face
Funding Shortfalls – Developing a game is expensive. Many indie developers start with passion and ideas but lack the financial backing to turn those ideas into a finished product.
Market Saturation – With thousands of games released each year, standing out is a significant challenge.
Rising Development Costs – Even with tools like Unreal Engine 5 making high-quality development more accessible, creating polished games still requires financial investment.
Player Expectations – Gamers today expect a high level of polish, performance, and content from every title, making it harder for smaller studios to compete.
Despite these challenges, indie studios have a key advantage over AAA developers: nimbleness and creative freedom. As Old Glory Studios co-founder Matt Patak puts it:
"The trend of the market is ripe for the idea that we’re trying to achieve here. AAA studios are trend-followers, not trendsetters. They design by trend. But indie studios can focus on innovation and delivering what players truly want."
This ability to pivot quickly and take creative risks has allowed indie developers to fill the gaps left by mainstream studios.
The Old Glory Approach: Lean, Nimble, and Authentic
Founded by combat veterans and AAA industry veterans Lewis Manalo (Ghost Recon: Wildlands, Dying Light 2) and Matt Patak (The Division, ExoBorn), Old Glory Studios is tackling game development in a unique way. Their upcoming title, Victory’s Grave Outflank, aims to capture the authenticity of tactical shooters while remaining accessible—striking a balance between hardcore realism and fun, strategic gameplay.
One of their biggest differentiators is their lean business model. Inspired by independent filmmaking, they structure their team around freelancers rather than full-time salaried employees. Manalo explains:
"In independent film, each production company is really just two people—usually a producer and a director. We’re structuring our studio similarly. We hire developers on a freelance basis and work with co-development studios, much like how an indie film studio partners with post-production houses."
This approach allows them to stay agile, avoid unnecessary overhead costs, and scale up efficiently as funding becomes available.
The Evolution of Game Funding: From Publishers to Crowdfunding
Traditionally, indie developers relied on:
Game Publishers – Providing funding but often taking creative control.
Self-Funding (Bootstrapping) – Risky and unsustainable for many.
Kickstarter & Crowdfunding – A popular option but one that has seen mixed success.
Venture Capital & Investors – High expectations for returns often conflict with creative goals.
Old Glory Studios is taking a different path—using equity crowdfunding.
Equity Crowdfunding: A New Model for Indie Game Fundraising
Instead of traditional crowdfunding (where backers pledge money in exchange for perks), equity crowdfunding allows individuals to invest in a studio for actual ownership stakes.
Manalo explains:
"Unlike Kickstarter, where backers pledge money and hope the game gets made, equity crowdfunding allows supporters to invest and become part of the studio’s success. We’re using a platform called Fola Capital, which focuses on veteran-owned businesses."
Why Equity Crowdfunding is a Game Changer
Investors Become Stakeholders – Instead of a one-time transaction, supporters become long-term partners.
Builds Community Engagement – Investors are more likely to promote and advocate for the game.
Avoids Publisher Restrictions – Developers retain full creative control.
While still a relatively new approach in gaming, equity crowdfunding was made possible through the 2016 JOBS Act, allowing private investments to be raised from the general public.
Other studios have begun experimenting with this model, but Old Glory Studios is one of the first to directly engage with military veterans and gaming communities as a key investor base.
What This Means for Players and Developers
So, what does this mean for the gaming community?
For players, it provides an opportunity to financially support the games they want to see made, ensuring that unique and innovative projects get the funding they need.
For developers, it creates an alternative to traditional funding routes, allowing them to build games on their terms without corporate interference.
Manalo emphasizes the importance of direct engagement with their investors and players, even setting up a dedicated investor channel in their Discord to keep the community involved.
"A lot of our strongest support has come from veterans who are also gamers. Gaming was a big part of military life for us, and this game is designed to reflect that experience in an authentic way."
Key Takeaways: Lessons for Indie Developers
If you’re an indie developer looking to fund your game, consider these key insights from Old Glory Studios:
1. Bootstrap Smartly
Old Glory Studios built a playable prototype in eight months for under $100,000, proving that smart budgeting and lean development are crucial.
2. Identify Your Market Gap
They saw a void between hardcore military simulators (like Arma) and mainstream shooters (Call of Duty, Fortnite), positioning their game to fill that gap.
3. Leverage New Funding Models
Equity crowdfunding allows indie studios to raise capital while keeping creative control—a model that could reshape the industry.
4. Build a Community Before Launch
Engaging with fans early in development ensures both financial backing and a strong player base at launch.
5. Stay Agile and Avoid AAA Pitfalls
Big studios often follow trends, while indies can focus on innovation—use this to your advantage.
Conclusion: The Future of Indie Game Fundraising
Indie gaming is at a crossroads. While challenges like funding and market competition remain, new opportunities—like equity crowdfunding—are empowering developers to take control of their creative visions.
Old Glory Studios is proving that small teams with smart funding strategies can compete with industry giants. Their journey is one that indie developers, investors, and gamers alike should watch closely.
As Manalo puts it:
"We’re here to create games that people will remember 10, 15 years from now. We want to give players the same kind of great experiences we had growing up gaming. And thanks to equity crowdfunding, we can do that on our own terms."
With their veteran-driven, player-focused approach, Old Glory Studios is not just making a game—they’re reshaping how indie developers bring their visions to life.
🚀 Want to support indie game development? Check out Old Glory Studios and wishlist Victory’s Grave Outflank on Steam!
Introduction: A New Era for Indie Gaming
The gaming industry is undergoing a transformation. While AAA studios continue to dominate with massive budgets and well-established franchises, indie studios are carving out a niche, bringing fresh, innovative experiences to players worldwide. The success of games like Hollow Knight, Hades, and Valheim highlights the demand for unique, player-driven experiences that large studios often struggle to provide.
Yet, building an indie game is no small feat—especially when it comes to funding. Traditional publishers, venture capital, and crowdfunding each present unique challenges. One studio embracing an alternative approach is Old Glory Studios, a veteran-led independent game company that is leveraging equity crowdfunding to fund their upcoming tactical PvP game, Victory’s Grave Outflank.
In this article, we explore the realities of indie game development, the struggles of securing funding, and how innovative funding models like equity crowdfunding are giving developers more creative freedom than ever before.
The State of Indie Game Development: Challenges and Opportunities
The indie gaming boom is in full force, with the global gaming industry expected to surpass $500 billion by 2027. However, for every breakout hit, countless indie projects struggle to reach completion due to financial and logistical hurdles.
Challenges Indie Developers Face
Funding Shortfalls – Developing a game is expensive. Many indie developers start with passion and ideas but lack the financial backing to turn those ideas into a finished product.
Market Saturation – With thousands of games released each year, standing out is a significant challenge.
Rising Development Costs – Even with tools like Unreal Engine 5 making high-quality development more accessible, creating polished games still requires financial investment.
Player Expectations – Gamers today expect a high level of polish, performance, and content from every title, making it harder for smaller studios to compete.
Despite these challenges, indie studios have a key advantage over AAA developers: nimbleness and creative freedom. As Old Glory Studios co-founder Matt Patak puts it:
"The trend of the market is ripe for the idea that we’re trying to achieve here. AAA studios are trend-followers, not trendsetters. They design by trend. But indie studios can focus on innovation and delivering what players truly want."
This ability to pivot quickly and take creative risks has allowed indie developers to fill the gaps left by mainstream studios.
The Old Glory Approach: Lean, Nimble, and Authentic
Founded by combat veterans and AAA industry veterans Lewis Manalo (Ghost Recon: Wildlands, Dying Light 2) and Matt Patak (The Division, ExoBorn), Old Glory Studios is tackling game development in a unique way. Their upcoming title, Victory’s Grave Outflank, aims to capture the authenticity of tactical shooters while remaining accessible—striking a balance between hardcore realism and fun, strategic gameplay.
One of their biggest differentiators is their lean business model. Inspired by independent filmmaking, they structure their team around freelancers rather than full-time salaried employees. Manalo explains:
"In independent film, each production company is really just two people—usually a producer and a director. We’re structuring our studio similarly. We hire developers on a freelance basis and work with co-development studios, much like how an indie film studio partners with post-production houses."
This approach allows them to stay agile, avoid unnecessary overhead costs, and scale up efficiently as funding becomes available.
The Evolution of Game Funding: From Publishers to Crowdfunding
Traditionally, indie developers relied on:
Game Publishers – Providing funding but often taking creative control.
Self-Funding (Bootstrapping) – Risky and unsustainable for many.
Kickstarter & Crowdfunding – A popular option but one that has seen mixed success.
Venture Capital & Investors – High expectations for returns often conflict with creative goals.
Old Glory Studios is taking a different path—using equity crowdfunding.
Equity Crowdfunding: A New Model for Indie Game Fundraising
Instead of traditional crowdfunding (where backers pledge money in exchange for perks), equity crowdfunding allows individuals to invest in a studio for actual ownership stakes.
Manalo explains:
"Unlike Kickstarter, where backers pledge money and hope the game gets made, equity crowdfunding allows supporters to invest and become part of the studio’s success. We’re using a platform called Fola Capital, which focuses on veteran-owned businesses."
Why Equity Crowdfunding is a Game Changer
Investors Become Stakeholders – Instead of a one-time transaction, supporters become long-term partners.
Builds Community Engagement – Investors are more likely to promote and advocate for the game.
Avoids Publisher Restrictions – Developers retain full creative control.
While still a relatively new approach in gaming, equity crowdfunding was made possible through the 2016 JOBS Act, allowing private investments to be raised from the general public.
Other studios have begun experimenting with this model, but Old Glory Studios is one of the first to directly engage with military veterans and gaming communities as a key investor base.
What This Means for Players and Developers
So, what does this mean for the gaming community?
For players, it provides an opportunity to financially support the games they want to see made, ensuring that unique and innovative projects get the funding they need.
For developers, it creates an alternative to traditional funding routes, allowing them to build games on their terms without corporate interference.
Manalo emphasizes the importance of direct engagement with their investors and players, even setting up a dedicated investor channel in their Discord to keep the community involved.
"A lot of our strongest support has come from veterans who are also gamers. Gaming was a big part of military life for us, and this game is designed to reflect that experience in an authentic way."
Key Takeaways: Lessons for Indie Developers
If you’re an indie developer looking to fund your game, consider these key insights from Old Glory Studios:
1. Bootstrap Smartly
Old Glory Studios built a playable prototype in eight months for under $100,000, proving that smart budgeting and lean development are crucial.
2. Identify Your Market Gap
They saw a void between hardcore military simulators (like Arma) and mainstream shooters (Call of Duty, Fortnite), positioning their game to fill that gap.
3. Leverage New Funding Models
Equity crowdfunding allows indie studios to raise capital while keeping creative control—a model that could reshape the industry.
4. Build a Community Before Launch
Engaging with fans early in development ensures both financial backing and a strong player base at launch.
5. Stay Agile and Avoid AAA Pitfalls
Big studios often follow trends, while indies can focus on innovation—use this to your advantage.
Conclusion: The Future of Indie Game Fundraising
Indie gaming is at a crossroads. While challenges like funding and market competition remain, new opportunities—like equity crowdfunding—are empowering developers to take control of their creative visions.
Old Glory Studios is proving that small teams with smart funding strategies can compete with industry giants. Their journey is one that indie developers, investors, and gamers alike should watch closely.
As Manalo puts it:
"We’re here to create games that people will remember 10, 15 years from now. We want to give players the same kind of great experiences we had growing up gaming. And thanks to equity crowdfunding, we can do that on our own terms."
With their veteran-driven, player-focused approach, Old Glory Studios is not just making a game—they’re reshaping how indie developers bring their visions to life.
🚀 Want to support indie game development? Check out Old Glory Studios and wishlist Victory’s Grave Outflank on Steam!
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