#Crowdfunding101

[synitsolution]

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[startsomegood]

Crowdfunding 101 Bootcamp- Want to raise money? We've got you covered! To be awesome at crowdfunding you'll need to understand a few things. This ridiculously actionable (and totally free) 6-part video course is designed for non-profits, social entrepreneurs and changemakers who want their crowdfunding campaigns to succeed! Sign up to the Crowdfunding 101 Mini Course- it's totally free! https://bootcamp.startsomegood.com/crowdfunding101/

[asadiqbalkhan]

Crowdsourcing & Crowdfunding

What is crowd funding?

The inception of crowdfunding can be taken back to the year 1997 when a British rock band funded their reunion through online donations from their fans and this unique methodology inspired companies such as Artistshare to provide a dedicated platform for such a purpose in the year 2000 (Fundable, 2019). As the years have progressed towards modernization crowdfunding itself became entitled to its own industry and quickly emerged as a young entrepreneur’s seal of approval for their ideas being validated. In 2019 this industry is a steppingstone for startups to gain exposure, financial funding and experience from the goliaths in the relevant industry they are aiming for. However, crowdfunding is not only for the men in suits, individuals use personal crowdfunding on sites like GoFundMe and You Caring to raise money to solve their own personal problems. Recently I donated for one of my favorite bodybuilding legends, Flex Wheeler as a GoFundMe campaign was started to generate funds to help him pay for his medical bills having gone through a leg amputation. This is real and believe it or not crowdfunding is changing or saving lives throughout the world. On the other hand, creatives of all types utilize platforms such as Kickstarter which is used by inventors to raise millions to fund development of the product and take it from the prototype version to development stage (Thorpe, 2018).

What is crowd sourcing?

Crowdsourcing is the process of using an open call contest or a ‘crowd’ of people to execute a specific task. The buzz word “crowdsourcing” was coined in Wired Magazine by author Jeff Howe in 2006 however the process of crowdsourcing is historical and has been in place since the 18th century. 1714 the British government invited tenders for the “Longitude Prize” offering an immense amount of prize GBP 20,000, to the winner who could calculate the longitude of a vessel on a journey. Rolling back to the future and in the world of web 2.0, it’s disappointing that no government would be willing to pay the equivalent of GBP 20,000 of that time now which according to my approximations would be around 170.8billion or more but on the Brightside hey! At least no one’s doing any math’s! Crowdsourced platforms such as Flickr provides an excellent opportunity to individuals or even businesses to acquire images in high definition for various interests. It might not be as fascinating as writing a mathematical algorithm to calculate the direction of a vessel but trust me in the digital age of data, finding non copyright protected material is itself a challenge.

  Can they overtake traditional funding mechanisms for the creative industries?

According to Michaels (2015), crowdfunding projects today bypass all traditional banking intermediaries which means that the entity lies between the borrower and lender exclusively on the online crowdfunding platform. This efficient methodology which is rapidly adopted by the industry today has created an immense gap where once a business owner had to submit a million documents to the bank and apply for the legitimacy for a banks loan. By early 2015 over 1,250 Crowdfunding platforms (CFP) were actively promoting inventors and entrepreneurs to pitch their ideas across various business sectors. According to Massolutions latest annual industry report global crowdfunding has flourished by 167 percent in 2014 and reached $16.2 billion funds from the $6.1billion raised the previous year. These statistics show that CFP not only has the potential but ability to disrupt the traditional funding mechanisms.

 References

The History of Crowdfunding. (n.d.). Retrieved November 29, 2019, from https://www.fundable.com/crowdfunding101/history-of-crowdfunding.

Thorpe, D. (2018, June 26). What Is Crowdfunding? Retrieved November 29, 2019, from https://www.forbes.com/sites/devinthorpe/2018/06/25/what-is-crowdfunding/#67cc861e65c5.

Michaels, R. (2016, June 26). How Crowdfunding Is Challenging the Banking Sector. Retrieved November 29, 2019, from https://internationalbanker.com/banking/how-crowdfunding-is-challenging-the-banking-sector/.

[10centsapound]

Crowdfunding Tips and Tricks

Another thing we're working on is sharing articles that discuss crowdfunding tips and tricks.

Here is a pretty cool article on crowdfunding and the use of social media in the One Fund Boston campaign, which has raised over $60 million to help the victims of the Boston Marathon bombing:

One particular strategy—crowdfunding—helped The One Fund Boston raise over $20 million in less than a week and attract considerable attention. The nonprofit has received an outpouring of donations from organizations including shoemaker New Balance, Major League Baseball and Simon Property Groups, among many others.

Lessons Learned from One Fund Boston: How to Crowdfund on Social Media to Raise Money

- TCAP

[startsomegood]

Crowdfunding 101 Bootcamp- Want to raise money? We've got you covered! To be awesome at crowdfunding you'll need to understand a few things. This ridiculously actionable (and totally free) 6-part video course is designed for non-profits, social entrepreneurs and changemakers who want their crowdfunding campaigns to succeed! Sign up to the Crowdfunding 101 Mini Course- it's totally free! https://bootcamp.startsomegood.com/crowdfunding101/

[startsomegood]

Crowdfunding 101 Bootcamp- Want to raise money? We've got you covered! To be awesome at crowdfunding you'll need to understand a few things. This ridiculously actionable (and totally free) 6-part video course is designed for non-profits, social entrepreneurs and changemakers who want their crowdfunding campaigns to succeed! Sign up to the Crowdfunding 101 Mini Course- it's totally free! https://bootcamp.startsomegood.com/crowdfunding101/

[startsomegood]

Crowdfunding 101 Bootcamp- Want to raise money? We've got you covered! To be awesome at crowdfunding you'll need to understand a few things. This ridiculously actionable (and totally free) 6-part video course is designed for non-profits, social entrepreneurs and changemakers who want their crowdfunding campaigns to succeed! Sign up to the Crowdfunding 101 Mini Course- it's totally free! https://bootcamp.startsomegood.com/crowdfunding101/

https://bootcamp.startsomegood.com/crowdfunding101/

We've got you covered! To be awesome at crowdfunding you'll need to understand a few things. This ridiculously actionable (and totally free) 6-part video course is designed for non-profits, social entrepreneurs and changemakers who want their crowdfunding campaigns to succeed!

[startsomegood]

Crowdfunding 101 Bootcamp- Want to raise money? We've got you covered! To be awesome at crowdfunding you'll need to understand a few things. This ridiculously actionable (and totally free) 6-part video course is designed for non-profits, social entrepreneurs and changemakers who want their crowdfunding campaigns to succeed! Sign up to the Crowdfunding 101 Mini Course- it's totally free! https://bootcamp.startsomegood.com/crowdfunding101/

[startsomegood]

Crowdfunding 101 Bootcamp- Want to raise money? We've got you covered! To be awesome at crowdfunding you'll need to understand a few things. This ridiculously actionable (and totally free) 6-part video course is designed for non-profits, social entrepreneurs and changemakers who want their crowdfunding campaigns to succeed! Sign up to the Crowdfunding 101 Mini Course- it's totally free! https://bootcamp.startsomegood.com/crowdfunding101/