Finding seed capital for a startup is becoming more and more difficult, especially when going the traditional route. This is why many entrepreneurs have started going the crowdfunding route to raise the capital needed. Below we will take a closer look into crowdfunding, we will also discuss some of the best public crowdfunding platforms available today.
First we will take a look at what crowdfunding is. A simple way to describe crowdfunding is as a collective effort by individuals to pool their resources in order to support an organization or an individual. The type of funding we will be looking at is done via the internet. Crowdfunding has been used for a long time for things like disaster relief, political campaigns, and scientific research. Crowdfunding has been around for awhile and has been used for things such as political campaigns, disaster relief, and scientific research. Some areas that you might not know that crowdfunding is being used for is support for artists, startup companies, movie development and many more.
A study done in 2011 showed that crowdfunding platforms raised nearly $1.5 billion for individuals and organizations. Five years later one venture capitalist is predicting that the crowd funding market will reach $300 billion. A lot of the funding that happens on the internet is done by family members and friends that give whatever they can to help the entrepreneur succeed. Most websites required that the monetary goal be reached before the donations are actually taken out of the investors bank accounts, if the goal is not reached in time then no donations are taken. If the monetary goal is not met, nothing will happen, if the goal is met the money will be withdrawn from investor’s bank accounts, and the crowdfunding platform will take a small percentage.
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First we will look at one of the oldest and strongest crowdfunding platforms, Kickstarter. You will be able to find projects to fund including music, film, games, art, design, and technology. Kickstarter is full of innovative, imaginative, and ambitious projects that can be brought to life through the support of others.
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Indiegogo is one of the earliest and largest crowdfunding platforms available all over the world. They have helped raise a ton of money in nearly 200 countries around the world. The company was funded by three entrepreneurs that had similar experiences of having a great ideas but struggled to find funding via traditional channels. Eric, Slava and Danae were each passionate, hard working and had strong networks; they were able to come together and solve their problem and the problem for many people around the world. Through this Indiegogo was born, it is a simple solution that allows people to easily donate to great projects. We were only able to cover the largest crowdfunding option, there are many more out there, it will be up to you to find the one you like the best.