Obviously, crowdfunding websites prefer to bet on people who take their crowdfunding campaign seriously.
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In a sense, a crowdfunding platform is betting on you since it provides you with tools, support and resources for free (it’s free to upload a project and get support in most platforms). If you don’t raise money the crowdfunding website doesn’t make money and its reputation is damaged. These are 6 thighs the platforms review (especially reward and donations based platforms):Īre you serious? Most crowdfunding platforms make money only if you do. I can do so because I founded and operated a crowdfunding platform for 8 years (worked with thousands of campaigns, reviewed many more).
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Now that we have covered how crowdfunding works, it’s time to see how the platforms think.īefore we get into how to write a crowdfunding campaign, how to create a great video etc., I want to give you a sneak peek into how crowdfunding platforms think. LendingClub is an example of such platformsץ
People can get loans from the public instead of banks in return for interest. Lending-based crowdfunding - this type of crowdfunding is different from all the above. Republic, Seedinvest, Crowdcube, and Wefunder are a few examples of such platforms. But in recent years many countries passed special laws that enable companies to do so through crowdfunding platforms. Only established companies could have done that. In the past, if a company wanted to raise capital from the public, it had to issue a prospectus (expansive) and go public. You’ll find such campaigns on platforms like GoFundMe and Indiegogo which also offers the flexible model.Įquity-based crowdfunding - this type of crowdfunding enables businesses to raise money from the public in return for equity in the company. Most donation-based campaigns are flexible campaigns. They do it for the cause, to raise money for a sick person, or to save animals. Kickstarter, Patreon (and Patreon alternatives) and Indiegogo are well-known reward-based crowdfunding platforms.ĭonation-based crowdfunding - people who back these kinds of campaigns are more donors than backers.
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It could be a book with a personal dedication in a crowdfunding campaign to publish a book or tickets to the premiere in a crowdfunding campaign for a movie production. Reward-based crowdfunding - in return for their money backers will get some sort of reward. There are four (4) types of crowdfunding platforms that are generally categorized by what the backers get in return for their money. These are not common at all, and therefore get more attention on the media. The crowdfunder won’t be able to provide the perks/rewards on time, or ever, for various reasons.
The crowdfunder won’t use the money for the purpose it was raised (a scam of some sort). The main risks of crowdfunding varies between the different types of crowdfunding campaigns, but are generally two. In most crowdfunding campaigns, you will see a goal amount, which is how much money you want to raise (some crowdfunders manipulate it, we’ll get to it), how much money has been raised so far (you will see a visual indication like a progress bar and a number in most cases), how many people backed the crowdfunding campaign and how much time is left for the campaign. In some cases, the funders do so as an altruistic donation, while in other cases, they get rewards, equity in the company who raised the money, and more. Interested in crowdfunding for nonprofits, raising money for your movie or product on Kickstarter or Indiegogo, or for your company on other platforms? This guide is for you.Ĭrowdfunding is the process of raising money from a large number of people in order to fund a project, a company, or a cause. In this chapter, I’ll explain what is crowdfunding and how does it work, the different types of campaigns and platforms and additional crowdfunding basics.
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