First of all: Happy New Year fellow reader! I hope you can have a productive 2017 and follow me on this tech journey so we can improve together.
Now to the main topic: have you heard about all the “crowdfunding” hype? What is this? It really pays to support crowdfunding?
Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people. Crowdfunding is a form of crowdsourcing and of alternative finance and In 2015, it was estimated that worldwide over US$34 billion was raised this way. (Thanks, Wikipedia!)
Long story short: you have a GREAT idea, and you make people who love it pay for it to make it possible. No more investor door knocking, no more bank begging. Just present it to the world using platforms like Kickstarter or Indiegogo.
But again, why you should look and support this? I’ll give you 3 reasons that will blow your mind:
1. You get awesome stuff at a cheaper price.
In crowdfunding, a project/idea is presented, and the ultimate goal is to raise money in order to produce it in mass so you can have a viable business. The thing is, that you are gambling to the success of this project. (If the idea doesn’t meet the funding goal, you will be refunded don’t worry).
Since you are more than a customer, you are more like a supporter or semi-investor, you receive a cheaper price only available in the funding process. The selling price will be much higher than that, and you will only have to wait for the item to be actually produced and shipped to you.
2. You find marvelous items that aren’t still on the market.
You normally think that everything is invented, or that some products cannot be much better than they are. Guess what? there’s always opportunities to improve and people use their creativity to reach new levels, looking for crowdfunding to achieve their dreams.
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3. You get inspiration and learn from others how to do the same!
Who said you can’t fund your own project? in the end, all this fun you’re having while backing and looking for interesting projects is a learning curve. If you would like to do the same in the future, there’s a lot of success (or not) stories out there, and you’re watching them first hand.
Although crowdfunding has grown a lot in the past years, not all the projects are successful. There are ideas who can’t meet the funding goal proposed for a variety of reasons, and there are others who make the goal, but encounter issues in the way and ultimately cannot make the product, thus refunding after months or even years the people who invested.
Having said this, the only major concern I would say that always exists in funding is picking the right project. This is a combination of information gathering, experience, and intuition. (Sounds a lot huh?)
But DONT WORRY! for this new year, I’ll introduce a new section with different projects that I think will be successful (and that sometimes even I will fund). So stay tuned to support crowdfunding from now on!
Have you funded a project before? Would you like to it now? Like this post and comment your thoughts below. Also, please share it with all your friends on social media!