This growing phenomenon is Crowdfunding. And quite honestly, I didn’t know of this term until this year. I was however, aware of the concept.
So, What is Crowdfunding?
Fund Your Dream Project – Where Dollars and Dreams Meet
Crowdfunding is quickly becoming the Internet’s #1 newest, most exciting phenomenon and social trend for raising funds by providing a convenient website platform that allows people to support any project you create by sharing. Recently a dear friend of mine who has a dream with her photography business introduced me to this idea of crowdfunding because she was aware of my dream for my music project.
After doing some research, I was quite amazed at how so many people and organizations have turned to crowdfunding to fund their dream projects. Musician Neil Young raised 6.2 million dollars in 2014 for his music project. LeVar Burtons of Reading Rainbow Revamp raised 3.5 million dollars. And the list goes on from the larger projects to the smaller projects. I found these statistics on Crowd101.com on the breakdown of various niches on Crowdfunding last year…
What kinds of projects can be used for Crowdfunding?
— Starting and/or Expanding Your Current Business
— Paying Off Your Mortgage
— Funding Your Passion As An Artist
— Mounting Medical Bills
– Pet Projects
— Raising Money For Your Church/Ministry/Charity
— Funding Your Retirement Account
— Your Children’s Education
Which Platform To Use?
Great question! With over 500 crowdfunding platforms to use – how do you know which one is the best one for you? The challenge with most organic campaigns is that it can be challenging and often difficult to fund your project. The Solution is to find a platform that offers leverage and one ensures you are not alone with your crowdfunding efforts.
No matter which platform you use, do your homework and find the one best suited for your niche. It’s probably best to find a platform that has no fees, and one that has no time limit. This way, you can get your project funded in your time without worrying about fees. Additionally, most platforms that have time limits, you will sometimes lose any money that you have collected, so this is why I suggest finding a platform that has no fees and time limits.
Wishing you the best in your dream projects and may all your dreams come true!
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