Crowdfunding: how people are changing the face of funding
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‘//’ The NEW Medium | How people are changing the way projects are funded By Matthew Eng Image by Rocio Lara (flickr)
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Transcript of Crowdfunding: how people are changing the face of funding
‘//’The
NEWMedium
|How people
are changing
the way
projects are
funded
By Matthew Eng
Image by Rocio Lara (flickr)
crowd·fund·ingˈkroudˌfəndiNG
Noun
the practice of funding a project or venture
by raising many small amounts of money
from a large number of people
Image by Simon Cunningham (flickr)
Image by Martin Hajek (flickr)
The Pebble Smartwatch,
by Pebble Technologies,
was given
$10,266,845in donations, exceeding their
goal by 10,266%(source: Kickstarter)
The Veronica Mars Movie, based on a TV show,
garnered $5702,153 in donations, exceeding
their goal by 285% (source: Kickstarter)
Image by Joits (flickr)
Image by Colbrain (flickr)
… giving the creator
full creativity over the project.
Image by Linus Bohman (flickr)
“Creativity requires the
courage to let go of
certainties.”
- Erich Fromm
People who believe in the vision will aid financially to the
development of the final product. You better make them happy
though!
Image by Rick Turoczy (flickr)
Crowdfunding will
become the most
widely used
platform for major
& minor project
funding within the
next 5 years.
Image by Brian Cypher (flickr)
How are creators responding to this trend?
Image by Alex Barth (flickr)
So far…
1,000,000+ successful campaigns were made in
2012, 81% higher than 2011Image by Steve Wilhelm (flickr)
$5.1 billion in funds were
raised worldwide for crowd-
funded projects in 2013.Image by Sandor Weisz (flickr)
Image by Eric Fischer (flickr)
How big of a scale should I set for my project?Image by Jon Lee Clark (flickr)
The average successful
campaign is
approximately $7000 and lasts 9 weeks.
However…
Image by Jason Hargrove (flickr)
Image by Bill Abbott (flickr)
What type of
project should I
choose?
Image by Brian Hillegas (flickr)
The most popular
type of project is a
social cause (30%).
Others include
entrepreneurship
(16.9%), film/art
(11.9%), music
(7.5%), and
environment (5.9%).
However…
Image by Kathryn Harper (flickr)
Start something you enjoy!
Your passion with spread
towards others and will create
interest in your project.
Image by Rex Hammock (flickr)
A successful campaign requires
grassroots marketing and peer-to-peer
communication (it’s attractive to millenials).
Image by Ed Yourdan (flickr)
Most likely generation to
donate to nonprofits and
projects
Image by @Doug88888 (flickr)
Millions of startups have been brought to
life through crowdfunding platforms, and it
will only increase going forward.
Will you be a part of the
revolution?
Sources:
Anderson, T. (n.d.). Kicking Ass & Taking Donations: 9 Tips on Funding Your Kickstarter Project. 99U. Retrieved May 23, 2014, from http://99u.com/articles/7143/kicking-ass-taking-donations-9-tips-on-funding-your-kickstarter-project
Burma, D. (n.d.). Crowdfunding Trends and Statistics Infographic. CrowdMapped. Retrieved May 23, 2014, from http://www.crowdmapped.com/crowdfunding-trends-and-statistics/
Grant, R. (2013, April 24). Crowdfunding vs. seed funding: All money is not created equal. VentureBeat. Retrieved May 23, 2014, from http://venturebeat.com/2013/06/24/crowdfunding-vs-seed-funding-all-money-is-not-created-equal/
Why Millennials Are the Ideal Target Market for Crowdfunding. (n.d.). www.crowdsourcing.org. Retrieved May 23, 2014, from http://www.crowdsourcing.org/editorial/why-millennials-are-the-ideal-target-market-for-crowdfunding/31988
All images featured are under the Creative Commons license
from flickr.com
