Crowdsourcing involves getting many people to participate in performing a task or generating an idea. The rise in crowdsourcing over the past few years is shifting “where decisions are made, how they are made, how you engage intelligence, how you engage labour” and it is transforming the business landscape, says David Alan Grier, author of the forthcoming Crowdsourcing for Dummies (For Dummies, April 2013).
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Introducing the 2013CF Crowdfunding Outlook Report — This report offers a comprehensive assessment of the crowdfunding industry, based on data gathered from 308 funding platforms worldwide and analysis from leading experts active in the industry and in academia. It maps, graphs, and predicts crowdfunding activity by geographic location, category, crowdfunding model (donation, reward, lending, equity, or royalty), activity, dollar amount, and other essential factors.
The campaign to front a movie based on the cult television show “Veronica Mars” through crowdfunding broke records for the fastest project ever to raise $1 million on Kickstarter. It was the website’s biggest film project so far, and it has the most backers of any project to date.
What it probably didn’t do, Wharton experts say, is throw open the doors of crowdfunding to major motion pictures. But that’s OK: Crowdfunding is successfully helping entrepreneurs raise capital without the need for them to go Hollywood.
What the “Veronica Mars” case does illustrate, however, is that Kickstarter and its crowdfunding brethren have proven their mettle as mainstream, reliable avenues of funding for both start-up businesses and established firms. Not only do crowdfunding websites provide a cheap, easy way for individuals to seek start-up funding, but would-be investors are also doing an excellent job of picking winners out of the crowd, according to Wharton management professor Ethan Mollick.
Crowdfunding can be an effective tool for accomplishing your startup goals. Whether you’re looking to jumpstart your marketing efforts, expand your customer base, or reach out to friends and family for funding, crowdfunding provides a platform to rally support around you and your company. Having worked with hundreds of entrepreneurs who have conducted successful fundraisers, we have distilled 7 key strategies for launching a successful crowdfund:
US investors are buzzing over crowdfunding, would it work in South Africa?
Among the many things that the internet has made possible is what experts call “many-to-many” communication – that is, sites where a large number of individuals can individually and collectively communicate directly with a large number of other individuals. This innovation is what underlies the idea of crowdfunding.