Crowdfunding is growing quickly worldwide and has the potential to revolutionise how many seek finance and engage with online communities.
People can fund anything from a local playground, a video game or a business through online platforms that allow you to access lots of potential backers willing to contribute small amounts. Money is raised by submitting pitches to a platform, which do some vetting for fraud etc. before putting them live on their site for a finite period for contributors to access and back.
With the arrival of US crowdfunding giant Kickstarter in the UK we thought we would put together our top ten ½ tips for entrepreneurs thinking about launching a campaign. While crowdfunding can be a valuable new source of finance, those considering raising money through it need to be aware it is not an easy process.
Failure rates on some platforms are high, (for example, only 43 per cent of kickstarter campaigns succeed) and it is important to work hard on your campaign ensuring you do everything in your power to make your raise a success. With this in mind, below are some points to consider when thinking about how to achieve your crowdfunding goal.