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Crowd funding &sourcing

Crowdfunding and Crowdsourcing looks like two similar words, they both spell start with “Crowd”, so in some extent there are same, it a platform for demander and contributor to fulfill their requirement or get their bones. The different between these two things is the demander’s need, what requirement of the demander of crowdfunding is? It’s funding. And the demander of crowdsourcing need ideas and design product. In my view, there both have pros and cons. I am going to explain to you below.

The pros of Crowdfunding:

1. Collect funding

If you have new idea, you don’t need to get loan from bank, you can start from a crowdfungding platform.

2. Low-cost

Some sites just charge a little fee from your project. For example, Razoo charges fee is 2.9%, Indiegogo is 4%.

3. Test idea

There are many contributors, but if your idea did not attract them, or they don’t agree that is a great idea, they will not support you. So that is a good way to verify your idea good or not.

The cons of Crowdfunding

1. Time limit

Maybe your idea is good and it could be reached more funding, but the time that the platform provided you are not enough.

2. Miss the reach goal

In many times, there are just 30% or 40% of a project. So the demander did not meet their goal.

3. Higher charge fee of unsuccessful project

For example, if you fail your project, the charge will be more than 9 % in Indiegogo.

The pros of Crowdsourcing

1. Multiple choice

As a presenter, you have the right to choose the best one from all projects.

2. Low-cost

The bonus that you provide is fixed, it won’t be change or higher in the end.

3. Closer relationship

Through cooperating, get a closer relationship between organization, builder and clients.      

The cons of Crowdsourcing

1. Risks  

The source is not always trustable, lacking of bonus, less participant, low quality work, raise the risk of the project.

2. Waste of labor

As a contributor, spent long time and energy to finish the work, but your work are not the best for the demander, you get no bonus.

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Posted in Community, Group 1
This post was originally published at the Project Community blog: Jianyi Wang :)
Group 1 Blogs
  1. Anne's Words
  2. Antonina Khariton Design Project
  3. Aureole
  4. Jianyi Wang :)
  5. JoyJoking
  6. Miri's Desk
  7. NoBeardMarcelo

Final Video

  • Nancy White { Ah, you figured it out! It was one giant simulation and game! (Actually, I think it would be fun to apply game principles to this... } – Dec 18, 5:43 AM
  • Nancy White { I'm nodding in total agreement with Marcelo. Our own fears can be the biggest barrier, but it was wonderful to see all of you stepping... } – Dec 18, 5:42 AM
  • Nancy White { Hi Anna I like how you traced your learnings... excellent. One question -- what advice do you have for next years Project Community students??? Thanks... } – Dec 18, 5:41 AM
  • Nancy White { I LOVED this line: "I believe that what we are looking for today in design or the creative process is to accept people’s own ability... } – Dec 18, 5:39 AM
  • Nancy White { I had to smile when you wrote "produce something better than we did." If you could do it over again, what would you do differently?... } – Dec 18, 5:31 AM
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