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About Crowdfunding

About crowdfunding.

First of all i want to say that i really like the idea and possibility of crowdfunding.

Crowdfunding offers the possibility to realize “crazy” and innovative products. It is a unprecedented chance to develop a lot of “good” things. If people spend money for a crowdfunding project they have normally emotional connection to the product. And this is a huge advantage. Besides this crowdfunding offers the possibility of risk-free testing of new products. Also there is the possibility to be involved with just a little amount of money. Therefore it is possible for everybody to support a product.

Besides this advantages of crowdfunding there are some points which should meditated. The first point I want to mention on this “conta” side is, that it is a huge effort to mange a crowdfunding project. You need to do lot of public work to reach enough people which are willing to pay for your project. So you need always a lot of supporter. This could be a problem, if the product is uninteresting or just the public work does not reach enough people, and therefore the budget collapse. Another “con” point I want to mention is, that on crowdfunding platforms often just single projects get supported. When the project reaches the amount of money which it needs it is finished. So there is no constantly money flow. This could be a problem for e.g. NGO´s. However crowdfunding is good to support single events like festivals.

In conclusion I think it is always necessary to decide from project to project, where crowdfunding could work. Sometimes it is better to get a few “big” supporter. So you can focus on the developing of the product and there is not that high need of public work.

felix

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This post was originally published at the Project Community blog: Felix's Creative Blog