Its the fact that so many businesses are battling to stay afloat that has made crowdfunding being seen as a lifeline. Some businesses are unfamiliar to crowdfunding and are not yet aware of the benefits. The way it works for a small business is that the business creates a profile of their products and services for instance, and through a video they reach hosts of readers. On the video they will offer a reward for a donation. The thing with crowdfunding is that its actually not all about funding, though that is the most important part.
Your business can also gain some visibility, more so if you consider some media coverage such as a including a feature on your business in a popular local newspaper for instance. Crowdsourcing- or funding shouldn’t just be seen as a means for asking for handouts. You’ll need to make use of email distribution lists and social media to reach your goals.
You can’t forget that you are actually getting funding from your fans around the globe. Your project or product should be so appealing to like minded people that instead of more or less begging for a loan, you’re connecting with people who love what you offer and are forthcoming with donations.
You’ve just got to remember that with crowdfunding you’re actually reducing business risks too because Crowdfunding is actually a way to test the market to see if the product you want to sell has got what it takes and if people are willing to part with their money in exchange for your innovative offerings.
Crowdfunding is becoming popular choice as financial choice. Businesses around the world are following in the footsteps of others. In this post we will try to examine the concept and how it helped build companies which have been sold to social networking giants. Here are a few crowdfunding campaign success stories.
- Ouya – Ideas poured in so did the dollars for this game console company. The open-source company raised an amazing $8.5 million in less than 30 days.
- The Pebble E-Paper watch – The most successful of all the crowdfunding campaigns. Pebble offered a unique offering a smart watch and were able to raise more than $10 million in 37 days. The campaign was also an education as Pebble failed to deliver its promise. They could deliver the product only after 10 months went by.
- Oculus Rift – A crowdfunded company which offers a virtual reality headset for gamers. It was a raging success with great potential. Facebook saw the potential and acquired by Facebook. These famous buyers lend a helping hand to the crowdfunding concept.
- 3Doodler– A 3D printing pen that allows lets you draw in three dimensions. The drawings are stable and solidify later to a real structure. The idea was so popular that break-even was reached in less than a year.
- Scanadu Scout – The device developed monitored vital body signals like temperature, respiration and stress and delivered a report on your smart phone. In a few months major companies were part of the crowdfunding for this technology.
Crowdfunding as a concept has helped the ideas on a large-scale. With the concept coming in great ideas which would have been in hibernation came out in the open.Ferratum also supports few of the crowdfunding campaigns with their simple cash products.You can read about it all here.