Crowdfunding? What does that mean?
If you’ve been roaming around the internet in the last few years, whether it’s on Facebook, or on Twitter, you might have heard of the term crowdfunding. To many crowdfunding is a movement. It is THE movement of the 21st century when it comes to raising funds for any one specific purpose. More and more people are raising money for their causes and ideas through crowdfunding. The crowdfunding community is growing at a massively rapid speed every year and has no signs of stopping. According to Cision PR Newswire, the global crowdfunding market was valued at 10.2 billion US dollars in 2018. It is expected to grow 16% year over year all the way through the year 2025.
Let’s bring it back to the basics. What is crowdfunding? Crowdfunding is when a person presents their idea or cause on a website, and other people can invest/donate their money towards the campaign should they see fit. Crowdfunding isn’t only for ideas. People create crowdfunding campaigns for many reasons. They crowdfund for a new baseball field for low-income families, or to make wishes come true like to send a special needs family to Disney.
The crowdfunding market is split into 3 general sections: Reward-based Crowdfunding, Equity Crowdfunding, and Donation and Other.
Crowdfunding is growing in popularity because it is an excellent alternative to traditional means of raising funds, such as bank loans and credit cards. Not only are you raising money with crowdfunding, if you have a business idea, you are also promoting your business and growing a potential customer base.
Crowdfunding is going to continue to grow for many years to come. It’s going to become more personal and easy to use
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