How crowdfunding helps restart economies after a crisis

Hello Fundchain community,

Hope all of you are healthy and safe during these difficult times. The COVID19 pandemic has unleashed all manner of uncertainty across the world. Crowdfunding is no exception. The industry is dependent on an abundance of ideas, money, and manufacturing; swift fulfillment is also a critical factor in the success of a crowdfunding campaign. So if you were preparing to launch a crowdfunding campaign you may be a little concerned about how the pandemic will affect you. We understand your worries but we are going to take a different view on the issue and show you why crowdfunding would be your best bet to raise funds and kick of your projects & businesses in the aftermath of a crisis.

In crowdfunding if one puts in the necessary work, they can realize fortunes that go far beyond just the raising of money. Here are some best methods to be followed to get the best out of your crowdfunding campaign.

Raise the funds you need to bring your idea to life not the funds you need to expand and grow the business

Every good idea requires funds to become a reality. Once this pandemic crisis is overcome the entrepreneurs will be faced with a long and difficult road to secure funding. Their options will included applying for a small business loan, searching for grants, pitching venture capitalists, borrowing money from family members and friends or tapping into their savings. Crowdfunding, however, provides a method to obtain the funds needed to launch an idea quickly and with the support of an engaged community. Crowdfunding is a great alternative way to fund a venture, and it can be done without giving up equity or accumulating debt. Rewards-based crowdfunding platforms allow entrepreneurs to raise funds from the community in exchange for simply giving their tangible products or other relative gifts.

It gives proof of concept.

Showing investors and convincing yourself that your venture has received sufficient market validation at an early stage is hard. However, crowdfunding makes this possible. Many successful entrepreneurs have leveraged their market validation on crowdfunding platforms to make a bigger product debut down the line. Venture capitalists monitor crowdfunding platforms as a strategy for identifying novel projects with big potential. The first question that any angel or institutional investor will ask will often be along the lines of proof of concept, and a good way to gain some respect and credibility is be able to show them that your venture had a successful crowdfunding campaign.

It allows crowdsourcing of brainstorming.

One of the biggest challenges for small businesses and entrepreneurs is to be able to cover all the holes that a venture might have at an early stage. By having a crowdfunding campaign, the entrepreneur has the ability to engage the crowd and receive comments, feedback, and ideas. In many cases, insights from audience around the world help innovators to refine their ideas, think through their strategies and go to market with solutions that make a bigger impact.

Build awareness for your idea fast & free.

The momentum created by successful crowdfunding campaigns attracts potential investment from traditional channels and attention from media outlets. Success stories make for interesting reading, and reporters are always hungry for them. A single idea or concept can spread like wildfire, sometimes in mere minutes, with thoughtful marketing and an engaged audience.

In our previous blog we mentioned we had decided to include reward based crowdfunding method too into our app. The development process for the feature integration is currently in advance stages of testing. Our team are running tests for this feature to identify and fix the bugs. Once that is done we will be pushing the feature into the current app via update and it will give access to all to run reward based crowdfunding campaigns on our platform.

The App is currently live on the Android and iOS app stores and can be downloaded. The Fundchain Beta version of the App is deployed initially on the Ropsten Test Network. The Testnet is an alternative Ethereum blockchain, to be used for testing. Testnet coins are separate and distinct from actual coins, and are never supposed to have any value which helps our users to test the app without any loss of real coins. The most popular public testnet is called Ropsten which is the one we have deployed our app on currently.

Crowdfunding we believe plays a very important part in helping economies recover from crisis and we want to build our crowdfunding platform in a way which makes it one of the most convenient ones for people when it comes to raising funds for promising initiatives.

Start inviting your friends, families, community members and let them know that now there is a better solution to run crowdfunding campaigns.

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