Crowdfunding: Why It’s Not Always About The Money
Countless entrepreneurs across the world have already sniffed out the incredible potential of crowdfunding campaigns to fund their projects. One of the easiest ways to gather funds from a like-minded global audience, it’s compounded by the reach the world wide web offers us, giving dream projects an actual chance at materialising.
I. A Chance to Hone Their Vision
First off, let’s address the elephant in the room: crowdfunding is hands-down the easiest way to gather funds, especially compared to looking for angel investors or applying for a loan. Skipping the heavy networking and red tape, crowdfunding gives you a chance to focus on the stuff that really matters.
Entrepreneurs get a chance to learn on the go; they gain not only clarity in their own vision, but also how to best convey the message to their target audience.
II. Getting the Word Out
Your crowdfunding campaign with the right kind of exposure on social media would make for quite the dream team. Backers can gain access to your entire journey through your crowdfunding page, which creates a sense of transparency and ownership.
Many backers are keen on getting equity at a later stage, so by actively promoting your campaign, you’re building a loyal customer base right off the bat.
III. Crowdsourcing Ideas
If trial and error is the name of the game, your crowdfunding campaign gives you a chance to figure out what is a hit, and what is a miss. Here’s a public forum created especially for your target audience, where they can share with you what it is about your project that really works, and what needs some more work. It’s a two-way street, after all.
This kind of feedback is invaluable, especially at such an early stage, so that you get to test the market and create a final product that delivers exactly what it has promised.
IV. Credibility — Making Your Project Legit
Your backers, those offering suggestions in the public forum, potential investors — these are all part of a community you’re building, who are interested in the brand of your project. This means that it’s not just your current endeavour, but many of your future ones, too, that they’re going to be following.
Networking just became so much easier, and that, too, based on the legitimacy of your campaign and its journey.
V. What Is At Stake?
At the heart of it, crowdfunding is really a win-win, when you think about it. Even if your project doesn’t meet its goal in a certain amount of time, you always have the chance to regroup, discuss and then come up with a new way to pitch the idea so it truly resonates with your audience.
There are countless other things that campaigners pick up along the way that far exceed the value of money, and with crowdfunding, an entrepreneur actually stands to gain much more than he does to lose
Ketto Blog remains committed to inspiring and compelling social change to India’s most pressing problems through the power of great stories and engaging our audiences to take meaningful action.
