Crowdfunding is all about creating a community around your project. A community that funds the project and also helps in spreading the word about your project. It’s all about asking for small amounts of money from many people instead of finding that one or two people to cut you a large cheque.
Crowdfunding is not just about money, it’s about getting social validation. With many people funding your project, you can get access to direct distribution, creative independence since there is no investor, and a community that can support your creative ambitions for life!
Woofunder is a crowdfunding platform, that funders get any monetary return (such as profits, equity etc.) for their funding to projects. Equity crowdfunding allows entrepreneurs to sell shares in their company to investors. The promoter can also propose in return for intangible rewards with the agreement of investors.
Funding usually begins at home! By this we mean, a project creator’s personal contacts such as friends, family, colleagues, alumni, as well as Facebook fans and friends, twitter followers etc. If the project becomes viral and gains popularity, and it connects with a lot of people emotionally, then it has the potential to even get funds from complete strangers on the internet! So, it really depends on the awesomeness of the idea.
- Pick your project. A crowdfunding campaign needs to be specific, with a clear outcome.
- Write your budget and set a realistic funding target. You need to be clear about how much money you need and where it is going to go.
- Prepare your pitch.
- Start your campaign.
- Keep in touch.
The Benefits of Crowdfunding
It’s more efficient than traditional fundraising.
It’s a place to build traction, social, proof, and validation.
It’s an opportunity for crowdsourced brainstorming to refine your idea.
It gains you early adopters and loyal advocates.
It doubles as marketing and media exposure.