What is it and Why is the Future So Bright?
Crowdfunding is everywhere! It’s hotter than a Sports Illustrated swimsuit model. So what is crowdfunding? In layman’s terms, it is a venture to raise funds from a group of people via the Internet. Its origins can be traced back over a century ago when New Yorkers were urged by the local newspaper to give donations to fund the completion of the Statue of Liberty. Today, the momentum of crowdfunding has rapidly increased and its future potential is through the roof for 2 main reasons.
Crowdfunding can reach millions of people through emails, social media, advertising, etc. With over 900,000 people using the internet daily, there are endless opportunities for project initiators to get their message distributed and receive enough funds for the project.
The other reason is how many different kinds of campaigns use it as a funding source. We have seen Hollywood use forms of crowdfunding to launch new television shows and movies. Real estate has benefitted from this strategy as well with developers reaching out to investors globally, to raise capital for projects. Philanthropic efforts often use crowdfunding when money is needed to help a greater cause. In the future, we will see it in the cryptocurrency market as developers create new coins.
Crowdfunding is like a tree with an unlimited amount of branches. Its reach is far and wide all over the world. The future is very bright and we will see it used by individuals and large corporations. Here’s to crowdfunding taking over the world!