UNDERSTANDING CROWDFUNDING. Crowdfunding is a term that represents a process where people raise money in large numbers and the money is later used to finance their businesses. The internet is one of the platforms that is used by people to raise money. Crowdfunding can be conducted by other means as long as the people understand each other. In the business world, crowdfunding is becoming a thread. There is a research that has been conducted in the US and it shows that there are over 600 million dollars that have been conducted using crowdfunding different platforms all over the world. This is an indication that crowdfunding is here to stay and it represents a major and a new source of funding for new businesses. This also, happens to be a non -profit funding to people who are seeking contribution and to the talented artists who are seeking recognition for their creativity. Some of the Crowdfunding platforms that is commonly used are Kickstart, Indiegogo, LendingClub, and fundable among others. In these platforms donations are sought and as a result, you get a special compensation. Each and every site have their unique terms but the general concepts in all the platforms is the same. Crowdfunding is also used in correcting loans and royalty financing. For instance, a site like LendingClub gives its members a chance to directly invest in and borrow money from each other. The crowdfunding platforms are able to benefit because they have been able to eliminate the presence of middlemen in their transactions. The idea behind such a platform is to bring business owners and investors together. Another aim of this platform is selling the company shares or the ownership stake in the company on the crowdfunding websites. Crowdfunding is worthy because it provides startup or early-stage companies an opportunity to launch their products and services without exposing the entrepreneur loan officers who are offering them with the loan. A successful crowdfunding campaign offers businesses with the financial support they need and it also creates a base for customers who feel it is their duty to patronize the business for they have a steak to be successful. There are so many advantages associated with crowdfunding for it has helped a lot of people start their own businesses. Crowdfunding can be a waste of resources if the campaign of crowdfunding is not well arranged. The platform has so many advantages and on the other hand it has disadvantages as well. Involve family members, friends, and well wishers who will be willing to share your business passion with you in your crowdfunding campaign if you want to be successful. Friends, family members and well wishers will be your number one encouragers and they will encourage others to join the platform on your behalf for you to be successful in the crowdfunding platform.
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