Impact of community on crowdfunding

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Alternative finance option is taking mainstream and can no longer be complete without the mention of crowdfunding. One question that comes to mind is why crowdfunding is becoming a defacto standard for business startups seeking business finance. There is no doubt that crowdfunding is forging ahead strongly, but it is also important to note that there are many failed crowdfunding projects.

Crowdfunding has continually met the criteria to mention it as reshaping the concept and future of financing.Successful crowdfunding campaigns have been attributed to success at building an effective and active community that shares the same passion. Crowdfunding is about reaching out to the crowd to solicit their support and to engage their attention towards the achievement of an objective. It is difficult to elicit the support of people you do not understand or share their ideas.

Community building is a good starting point before starting a crowdfunding campaign. The internet has made communication, community building, and engagement to be much easier than before. A crowdfunder must build a community prior before embarking in crowdfunding.

Why you need a crowdfunding community

  • A community provides a platform to share ideas, gather facts and generate conversation about an idea
  • In a community, members can build trust and become an advocate for an idea.
  • Any idea can be fine tuned and appraised using members contributions.
  • Communities are made up of people from diverse backgrounds, ideas and temperaments. The differences add up to spice the views that a crowdfunder can learn from.
  • A crowdfunding community can be used to identify target audience for campaign, including teh right crowdfunding platform to use.

More related items

  • The future of crowdfunding
  • Crowdfunding Investment Opportunities
  • Challenges of CrowdFunding – Part 1
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