Online Fundraising: The Strength of the Crowd

by | Oct 14, 2016 | Business

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There is little doubt that crowdfunding has become very popular in recent years as more and more individuals choose to fund a project or a venture by raising money from a wide spectrum of people, generally using the Internet as the primary means of contact.

Array of Opportunities
Musicians, film-makers, artists, and many others have not only gathered significant amounts of money but have also raised awareness of their causes by using online fundraising. While some histories indicate that the term “crowdfunding” was first used in the media only about 10 years ago, the idea has been around much longer than that.

People have been registering their projects and causes online for quite some time, a method that has gradually replaced the traditional ways of mail campaign. Of course, individuals still hold events to raise funds and may still send physical letters through the post, but this alternative form of finance has grown rapidly outside the traditional system of banks and other lenders.

Choose Your Cause
When you visit one of the leading sites for online fundraising you will find that you can select a cause or create a project, depending on your goals. You can be active as a project initiator, proposing an idea or project, then market the idea to individuals and groups who may support it. The websites generally act as moderators, providing the platform that brings the initiator and the funders together.

Figures for the past three years (2013, 2014, 2015) show that the money raised by crowdfunding and online fundraising grew from $5 billion in the first year to more than $30 billion in 2015. Many of the leading platforms/moderators offer their online site to start the campaign free of cost. Using an established site can help gain awareness for a project, making it more likely that funders will take notice.

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Crowdfunding means the pooling of funds contributed by different sources, small and large, for a business venture or a cause. This includes raising...