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Difference between revisions of "Reward-Based Crowdfunding"
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= Overview<br/> = | = Overview<br/> = | ||
| − | Results-based crowdfunding is mostly used by companies who are in their pre-seed to seed stage. The idea is to | + | Results-based crowdfunding is mostly used by companies who are in their pre-seed to seed stage. The idea is to crowdfund using online platforms where interested funders can make a financial contribution. In return, the funders might either get a small reward or a gift. The funders are usually motivated by altruism. E.g, off-grid companies can organize crowdfunding for buying the technologies. Off-grid solar companies that have done crowdfunding include: Okra Solar, Pollinate energy and solaris off-grid.<br/> |
| + | |||
| + | Popular crowfunding platform include: indiegogo and kickstarter. | ||
| + | |||
| + | = Benefits = | ||
| + | |||
| + | *Allows for pre-seed and seed funding for companies | ||
| + | *Faster than applying for other grants. | ||
| + | *Opportunity to engage and buid a exitisting network of supporters | ||
| + | |||
| + | |||
| + | |||
| + | = Challenges = | ||
| + | |||
| + | *Mostly suitable for early-stage companies or a specific project | ||
| + | *Must leverage existing network and have innovate solutions. Entrepreneuers without existing network might be at disadvantage | ||
| + | *Cost of reward to be considered when they are offered | ||
| + | *Difficultuy to find the right platform - international companies might not be familiar with the local platforms and the international platform may have limited payment options for differnet countries. | ||
| + | *crowdfunding platforms might offer certain payment options eg only credit card - which might not be feasible for all the potential funders. | ||
Revision as of 10:14, 7 May 2020
Overview
Results-based crowdfunding is mostly used by companies who are in their pre-seed to seed stage. The idea is to crowdfund using online platforms where interested funders can make a financial contribution. In return, the funders might either get a small reward or a gift. The funders are usually motivated by altruism. E.g, off-grid companies can organize crowdfunding for buying the technologies. Off-grid solar companies that have done crowdfunding include: Okra Solar, Pollinate energy and solaris off-grid.
Popular crowfunding platform include: indiegogo and kickstarter.
Benefits
- Allows for pre-seed and seed funding for companies
- Faster than applying for other grants.
- Opportunity to engage and buid a exitisting network of supporters
Challenges
- Mostly suitable for early-stage companies or a specific project
- Must leverage existing network and have innovate solutions. Entrepreneuers without existing network might be at disadvantage
- Cost of reward to be considered when they are offered
- Difficultuy to find the right platform - international companies might not be familiar with the local platforms and the international platform may have limited payment options for differnet countries.
- crowdfunding platforms might offer certain payment options eg only credit card - which might not be feasible for all the potential funders.
