Crowdfunding is such an important part of the business world, especially for startups, that it’s strange to think the concept is only 20 years old, at least in its modern form. In this video, we’re going to look at the site that brought it into the mainstream; Kickstarter, and then I’ll give you a few simple tips for how to approach your own crowdfunding campaign.
Getting money from many people to complete a project is hardly a new idea; this has been the basis of many communities, especially religious groups, for thousands of years. Think about the collections to fix the church roof, for example. The base of the Statue of Liberty was also paid for in a similar way.
But this is basically charity, what about pure business?
The modern format, where someone posts a project and their audience all pay a fee upfront to make the project happen, was mostly driven by musicians. In 1997, the British rock band Marillion were told that there’s no way they could afford a North American tour. So they emailed all the fans on their mailing list and asked them if they’d be willing to buy a ticket upfront to help them make it happen. The fans agreed and they used the $60,000 raised to get everything booked.
To learn more watch the video!
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