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Crowdfunding: the new medium

Matt Eng
Matt Eng

The document discusses the rise of crowdfunding as a means for funding projects. It notes that in 2012 there were over 1 million successful crowdfunding campaigns, raising $5.1 billion globally in 2013. Popular crowdfunding platforms like Kickstarter are allowing projects in areas like technology, films, and social causes to gather funding from many small donations online. The document suggests crowdfunding will continue growing as a funding method for projects large and small due to its popularity among millennials who are most engaged in donating online.

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// The NEW Medium | How people are changing the way projects are funded By Matthew Eng Image by Rocio Lara (鍖ickr)
crowd揃fund揃ing kroudfndiNG Noun the practice of funding a project or venture by raising many small amounts of money from a large number of people Image by Simon Cunningham (鍖ickr)
Image by Mar=n Hajek (鍖ickr) The Pebble Smartwatch, by Pebble Technologies, was given $10,266,845 in donations, exceeding their goal by 10,266% (source: Kickstarter)
The Veronica Mars Movie, based on a TV show, garnered $5702,153 in donations, exceeding their goal by 285% (source: Kickstarter) Image by Joits (鍖ickr)
Crowdfunding initiatives have eliminated the need of traditional investors to fund projects Image by Colbrain (鍖ickr)
giving the creator full creativity over the project. Image by Linus Bohman (鍖ickr) Creativity requires the courage to let go of certainties. - Erich Fromm
People who believe in the vision will aid 鍖nancially to the development of the 鍖nal product. You better make them happy though! Image by Rick Turoczy (鍖ickr)
Crowdfunding will become the most widely used platform for major & minor project funding within the next 5 years. Image by Brian Cypher (鍖ickr)
How are creators responding to this trend? Image by Alex Barth (鍖ickr) So far
1,000,000+ successful campaigns were made in 2012, 81% higher than 2011 Image by Steve Wilhelm (鍖ickr)
$5.1 billion in funds were raised worldwide for crowd-funded projects in 2013. Image by Sandor Weisz (鍖ickr)
Image by Eric Fischer (鍖ickr)
How big of a scale should I set for my project? Image by Jon Lee Clark (鍖ickr)
The average successful campaign is approximately $7000 and lasts 9 weeks. However Image by Jason Hargrove (鍖ickr)
Image by Bill AbboO (鍖ickr)
What type of project should I choose? Image by Brian Hillegas (鍖ickr)
The most popular type of project is a social cause (30%). Others include entrepreneurship (16.9%), 鍖lm/art (11.9%), music (7.5%), and environment (5.9%). However Image by Kathryn Harper (鍖ickr)
Start something you enjoy! Your passion with spread towards others and will create interest in your project. Image by Rex Hammock (鍖ickr)
A successful campaign requires grassroots marketing and peer-to-peer communication (its attractive to millenials). Image by Ed Yourdan (鍖ickr) Most likely generation to donate to nonpro鍖ts and projects
Image by @Doug88888 (鍖ickr) Millions of startups have been brought to life through crowdfunding platforms, and it will only increase going forward. Will you be a part of the revolution?
Sources: Anderson, T. (n.d.). Kicking Ass & Taking Dona=ons: 9 Tips on Funding Your Kickstarter Project. 99U. Retrieved May 23, 2014, from hOp://99u.com/ar=cles/7143/kicking-足ass-足taking-足dona=ons-足9-足 =ps-足on-足funding-足your-足kickstarter-足project Burma, D. (n.d.). Crowdfunding Trends and Sta=s=cs Infographic. CrowdMapped. Retrieved May 23, 2014, from hOp://www.crowdmapped.com/crowdfunding-足trends-足and-足sta=s=cs/ Grant, R. (2013, April 24). Crowdfunding vs. seed funding: All money is not created equal. VentureBeat. Retrieved May 23, 2014, from hOp://venturebeat.com/2013/06/24/ crowdfunding-足vs-足seed-足funding-足all-足money-足is-足not-足created-足equal/ Why Millennials Are the Ideal Target Market for Crowdfunding. (n.d.). www.crowdsourcing.org. Retrieved May 23, 2014, from hOp://www.crowdsourcing.org/editorial/why-足millennials-足are-足 the-足ideal-足target-足market-足for-足crowdfunding/31988 All images featured are under the Creative Commons license from 鍖ickr.com

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Crowdfunding: the new medium

  • 1. // The NEW Medium | How people are changing the way projects are funded By Matthew Eng Image by Rocio Lara (鍖ickr)
  • 2. crowd揃fund揃ing kroudfndiNG Noun the practice of funding a project or venture by raising many small amounts of money from a large number of people Image by Simon Cunningham (鍖ickr)
  • 3. Image by Mar=n Hajek (鍖ickr) The Pebble Smartwatch, by Pebble Technologies, was given $10,266,845 in donations, exceeding their goal by 10,266% (source: Kickstarter)
  • 4. The Veronica Mars Movie, based on a TV show, garnered $5702,153 in donations, exceeding their goal by 285% (source: Kickstarter) Image by Joits (鍖ickr)
  • 5. Crowdfunding initiatives have eliminated the need of traditional investors to fund projects Image by Colbrain (鍖ickr)
  • 6. giving the creator full creativity over the project. Image by Linus Bohman (鍖ickr) Creativity requires the courage to let go of certainties. - Erich Fromm
  • 7. People who believe in the vision will aid 鍖nancially to the development of the 鍖nal product. You better make them happy though! Image by Rick Turoczy (鍖ickr)
  • 8. Crowdfunding will become the most widely used platform for major & minor project funding within the next 5 years. Image by Brian Cypher (鍖ickr)
  • 9. How are creators responding to this trend? Image by Alex Barth (鍖ickr) So far
  • 10. 1,000,000+ successful campaigns were made in 2012, 81% higher than 2011 Image by Steve Wilhelm (鍖ickr)
  • 11. $5.1 billion in funds were raised worldwide for crowd-funded projects in 2013. Image by Sandor Weisz (鍖ickr)
  • 12. Image by Eric Fischer (鍖ickr)
  • 13. How big of a scale should I set for my project? Image by Jon Lee Clark (鍖ickr)
  • 14. The average successful campaign is approximately $7000 and lasts 9 weeks. However Image by Jason Hargrove (鍖ickr)
  • 15. Image by Bill AbboO (鍖ickr)
  • 16. What type of project should I choose? Image by Brian Hillegas (鍖ickr)
  • 17. The most popular type of project is a social cause (30%). Others include entrepreneurship (16.9%), 鍖lm/art (11.9%), music (7.5%), and environment (5.9%). However Image by Kathryn Harper (鍖ickr)
  • 18. Start something you enjoy! Your passion with spread towards others and will create interest in your project. Image by Rex Hammock (鍖ickr)
  • 19. A successful campaign requires grassroots marketing and peer-to-peer communication (its attractive to millenials). Image by Ed Yourdan (鍖ickr) Most likely generation to donate to nonpro鍖ts and projects
  • 20. Image by @Doug88888 (鍖ickr) Millions of startups have been brought to life through crowdfunding platforms, and it will only increase going forward. Will you be a part of the revolution?
  • 21. Sources: Anderson, T. (n.d.). Kicking Ass & Taking Dona=ons: 9 Tips on Funding Your Kickstarter Project. 99U. Retrieved May 23, 2014, from hOp://99u.com/ar=cles/7143/kicking-足ass-足taking-足dona=ons-足9-足 =ps-足on-足funding-足your-足kickstarter-足project Burma, D. (n.d.). Crowdfunding Trends and Sta=s=cs Infographic. CrowdMapped. Retrieved May 23, 2014, from hOp://www.crowdmapped.com/crowdfunding-足trends-足and-足sta=s=cs/ Grant, R. (2013, April 24). Crowdfunding vs. seed funding: All money is not created equal. VentureBeat. Retrieved May 23, 2014, from hOp://venturebeat.com/2013/06/24/ crowdfunding-足vs-足seed-足funding-足all-足money-足is-足not-足created-足equal/ Why Millennials Are the Ideal Target Market for Crowdfunding. (n.d.). www.crowdsourcing.org. Retrieved May 23, 2014, from hOp://www.crowdsourcing.org/editorial/why-足millennials-足are-足 the-足ideal-足target-足market-足for-足crowdfunding/31988 All images featured are under the Creative Commons license from 鍖ickr.com