Crowdfunding - Does It Really Work?

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Crowdfunding, the practice of funding a project or venture by raising monetary contributions from a large number of people, is a form of crowd sourcing and of alternative finance. In 2015, it was estimated that worldwide over $34 billion were grossed through crowdfunding. In order to launch a long desired project, many people try to raise enough capital through this method. However, most people fail to gather enough money. This can be because of multiple reasons. Here are a few:

  • You don’t know your target audience
  • Your project isn’t interesting enough
  • You don’t sell or present your project good enough
  • Lack of concept

Here are two examples of projects, which were supported by crowdfunding. The first one proves that the project doesn’t even have to be beneficial for society. Your project can be something just for yourself. You’ll just have to promote it well enough and be very good in getting people to bet on you. The second project is a business idea. The founder explained a lot about the idea and made people believe that the concept works. The results prove the rest. Bug-A-Salt ships to all 50 states and raised almost 39 times the amount they set as goal.

1. Kurt Braunohler’s Cloud Project

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In order to write something in the sky, Kurt Braunohler needed to raise $4,000 for his project. What started as a “stupid dream” turned into reality. Here’s one of his most notable messages: Clouds 4 EVAGod’s Fartin’, and How do I land?

Goal: $4,000

Raised: $6,820

2. Bug-A-Salt

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Lorenzo Maggiore created Bug-A-Salt, a miniature shotgun for killing flies and other pesty insects using table salt for ammo. The specific weapon requires no batteries or toxic chemicals and has an accuracy range within three feet for a clean shot that will keep the bugs intact for easy clean up.

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Goal: $15,000

Raised: $577,636

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Co-founder, Editor and Head of Marketing of SuccessField

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