Crowdfunding is not just a clever coinage of two words anymore. It is also not just a buzzword. Crowdfunding has become a trend for quite some time now and today it is cutting across industries and being endorsed by erstwhile traditional thinkers as well. In a rapidly changing world when everything is up for grabs, those will be the losers who don’t endorse revolutionary ideas and harness their potential.
Crowdfunding has been frowned at by many, especially by conventional backers and traditional businessmen and businesswomen. Only the brave-hearts and the innovators had tried their luck with crowdfunding. But that would be glorifying the endorsers of crowdfunding. In reality, it was those people who did not have a choice that opted for crowdfunding and were not disappointed. If you thought crowdfunding was unviable or would lead to disappointment, then you should check the Crowdfuding Statistics.
The phase of doubting the potential of generating funds from a large pool of ordinary people or those who have very little vested interest in a product is over. The Crowdfunding Statistics clearly indicate that it is now more than a trend. It is not just a select group of individuals who express interest in such endeavors. It is not just a few entrepreneurs, rather aspiring entrepreneurs, who eventually knock the door of crowdfunding initiatives to get some funds. Also, the statistics clearly show that it is no longer a game of a few dollars or at best a few hundred bucks.
Crowdfunding is becoming bigger by the day. With more than $5.1 Billion generated in 2013 which is only the reported estimate, and there could be many unaccounted or unreported cases as well, crowdfunding is certainly coming of age. Over the last three years, many significant projects and ventures have been funded with the help of crowdfunding initiatives. Albeit there have been some duds and disappointments but that happens with venture capitalists and angel funding as well. In that sense, crowdfunding itself doesn’t have a unique fallacy. On the contrary, crowdfunding has made way for much more freedom for the developers, innovators, founders and aspiring entrepreneurs.
With the latest crowdfunding statistics for the first half of 2014 yet to come in, one can only hope for an even greater surge in the numbers than the almost hundred percent growth that the funds showed from 2012 to 2013. If crowdfunding can generate more than $10 Billion this year, the concept will certainly be bigger than the next big thing.
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