Is crowdfunding the same as giving cash
What is crowdfunding?
Crowdfunding relies on one attractive and effective marketingto attract private investors. Because this form of funding is on Basis of trust the promise to potential donors must not be too unrealistic, but at the same time it must be so inviting that donors are willing to invest in a project that has not yet been implemented. Hence the transparency crucial in crowdfunding. By continuously keeping your donors up to date with the latest developments in your project, you strengthen the relationship of trust with your donor base on the one hand and attract new donors on the other. Eventually, other prospects will see that you are actually doing promising work and will be more willing to donate too.
Crowdfunding often has one Snowball effect - the most successful projects include go viral in social networks. This sometimes even results in hypes, and these sometimes lead to impressive financial resources for a project. However, this is not the rule. Yet crowd finance projects often attract a surprising number of volunteer donors. Most crowdfunding platforms show the amount of money that has already been raised. By making a project manager financial goal the donor base can always track the success of the crowdfunding campaign. It can also be called Milestones determine: the more money is taken, the more promises about the end product are possible. These milestones are then often above the financing target, so that the project reaches a larger framework for them than originally planned.
In addition, as a project manager, you can select your donors depending on the amount of the donation made reward. It is customary to make certain promises to more generous donors, e.g. B. a free copy of the end product, a premium version, an entry in the "Credits", special merchandise, admission to a special "VIP Club" and much more. m. Donors often receive a certain amount of value for their donation before the project has been successfully completed.
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