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Entrepreneurs all begin their journey with the hope to grow and expand their business into an empire, for financial gains or to serve the community through creating employment, paying taxes and by servicing a specific problem its intended users face. Bringing an innovative idea into the market is just the first step; enormous amounts of cash are required to grow the idea into something meaningful and sustainable
It wasn’t that long ago when the only two ways to accumulate funds was either by borrowing money from friends or family or by taking long-term loans from the bank. Banks still to this day consider funding a startup or a small business as a high-risk option. In most cases, banks refuse to provide funding to startups, especially when they cannot provide collateral. Similarly, it is difficult to convince someone from your family and friends to provide you with the funding due to a lot of ideas being completely new and not the old brick and mortar businesses.
The 21st century has brought massive improvements in the world of science and technology. The digital age has brought at the forefront the introduction of innovative business models which are disrupting the traditional way of doing things; one such innovation has been crowdfunding, an innovative method to help entrepreneur gather funds for innovative business ideas. If you are struggling to polish your business model, our guide to the business model canvas can be a great starting point.
Crowdfunding is an innovative method of raising capital with the help of contributions. These contributions can be made through individual investors, clients, friends, and family through social media or crowdfunding platforms. The crowdfunding method allows businesses to gather the sufficient funding needed to implement their business idea successfully. They do so by tapping in the network, gaining financial support and reaching the market for potential contributors.
Crowdfundly is a cloud-based SaaS solution, helps you to build your own fundraising platforms and lets you & your fundraisers raise funds for any purposes whether it for charitable causes or for business campaigns.