What is Crowd Funding?<br />Also known as crowd financing, or crowd sourced capital<br />It is a collective cooperation, and trust by people who pool there money and other resources together, to support efforts initiated by other people or organizations.<br />
In other Words:<br />Crowdfunding is a whole bunch of people giving you a little bit of help financing your project (artists or otherwise)<br />It is a form of charity or donation that uses social media, online communities, and micropayment (paypal).<br />
History:<br />In 1602- VOC (Dutch East India company) was the first to offer shares, through the first stock exchange: the Amsterdam stock Exchange. They offered shares to share the financial risk of dangerous and expensive journeys to the East.<br />1997-A British Rock group “Marillion” was the first to start crowdfunding in the music industry by gathered $60,000 to finance their US tour from fans.<br />
History: (cont)<br />2003- ArtistShare, started formalizing “fanfunding” to let fans pre fund an album for artists.<br />2004- microcredit platform KIVA opened it’s doors and is now one of the most successful crowdfunding platforms, having raise over $165 million through crowdfunding.<br />2006- SellaBand copied “fundfunding” with a twist, where everyone start raising funds to record an album.<br />
Examples:<br />A government that asks citizens to pay taxes is using crowdfunding model to finance public goods.<br />Kickstarter<br />Rockethub<br />Quirky<br />Fundbreak<br />CatWalkGenius<br />Fan Next Door<br />IndieGoGo<br />Cofundos<br />Profounder <br />
References:<br />Crowdsourcing.org, A History of Crowdfunding. Retrieved April 10th 2011, from http://www.crowdsourcing.org/document/a-history-of-crowdfunding/3169<br />UluleVox, A brief History of Crowdfunding, Retrieved April 10th 2011, from http://vox.ulule.com/a-brief-history-crowdfunding-1-1097/<br />Wikipedia The Free Encyclopedia, Crowd Funding, Retrieved April 10th 2011, from http://en.wikipedia.org/wiki/Crowd_funding<br />
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