Crowdfunding allows creative project owners to raise funds online from a large community of philanthropists anywhere in the world at any time. It provides a low-cost way to test projects and prove market demand without risk. Creators keep full ownership of their projects while funders engage with the project and help build its brand awareness. Examples show how crowdfunding platforms like Kickstarter streamline the fundraising process.
Kickstarter allows creators to crowdfund projects, but does not legally obligate them to fulfill rewards if the project fails. The article discusses a woman named Anita who raised $125,000 on Kickstarter for a book but it was never published. While backers feel owed the promised rewards, legally Kickstarter projects only require best efforts be made to complete the project, not a guarantee.
Kickstarter projects that receive funding have an obligation to deliver on the promises made to their supporters. While crowd-funding platforms allow creative ideas to be brought to life, backers still expect a return on their investment in the form of the promised rewards or end product. As more projects turn to crowd-funding to get off the ground, there is a debate around how accountable creators are to fulfilling their obligations when they receive funding from the public.
Crowdfunding allows creative project owners to raise funds online from a large community of philanthropists anywhere in the world at any time. It provides a low-cost way to test projects and prove market demand without risk. Creators keep full ownership of their projects while funders engage with the project and help build its brand awareness. Examples show how crowdfunding platforms like Kickstarter streamline the fundraising process.
Kickstarter allows creators to crowdfund projects, but does not legally obligate them to fulfill rewards if the project fails. The article discusses a woman named Anita who raised $125,000 on Kickstarter for a book but it was never published. While backers feel owed the promised rewards, legally Kickstarter projects only require best efforts be made to complete the project, not a guarantee.
Kickstarter projects that receive funding have an obligation to deliver on the promises made to their supporters. While crowd-funding platforms allow creative ideas to be brought to life, backers still expect a return on their investment in the form of the promised rewards or end product. As more projects turn to crowd-funding to get off the ground, there is a debate around how accountable creators are to fulfilling their obligations when they receive funding from the public.