Considering crowdfunding? Take time to do the research first.
One of the earliest examples of crowdfunding occurred in 1884 when funds ran short for building the Statue of Liberty’s pedestal. The publisher Joseph Pulitzer used his newspaper to appeal to Americans to donate the money needed to complete the pedestal’s construction. Over $100,000 in six months was raised from more than 125,000 people.¹
But it took the Internet to truly put the wind in the sails of this unique form of fundraising. One study found $16.2 billion was raised worldwide in 2014—a 167% increase from the previous year. The same study forecasted that $34.4 billion in global crowdfunding would be raised in 2015.²Read More