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Prior to the revolution of the World Wide Web, entrepreneurs with big dreams would have to jump through hoops to secure funding from venture capitalists or bank loans, and local community projects would have to source cash donations or government backing to achieve their goals. Crowdfunding at its core means enabling anyone with a computer and an idea, to see bring it into fruition. Fundraising is a lucrative industry and now, blockchain technologies are taking the market to new heights, as well as shoring up inefficiencies and risks posed by previous models.
Now, crowdfunding has gone above and beyond expectations and is an extraordinarily popular choice for entrepreneurs and investors; Online statistic, market research and intelligence portal Statista reported in 2014 that globally, crowdfunding platforms had generated 16.2 Billion USD, that number was set to double by 2015.
The Problem with the Current Model
More recent reports have forecast a 16.96% decline between 2017 and 2021 in the market size for crowdfunding the report says that one of the major reasons for the decline comes down to the rather tedious and painstaking task of getting several crucial points correct. According to crowdfunding site Peerbackers, projects typically miss the mark during the build-up and campaign periods of funding.
Marketing, preparation, press relationships, overly ambitious funding goals and lack of project experience tend to be the causes for project failure. Many of the crowdfunding platforms also charge large fees and fail to incubate projects with effective delivery and launch systems. Further to this
