CrowdFund Newbie: My Brother’s Keeper: Why Do We Crowdfund?
By Ambrose Moses, III
When asked what crowdfunding is, many people respond, “I’ve heard people talking about it, but I don’t really know what it is.”
Crowdfunding provides “the crowd” (i.e. groups, teams, families, communities, schools, friends, churches, and organizations) with an easy way to support goals and activities that are of interest, importance, and value to the crowd.
Crowdfunding is similar to “passing the hat” in the office, “passing the plate” at church, or buying Girl Scout cookies from your niece. By participating in these activities, we are personally contributing to a common goal of helping someone else who is in need.
With crowdfunding, individuals, businesses, or small groups are able to make their needs and goals known to their friends, family, and social groups (i.e. their network). Their network, through the small contributions, donations, or investment of each person in the network, can support and help the one raising funds.
Someone may ask, “Why would I contribute to a small crowdfund campaign?” Why do you drop a dollar in the hat at the office? Why do you drop $5 in the special offering plate at church? Why do you buy 13 boxes of Girl Scout cookies when you don’t even eat cookies?
You do these things because you care and you are your brother’s keeper.
Simply stated, crowdfunding allows people who care an opportunity to support and help others. Crowdfunding is a two-way street. It requires good ideas, projects, and initiatives. It also requires individuals who are supportive and willing to be part of “the crowd”. Without that participation, crowdfunding fails. Without that participation, many worthwhile ideas, projects, and initiatives fail.
Are you your brother’s keeper?
For more information on Crowdfunding, contact OBDC at OhioBusinessDevelomentCenter.com or 614-285-6234.
