{"id":4556,"date":"2012-08-24T06:57:48","date_gmt":"2012-08-24T11:57:48","guid":{"rendered":"http:\/\/www.ict-pulse.com\/?p=4556"},"modified":"2012-08-30T16:28:40","modified_gmt":"2012-08-30T21:28:40","slug":"5-tips-crowdfunding-finance-big-idea","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2012\/08\/5-tips-crowdfunding-finance-big-idea\/","title":{"rendered":"5 tips when considering crowdfunding to finance your next \u201cbig idea\u201d"},"content":{"rendered":"

Entrepreneurs, especially in the tech community are continually looking for financing options. Crowdfunding should be one of them. Here are five tips when considering crowdfunding for your next project.<\/em><\/p>\n

\"http:\/\/www.freedigitalphotos.net\/images\/agree-terms.php?id=10069264\"<\/a>Since our post, Sourcing from the crowd: a look at crowdsourcing<\/em><\/strong><\/a>, crowdfunding has been gaining popularity as a preferred means of financing projects and even businesses. It is especially popular among existing and prospective entrepreneurs: those who are hoping to develop an idea into a business, and those who might already have a business going but need financing to take it to the next level \u2013 whatever that might be.<\/p>\n

Crowdfunding is a means of securing donations, primarily financial donations, from numerous persons (the crowd), under the premise of obtaining small individual contributions towards a larger monetary target. Outside of commercial banks, typically, there are limited funding options, especially in the Caribbean, that would be amenable to supporting an untested idea, or a situation that might be considered \u201chigh risk\u201d. Crowdfunding could be a viable alternative, and a number of websites have emerged that specialise in this approach, such as Kickstarter<\/a>, Indiegogo<\/a> and 33needs<\/a>. This post highlights five considerations should you wish to use crowdfunding, especially when your requirements cannot be established through one of the established platforms.<\/p>\n

1.\u00a0 Clearly establish or understand the process through which financing can be secured<\/h3>\n

\"http:\/\/www.freedigitalphotos.net\/images\/agree-terms.php?id=10018484\"<\/a>On established crowdfunding platforms, it is likely that a clear process has been established, but as a prospective user who is depending on that channel to finance your venture, it is critical that you fully understand how the platform works; its requirements, conditions, and of course, the fine print. For persons in the Caribbean, it is also important to ensure, inter alia,<\/em><\/p>\n