Guest author: Andrew Weir
Broadly speaking, crowdfunding is about using the Internet
to ask regular people to help fund you project or idea. There are a number of
different models for this. The most globally prevalent model right now is
donation-based. For a benefactor
in a donation-based system, it is about being willing to pay in advance for a
product or project that you believe in. In most cases, donators will receive
the product in exchange for contributing.
You asked how cowdfunding relates to social media. The most notable platforms in North
America right now are IndieGoGo and Kickstarter. They’re social in the sense that users log in,
browse, discuss and ask questions before decided to donate or not. People
looking for funding often include videos explaining their project. On some
platforms (though not necessarily all), a project must have reached its funding
target before any money is released. If the target is not met, no money is
transferred.
What we’re talking about today is the next generation of
crowdfunding: Crowdfund investing. Recently made legal in the united states and
already available in other geographies, it takes the crowdfunding model a step
further by allowing people to invest in companies and ideas in exchange for
equity.
What this is about then is opening up new ventures and ideas
to the capital and wisdom of the crowds. It is social in the sense that
business plans and project ideas need to be able to stand up to the scrutiny of
the social network. If one potential investor questions the logic or
sustainability of the plan, the person or group seeking investment is going to
have to adequately defend themselves to the entire crowd or fail. And its important to remember
that the crowd is diverse – the scrutiny will come from people of all different
expertise and interests.
You asked about job creation. New ventures are a crucial source for new job
creation. In the US for instance, of the
modest increase of 119,000 jobsin April, only 4,000 of those came from big
firms. Half of those new jobs came from small businesses and startups. We have established that it is anything by easy right now in Canada to obtain funding through
banks or VCs. Opening up crowdfund investing provides these new and innovative
companies with the funding they need to grow.
Click here for our Whitepaper on Crowdfunding in Canada
For more information and to access our petition, visit the i-Canada page.
Click here for our Whitepaper on Crowdfunding in Canada
For more information and to access our petition, visit the i-Canada page.
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