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Crowdfunding isn't all about the money - part II
Got a business idea? Interested in starting your own business?
One of the biggest barriers to entry for entrepreneurs in today’s economic climate is that of funding. Capital is often the fuel required to propel a business into being, but is also often the scarcest of commodities.
Today’s entrepreneurs are quickly adopting the innovative funding options available to them and, increasingly, this takes the form of crowdfunding.
Presenting a new idea or initiative to the bank more often than not results in outright ineligibility, or rejection, after application.
This is where crowdfunding can help. Often overlooked, however, are the additional benefits that harnessing the ‘power of the crowd’ can offer.
Fast-track your start-up...
It’s not all about the money, crowdfunding can also accelerate the start-up process, enabling companies to get from A to B more efficiently and effectively.
Many start-ups fail before they achieve sufficient traction to deliver longevity. Some refer to this as being the journey through ‘death valley’ – that is to say, the time elapsed between concept to securing funding to launching the product or service.
Using crowdfunding to generate bridge funding can greatly accelerate this start-up process and elevate your market response time and chances of adoption and establishment, particularly in areas or economies which are underserved by traditional capital sources.