Crowdfunding for Independent Parties

A. R. Baghirzade and B. Kushbakov

Papers from arXiv.org

Abstract: Nowadays there are a lot of creative and innovative ideas of business start-ups or various projects starting from a novel or music album and finishing with some innovative goods or website that makes our life better and easier. Unfortunately, young people often do not have enough financial support to bring their ideas to life. The best way to solve particular problem is to use crowdfunding platforms. Crowdfunding itself is a way of financing a project by raising money from a crowd or simply large number of people. It is believed that crowdfunding term appeared at the same time as crowdsourcing in 2006. Its author is Jeff Howe. However, the phenomenon of the national funding, of course, much older. For instance, the construction of the Statue of Liberty in New York, for which funds were collected by the people. Currently, the national project is financed with the use of the Internet. Author of the project in need of funding, can post information about the project on a special website and request sponsorship of the audience. Firstly, author selects the best crowdfunding platform for project requirements and sign in. then he or she creates and draws up the project. The project that is created must correspond to one of the categories available for selection (music, film, publishing, etc.). If you create brand new product, it is necessary to submit the draft-working prototype or sample product. A full list of design rules for a project can be viewed directly on the site of crowdfunding platform. While calculating the cost of project it is necessary to take into account the cost of realization the project, reward for your sponsors, moreover commission of payment systems and taxes. The project is considered successfully launched after it gets through moderation on website.

Date: 2021-03
New Economics Papers: this item is included in nep-cwa, nep-ent, nep-pay and nep-ppm
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