Eco Green Communities has compiled useful guides to educate and inform on various popular topics. The first guide is Crowdfunding. Crowdfunding is an extremely useful tool that has been on an upwards trajectory in popularity since the mid-2000s. The idea of crowdfunding seems like a relatively new idea because of its use of technology. However, the core idea of crowdfunding has been used since the 1700s.
In early 1700s Ireland, Jonathan Swift founded the Irish Loan Fund. The fund ended small sums to individuals for short periods of time supported by over 300 programmes by the 1800s. The 'crowd' part of the funding came from wealthier citizens donations.
The first modern example came in 1997, when a rock band from the United Kingdom called Marillon funded their reunion tour from online donations from fans. The fans were eager for them to tour in the United States and raised enough money for them to do so; raising £60,000 in 6 months. The first instance of modern crowdfunding is a great example of power in the individual. A small sum from an individual, alongside other individuals can create change.
The first dedicated crowdfunding site, ArtistShare launches in 2001. Over the years, more platforms are launched including, Indiegogo in 2007 and Kickstarter in 2009. There are now a plethora of crowdfunding platforms with Gofundme and Crowdfunder. They all operate in different ways offering donation based funding, reward based funding and others.
Crowdfunding is continuing to evolve and grow, with alternative finance in 2015, reaching over £2.5 billion in the UK. There is an exciting opportunity for small businesses to grow and develop with the help and support of crowdfunding. Click on the button below to read our up to date guide on the various types of crowdfunding and how it can help your business!
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