Putting yourself, your ideas and your projects out into the world and subjecting them to the possibility of public scrutiny is not the easiest pill to swallow for a lot of people, and failure can be hard to accept. The over 300,000 unsuccessfully funded projects on US crowdfunding platform Kickstarter are no exception to the crowdfunding industry. Many crowdfunders fail to get the backing they require from investors but that isn’t to say that there aren’t a lot of successfully funded projects emerging from the crowdfunding arena. The concept of crowdfunding is growing all over the world, as is the growth in the number of platforms on which entrepreneurs can get their ideas funded.
When embarking upon a crowdfunding campaign, it is important to have a solid plan in place. As failure of a campaign by not reaching the financial goal can go some way to changing the public perception of the project, business and online-reputation of the company before it even has a chance to get off the ground. However, with the economic climate the way it is, crowdfunding has been widely praised as a good alternative to the conventional methods such as lending from banks or finding accredited investments.