What is Crowdfunding? How does One Crowd Fund? From Where?

A friend of mine has this brilliant idea on how to set up a project with young people and creating thousands of jobs ALL over the country but he is short of cash so he approaches me for a loan and finds me at a slow cash flow situation.

Initially I ask him to write a proposal and seek funding from an institution. I did NOT specify what kind of institution. Hours later I suggested that maybe he could seek out an NGO as they do NOT need collateral and are willing to support a good project. In fact I told him that there is plenty of money ALL over by organisations that are willing to be involved in Youth Job Creation projects. The County governments would surely be willing to support such a project and infact the state Government would be ready to listen. Money is therefore NOT really a problem, the question is WHERE is it?

The next morning, I am online tweeting and somebody tweets about crowd funding and I thought to myself, we are Both in Online Business and therefore, the Internet should be like the first place to seek funding!

That is where the idea of Crowd funding grew from!

So, what is crowd funding? The definition given on Wikipedia (http://en.wikipedia.org/wiki/Crowdfunding) is

"Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet.^[1] One early-stage equity expert described it as “the practice of raising funds from two or more people over the internet towards a common Service, Project, Product, Investment, Cause, and Experience or SPPICE.”<sup>[2]

So, although fundraising is usually raised from more than one person especially in Kenya using "Harambee". This particular fundraising is done on the internet and it could be done for almost anything even for painting your house!

Many people just send small small amounts until you get the amount you require or until the specified fundraising period expires. There are many platforms used for Crowd funding. Some of those that I recommended to my friend include:</sup>

                      

1. ^{Kickstarter.com}
2. ^Causes.com
3. ^{Youcaring.com}
4. ^{Indiegogo.com}
5. ^{cheetah-fund.org}
6. ^babandu.com 

^{and many others. There is even a list for the "}Top 10 Crowdfunding Sites by Traffic Rank"

There are recently even some Bitcoin Crowd funding  sites like coinfunder.com,
https://bitcoinstarter.com/, www.crowdfundinsider.com among many others! 

 Bitcoiners are highlighting Crowd funding as one of the activities that will work very well using the Bitcoin Currency and the Bitcoin Technology.

Crowdfunding means Just that, Crowd funding and it therefore requires large numbers of people to be involved as each gives very small amounts. The Bitcoin Community therefore needs to growm much bigger in order to bring this to the mainstream. They have done really well on some well publicised projects BUT I am NOT sure that my friend in Kenya can effectively use any Bitcoin Crowd funding platform to raise the approximately $1,000 for his project in the next 10 days Or is there?



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