People are always looking for the next big item, thus crowdsourcing platforms like Kickstarter are growing increasingly popular. Your company concept might be just what someone has been hoping for. Whether you’re into game creation or inventing the next-generation wearable, crowdsourcing platforms can help you discover investors for your ideas.
6 Best Crowdsourcing Sites to Fund Your Business Idea in 2022
Kickstarter is certainly familiar to you because it was one of the first successful crowdsourcing platforms to emerge. With the aid of millions of backers, our platform has helped launch over 210,000 projects. It’s one of the most comprehensive and diversified fundraising tools available. Kickstarter is one of the best options since it has access to millions of potential investors.
A reward system is built into Kickstarter projects. To begin, you provide numerous incentives to your backers in return for their financial support. You may build reward tiers that include everything from a personal thank you to a t-shirt and even unique things. For a significant commitment, an author can, for example, give the unique prize of naming a character in their novel after the supporter.
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However, Kickstarter is an all-or-nothing proposition. You must establish a goal and achieve it; else, you will be unable to access your cash. Your backers will receive a refund if you do not meet your fundraising goal. Make sure you start networking as soon as possible so you can build a base of followers and admirers.
Patreon might be the right crowdsourcing site for you if your business plan involves any kind of content creation. Patreon is distinct in that it focuses solely on creators. Fans can crowdfund visual artists, writers, YouTubers, and musicians on this platform.
You don’t have to wait until the end of the funding campaign to access your funds, unlike other crowdsourcing sites like Kickstarter. Your customers can either pay a monthly subscription in exchange for certain benefits or services or pay per creation. If you’re a writer, for example, a patron could pay on a monthly basis to read your work chapter by chapter as it develops. Set different payment tiers to provide exclusive content, branded goods, and other rewards.
Because of its popularity and crowdfunding system, Indiegogo is frequently compared to Kickstarter. When you first look at it, it might look like Kickstarter under a different name, but it comes with a few unique options. You can also set up a crowdfunding campaign on both platforms if you have enough time.
You can start a fundraising campaign on Indiegogo with a specific goal in mind. This means you must complete the goal by the deadline in order to receive the funds. Does this ring a bell? Indiegogo stands out because of its flexible funding options. Instead of an all-or-nothing goal, you can set up a flexible funding goal.
When you know you can deliver your product or service even if you don’t reach your goal’s set amount of funds, the flexible option is ideal. Instead, you simply use the funds as a source of funding.
Furthermore, even after the campaign is ended, you can continue to raise funds. If your company goes through several stages, such as design, testing, and final manufacturing, this is helpful.
4. Crowd Supply
It’s refreshing to see a crowdfunding site dedicated to hardware in a world of intangible apps. Crowd Supply is exactly what it sounds like. It contributes to the funding of hardware projects that are frequently overlooked due to the software development craze.
Crowd Supply is the best place to go if you’re a designer or engineer looking for funds to create a useful product like a LiDAR camera, an innovative keyboard, or a special motherboard for robots. Because everyone is only interested in hardware, choosing such a focused platform allows you to stand out from the crowd.
However, launching your campaign on this site is a little more difficult than on other platforms. Crowd Supply is looking for goods that are both unique and practical. To submit to the Crowd Supply campaign manager, you must first have a functional prototype. They’ll decide whether your idea matches the platform based on how you respond to any of their queries.
Fundable is a crowdsourcing platform that assists entrepreneurs in turning their company ideas into reality. Only US companies are now eligible to apply, so if you’re not from the US, you should look into one of our other suggestions.
There are two fundraising possibilities available via Fundable. You can raise money by selling your products or services, or by providing investors equity in your firm. Fundable suggests the first option for entrepreneurs seeking less than $50,000 in funding and the equity option for those seeking more.
Fundable is a fundraising method that is comparable to the traditional method. You must provide a business strategy, a track record of consistent development, and the greatest pitch you can generate to possible investors. The disadvantage is that you’ll have to pay $179 every month to start the campaign, whereas you’ll only have to pay a fee once you’ve raised funds on other crowdsourcing sites.
SeedInvest is a site that is similar to Fundable in that it is an equity crowdsourcing platform. Investors who want to buy stock in your company are your backers. They’re not merely admirers or supporters. They’ll have a stake in your business. So, before you spend time setting up your campaign, think about what that means.
Since 2012, SeedInvest has aided startups by building a network of over half a million investors. You’ll find both ordinary people and accredited investors looking to fund the next big thing. You’ll need to submit an application, go through a screening procedure, and then start your campaign if it’s approved.
It’s worth noting that the majority of the companies that receive investment are in the technology and eCommerce sectors. If your product or service does not fit into one of these categories, you should concentrate your efforts on alternative crowdsourcing platforms.