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What is CrowdFunding All About? - - CFP

posted Apr 3, 2013, 3:24 PM by Andrew Manzo   [ updated Apr 5, 2013, 4:20 PM by David Khorram ]
    Crowdfunding is a way of using technology to bring together like-minded individuals to donate, lend or invest money to support a cause, business or project.

    The term Crowdfunding describes the activity by which a ‘large’ number of individuals give money to one distinct activity within a given time scale. The most famous example of this is the Obama presidential campaign with over 2,379,102 supports on Facebook and over 100,000 followers on Twitter. The sum raised by Obamas small givers (those who donated $250 or less) through January 2008 was $47 million.

Why are we different?

    Existing 'crowdfunding platforms' simply provide a window onto your business, but it is entirely up to you to do the research, the creative campaign and create a buzz to attract your crowd. All of which need skills, time and capacity, which is why about 60% of projects who go on a site fail.

    We truly believe that crowdfunding works given the right preparation and circumstances. SoLoCo is using crowdfunding to improve the visibility and traction of a business. Effectively it is your marketing tool to drive new customers to your business, or to purchase your new products, and we provide the service to make it happen. Not only that, once the crowdfund is finished, we want you to remain in touch with your funders, so we provide aftercare support too, thus increasing the potential for longer term sustainability.