Why Should I Crowdfund?

Posted: Mon, 18 March 2013 by Cara

Crowdfunding is a new revolutionary form of funding, and is really very simple – tell people about your great idea and ask them to back you in return for a reward. So all you need to do is sell yourself and your idea, and offer cool, unique rewards. There’s no criteria to meet, it’s open to anyone and gives everyone the same chance to shine.  Your idea could be for a business, a social cause or a community project and the crowd will decide if they like it enough to give you the cash to do it!

Still unsure? There’s loads of reasons why crowdfunding could be perfect for you but we’ve listed our 10 top reasons below.

10 Reasons to Crowdfund

  1. You’re enthusiastic and passionate – this might not work for banks, but it’s brilliant for crowdfunding
  2. You want to raise awareness of your idea/cause – crowdfunding is a fantastic platform for building an engaged community who will spread the word
  3. You want to test your idea –you can  talk to potential customers and see if they like your concept
  4. You need cash quickly – you can run your project on Bloom for 30, 45 or 60 days so if you’re successful, you’ll get the money at the end of your campaign
  5. You aren’t eligible for other types of funding – we don’t apply selection criteria, so anyone can do it
  6. You like to experiment – crowdfunding is a cool new form of funding, why not give it a go just for the experience?
  7. You need a few rounds – you can break your target down, and come back as many times as you like
  8. You’re worried about failure – at Bloom, we offer one-to-one support, and if your project fails, we can work out why and you can try again
  9. You’re not ready for investment – there are no barriers or criteria, so it doesn’t matter if you’re just starting out
  10. You have a bad financial/credit history – no need for business plans or financial statements!

So we’ve given you the lowdown on crowdfunding, and hopefully now your question isn’t ‘why should I crowdfund?’ but ‘why not?’ We would love to hear from you, so please do get in touch at michelle@bloomvc.com or cara@bloomvc.com

(Image courtesy of www.nathanmagnuson.com)