Crowd Source Funding – Raising $1 Million in 24 Hours
Crowd Funding site Kickstarter has set two records this week with 2 of their projects raising in excess of $1 million dollars. The first to achieve this mark was the Elevation iPhone Dock followed by gaming studios Double Fine Adventure that achieved this mark in less than 24 hours.
It is interesting to read that the creators of the Double Fine game Tim Schafer and Ron Gilbert could not raise any funding from game publishers as they were not willing to take a risk on an old school PC game. So theyturned to Kickstarter, offering investors the chance to watch the creative process and even star as characters of the game. When I last viewed the site Double Fine had raised $1.7 million dollars with 33 days left, that is 448% of their original funding request.
There are some great examples of the use of crowsourcing from raising money for charity to solving complex problems, Crowdwise in my view is one of the best fund raising sites with the tag line “If you don’t give back no one will like you”. If you are looking for more tips on what you can crowdsource then the Business Pundit has put together “50 Ways to Crowdsource Everything” that is worth the read.