Crowd Funding is where lots of people contribute small amounts of money to fund a creative project or product they like. In my case it’s my new Café Mantra Music CD.
Firstly a funding target must be set which is an amount that allows for the project to be finished and released into market. Then a time frame is set allowing for the pledges to come in.
Supporters of the project make a pledge (to suit their budget) and in return receive a reward of the new product (ie my CD) as well as other gifts for their generosity.
If the target is not met in the time frame, then the project can’t go ahead as it won’t have enough funds to complete. At this point, no one receives the new product and no funds are collected from the credit cards
If the target is reached within the time frame, then happy days! The product is made, the $’s collected and the rewards are distributed.
Want to help me release my new cd?