One of the latest buzzwords woven through websites is “crowdfunding”. Crowdfunding is the financing of projects by many people and/or organizations, usually via the internet and its social media outlets.

Crowdfunding isn’t an inherently new idea: people have been raising funds from friends, family and colleagues for their projects since the advent of currency. The internet’s new social media dimension allows people to raise money not only from thos e in their personal network, but people they haven’t ever met.

There are two types of crowdfunding: donation crowdfunding, which allows funds to be contributed in any amount, often for a reward or perk at a benchmark-level of donation, and investment crowdfunding, which returns equity in a business or project to the funder so the investors can potentially earn a return on their investment.

The internet is replete with crowdfunding sites where potential investors can browse projects and causes needing funds. The wealthy grandfather of them all is Kickstarter, which has brought more than $750,000 to some projects. Kickstarter is not for every need, however: projects on kickstarter must be creative in nature. Kickstarter has become an effective underwriter of many fine art initiatives while public funding for the arts is languishing.

Crowdfunder marries business interests with corporate responsibility, helping only businesses whose product has a socially responsible goal. These businesses can create products or services, and technology startups that are socially conscious can apply too.

Crowdrise specializes in charitable donations. If you don’t want gifts for your birthday or wedding for example, you can create a Crowdrise page requesting that your well - wishers make donations online to your favorite cause or charity.

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Do you have a lucrative business idea you want to finance in Nigeria? These are the most ranked crowdfunding websites in Nigeria for business owners and entrepreneurs.

https://invoice.ng/blog/best-crowdfunding-sites-in-nigeria/