crowdfunding

Vocabulary Word

Definition

Let's say you have an idea or project, but you need funding. Where could you get the funds? In 'crowdfunding', you ask lots of people, not just one, to contribute small amounts to reach a big total.

Examples in Different Contexts

In innovation, 'crowdfunding' enables inventors and entrepreneurs to present their ideas online and raise funds from a global audience interested in supporting new technologies or products. An innovator might say, 'Crowdfunding platforms like Kickstarter have been instrumental in bringing our tech gadget to market by providing the necessary funding and validation from future users.'

Practice Scenarios

Impact

Scenario:

Our non-profit's next project requires more funding but our usual sources are over-extended. Reaching out to our network and folks who believe in our cause could be beneficial.

Response:

Yes. Launching a crowdfunding campaign may help us reach our funding goal while engaging our community directly in our project.

Tech

Scenario:

For the new tech-feature, initial investment is crucial. We have the vision but we lack financial support.

Response:

I completely agree. A crowdfunding platform could be our solution to introduce our feature to early backers and secure the needed investment.