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 nonprofit organizations, 'crowdfunding' is a strategic tool for raising funds for charitable activities, projects, or missions. A nonprofit manager might explain, 'Crowdfunding has empowered our organization to launch initiatives that have a direct impact on our community, expanding our reach and resources.'

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.

Creative

Scenario:

Our film has a compelling concept and potential audience appeal, but production costs are high. There are alternatives we can explore to secure required budget.

Response:

Indeed, we should explore crowdfunding. It will not only help us raise funds, but also build a community that is invested in our work.