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What is Crowdfunding?

Makers need more than a great idea, well crafted product, or solid business plan to get their companies off the ground -- they need capital. There are several ways to get funding for a business, however crowdfunding is a growing choice for many entrepreneurs out there.

What is Crowdfunding

What is crowdfunding?

Crowdfunding is a funding method where  people (the "crowd") fund personal or business projects and ideas with their own money.  They essentially make a donation to a crowdfunding campaign in order to help a particular business or venture  get the initial momentum and the push it needs. It works like this: you post your project on one of many crowdfunding sites which have a large group of users, or "potential investors", and they will fund your project (by making a monetary donation) if they are interested.  Through crowdfunding sites, such as IndieGogo and Kickstarter, individuals are influencing the world by amplifying the impact of products and voting with their dollars.

The Grommet is a natural next step for crowdfunded Makers. In fact, we've launched many products that came out of successfully crowdfunded:  Get it Right Spatulas, Skallops, and Monkeylectric (just to name a few). See them all here.

If you know of one that would be a great fit, please let us know about it in the comments below.

If you're a Maker thinking of launching your own crowdfunding campaign, be sure to check out these crowdfunding success secrets from our Maker, Sunskis, before you do.

Comments

  • David Says:

    I don't understand. How can I invest in a product to help it get to market.

  • Kevin Luxon Says:

    Great question, we are supporting a new company on Idiegogo and we share the same concerns. The DashCrab USA company needs new packaging, lower pricing, and patents. You can help simply by visiting the campaign and offering a reward.

    Kickstarter is more suitable for creative art projects like movies, music, art. Whereas Indiegogo is better suited for new products, technology, design.

  • kevin luxon Says:

    Sorry, forgot to give you the details:
    You can see the details here at:
    https://www.indiegogo.com/project/preview/f8273de2

    Personal Note: We are small family owned business, our factory is a small family business in Korea, and our US distributor is also family owned and operated. It is very difficult to succeed as a small business as Kevin says to small companies on Shark Tank, "The big companies will squash you like the little cockroaches you are." With your help, our hard work, and great ideas, we will succeed.

  • Nina Lewis Says:

    How do i get aid in listing my campaign? https://www.indiegogo.com/projects/kinkless-tangled-jewelry/x/8101865

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