Crowdfunding Day 2024 (US): Crowdfunding Day is observed annually on March 14 to educate organizations and startup entrepreneurs about the benefits of crowdfunding and to bring attention to its utility. It is noteworthy to mention that crowdfunding, as a concept, dates back to the 13th century. It is the practice of financing a venture or cause through the collection of modest contributions from a large number of individuals. Internet-based crowdfunding has become the norm.
Crowdfunding Day History
Since the 1300s, when affluent individuals would combine funds to finance risky business ventures, crowdfunding has existed. Additionally, the authors utilized a subscription crowdfunding model in which their works are published once they have amassed sufficient funds to be supported. Alexander Pope utilized this model in 1713 to fund the translation of the Iliad, an ancient Greek poem.
Alexander was compensated in advance for the work on the condition that one volume be published annually and the benefactors be acknowledged in the first editions of the books. In addition, Mozart secured funding to perform three brand-new piano concertos. With appreciation for the financial support, Mozart presented 176 benefactors with concert manuscripts that bore their names and his own.
The United States government lacked the funds necessary to assemble and construct a base for the Statue of Liberty in 1885; to generate the necessary funds, a tier-based crowdfunding model was implemented. Joseph Pulitzer initiated this crowdfunding initiative through his publication, “The New York World.” The newspaper, in return for contributions of $1 and $5, provided six-inch and 12-inch replicas of the statue, respectively.
Over one hundred thousand donors contributed to the campaign’s funding. Internet-based crowdfunding was initially implemented in the arts and entertainment sector. The Vegan Society successfully funded the production of the documentary “Truth or Dairy” in 1994. By capitalizing on the achievements of this endeavor, the British rock band Marillion secured $60,000. From their fan base, they funded their entire tour of the United States via online crowdfunding in 1997.
Brian Camelio, an American producer, established ArtistShare as the inaugural online crowdfunding platform in 2001. Maria Schneider, a jazz musician, secured sponsorship for her Grammy-winning album through ArtistShare. With the increasing popularity and development of the crowdfunding model, crowdfunding websites began to appear. Such platforms encompassed ‘Indiegogo’ (2008), Kiva (2005), and The Point (2008), which subsequently evolved into Groupon, Kickstarter (2009), MicroVentures (2009), GoFundMe (2010), and YouCaring (2011). Presently, crowdfunding is a substantial sector within the United States, generating an annual revenue of more than $17 billion.
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FAQs for Crowdfunding Day
Is crowdfunding effective?
Crowdfunding is effective with the application of sufficient effort, promotion, and focus. Regarding business capital-raising, crowdfunding is regarded as superior to venture capital and entrepreneur investing.
Must crowdfunding contributions be repaid?
Exactly how you intend to conduct your crowdfunding campaign will determine this. Crowdfunding founded on donations does not demand repayment. Conversely, debt-based crowdfunding, rewards-based crowdfunding, and equity-based crowdfunding all necessitate the repayment of the funds or the pledge of something in exchange, or the provision of a business share.
What is the maximum amount that crowdfunding can raise?
That depends on the type of crowdfunding you choose, which is subject to laws. Regulation D crowdfunding permits an unlimited sum to be raised from accredited investors, while Regulation A+ crowdfunding imposes a $1 million cap. An annual crowdfunding campaign of $5 million is possible through Regulation.
Crowdfunding Day 2024 (US) Activities
Crowdfund an enterprise
Do you wish to launch a business but lack the necessary capital to do so? Utilize the chance that Crowdfunding Day offers to launch a business crowdfunding campaign. To initiate the process, you must register on a crowdfunding platform that corresponds with your funding requirements. Such platforms include Fundable, iFundWomen, Kickstarter, GoFundMe, and Wefunder.
Contribute to crowdfunding initiatives
Contributions to the crowdfunding campaigns of others are acceptable if you do not have a business in need of capital. Observe ongoing crowdfunding campaigns on social media or crowdfunding platforms and contribute a few dollars to the one that piques your interest. Donating through your social media profiles to provide publicity for engaging campaigns is an additional method.
Discover what constitutes a successful crowdfunding campaign
The success of each crowdfunding campaign can be attributed to a distinct narrative. On Crowdfunding Day, you can utilize online resources about business and crowdfunding to gain knowledge about new sites and platforms for crowdfunding.
Five Intriguing Facts Concerning Startups
Half do not make it through infancy.
Around fifty percent of startups falter within their initial five years.
Virtually every Millennial desires to establish themselves.
67% or more of Millennials aspire to work for a startup.
They commence with a secondary hustle.
70% of startup founders developed their ideas while working for another organization.
They are elder than you might expect.
The age group of 50 to 59 comprises the largest proportion of startup owners compared to all other age groups.
Unicorn startups are neither magical nor uncommon.
Globally, there are more than 475 active startup unicorns, collectively worth approximately $1,394 trillion.
CROWDFUNDING DAY DATES
| Year | Date | Day |
|---|---|---|
| 2024 | March 14 | Thursday |
| 2025 | March 14 | Friday |
| 2026 | March 14 | Saturday |
| 2027 | March 14 | Sunday |
| 2028 | March 14 | Tuesday |
