Crowdfunding: A Revolutionary Change in Funding New VenturesCrowdfunding is such a recent phenomenon that very little research on it has been conducted. One study used data from the largest and most well-known crowdfunding site, Kickstarter.The study utilized data from 48,526 projects representing $237 million from backers. Of these projects, 48% succeeded in raising their goal investment. Failed projects tended to receive $900 in pledges in comparison with successful projects, which raised an average of $7,825.The projects that raised the most money were in hardware, software, games, or product design. Geography also seems to play a role in successful fundraising; for example, people proposing music projects based in Nashville are more likely to receive funds because of the cultural associations people have with Nashville. Further analysis showed that alongside social networks, the most successful Kickstarter projects included a high-quality video, and consistent communication with backers. Interestingly, the study also found that the majority of projects that were successfully funded were subject to delays; for example, of the 247 projects analyzed, only 24.9% delivered on time. Projects that are overfunded are particularly likely to be delayed because of the increase in demand and expectations.While crowdfunding is considered to be a revolutionary change in funding new ventures because it gives more people access to startup capital than ever before, the research questions the long-term implications of crowdfunding, given the high rate of products that fail to deliver on time.Critical Thinking Questions2. How would you use crowdfunding to raise funds for your own project?3. How would you ensure your product was delivered on time to meet demand and expectations?
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