6 Aug, 2018

The history of Crowd Funding

In this article, we would like to go over the history of crowdfunding. We believe it will give our readers a better overview of what we have achieved and how crowdfunding has developed and bettered itself.
Most people don’t realize due to the existing popularity of crowdfunding as a means of securing funds, but crowdfunding has been around for a long time. It has existed since the 1700s. Alexander Pope, the poet, needed funds for his work in translating his poetry from Greek to the English language. For that, he promised to acknowledge the investors in his poetry book. Mozart offered invitations to people who helped support his concerts. Joseph Pulitzer(The New York World Newspaper) helped raise over 100k in funds for the base of the Statue of Liberty. Over 150.000 people helped fund it. Talk about a successful campaign.

Modern History

Modern crowdfunding and its history can be traced back to the 90s of the 20th century. Fans helped fund the US tour of the British rock band Marillion. They successfully raised nearly 40k pounds through an internet crowdfunding model. Later, many businesses followed this model. In the USA, crowdfunding gained traction with ArtistShare. What is ArtistShare?

It’s a website founded by Brian Camelio and it literally paved the way for crowdfunding as we know it today. They introduced crowdfunding to the general masses. Their website revolves around musicians who are looking for funds from their fans. By contributing, fans get first copies of the albums, concert or special VIP tickets to upcoming events and the likes. Notice the usage of proper investor incentives here.
The website went on to fund a Grammy-winning album by Maria Schneider for best large jazz ensemble of 2005. Fans who contributed to the album received rewards and one fan who contributed $10k was listed as an Executive producer of the album. Talk about investor incentive.

Progress

Later, crowdfunding progressed to include social funding, where your closer and wider network help you fund the project. Social funding helps startups and small businesses receive the necessary funds. It’s mostly from people who you know but wouldn’t expect to receive financial support from. Furthermore, crowdfunding no longer offers only equity rewards. Today, it’s common practice to include incentives for investors( just like we said in our blog series on tips for starting a successful campaign).

Later on, we have two new crowdfunding platforms come to life: Indiegogo and Kickstarter
Both of these big crowdfunding platforms offer their services, but at a certain price – 5% of funds raised.
We would like to take this opportunity to remind you guys that listing on our platform is currently free, but won’t be for long. So, hurry up and take your spot.
Obama signed the “crowdfunding bill” in 2012 and that has helped in reducing the regulation strain on small business. Finally, crowdfunding has become easier and faster.

The popularity gain of crowdfunding is simple to understand. It’s efficient and not as time-consuming for both investors and entrepreneurs alike. You don’t have to wait in line at the bank or other institutions or pay them commissions.

Today, we have a new revolution that is our platform – InoCoin Platform. Transactions are transparent, fast as light and the funds are secure as well as the private information of our clients and investors. We are revolutionizing the way people do business.

All you have to do is apply with us at InoCoin and you can be sure that everything you do is maximally secure, efficient and hassle-free. So what are you waiting for? Make your dreams come true or find the perfect investment opportunity for yourself on our platform: https://platform.inocoin.eu/

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