by Silvia Gullino
Crowdfunding is the collective effort of a large number of people, who pool together a small amount of money to support a great variety of projects they believe in or expect a return from. Examples range from helping museums to commissioning artwork, to supporting new technology applied to smart clothing, from connecting communities through food ventures to producing movies.
The process of fundraising, which has recently gained popularity for a wide range of purposes, takes place online on digital platforms such as Kickstarter and Crowdcube. Here ideas get posted to get visibility and attract support. Fundraisers, in order to reach their financial target, also seek funds by setting up their own website and starting their own crowdfunding campaigns. Money is raised through different networks, often starting with family and friends and extending the reach through social media (Twitter, Facebook, Blogs, Instagram) in order to secure a wider base of support. According to the specific platform used, supporters can then receive different forms of benefits that are unique to that project: they can donate as a form of lending and returns are financial, they can donate in exchange for equity, or they can donate because they believe in the cause and don’t expect anything back. Continue reading Civic crowdfunding: a new start for micro urban regeneration?