Need Funding? Ask a Crowd of People!

Funding is one of the toughest areas a new business owner must tackle, whether as a creative, as a for-profit, or as a non-profit charity.

However, there is another option that is beginning to take hold since President Barack Obama signed the Jumpstart Our Business Start-ups, or JOBS, Act on April 5: crowdfunding. That refers to a network of people willing to pool their money and resources to establish funding for a start-up.

Crowdfunding began in the music industry when musicians needed to find sources of funding to get their music recognized online.  The musicians shared their projects online, created emotional connections with their fans, provided a targeted amount of money they needed to raise and gave a deadline by which they needed to raise it. Then, they invited all of their fans and connections to view the project and contribute.

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