Crowdfunding harnesses the power of social networks and the internet to give people the means to raise funds, help others overcome hardship, and meet aspirational goals. The core principle behind the crowdfunding definition is that you can help a friend or help an entire community. You can do everything from pay for your own surgery to fulfill a student’s dream of attending college—and so much more.
If you’ve ever found yourself wondering, “What is crowdfunding?” “What does crowdfunding mean?” or, “What are the benefits of crowdfunding?” then keep reading. We’ll answer your questions about crowdfunding and give you top tips on how to bring in donations.
The rise of crowdfunding
In recent years, crowdfunding has transformed the traditional fundraising landscape, breaking down barriers between those in need and those available to help them. Crowdfunding has made it possible for people to offer direct support to those who need emergency financial assistance, contributing to the larger trend of individual giving. In 2019, charitable giving by individuals grew by 4.7% for a total of $309.66 billion, outpacing giving by both corporations and foundations.
People often turn to crowdfunding when they can’t afford the rapidly increasing cost of medical care, or when they lack insurance to cover major medical procedures and have to pay for out-of-pocket costs. In fact, enormous medical bills are responsible for 66.5% of all bankruptcies in America.
What are the advantages of crowdfunding?
When funding from the government and nonprofits falls short, many people turn to crowdfunding, meaning that they will rely on the kindness of their community. Online fundraising removes the traditional barriers that typically exist when asking for support, making it simple to overcome financial obstacles quickly or raise money for a worthy cause. For those looking for crowdfunding basics, here are some of the main advantages of crowdfunding:
- There is no application process.
- There are no long wait periods to receive your funds.
- Crowdfunding takes the fear out of asking for financial help. It’s simple to share your fundraiser with your network of friends and family members on social media.
- Crowdfunding makes it easy to reach people outside of your network.
Below, we answer the questions people most often have about crowdfunding when they’re trying to decide if they want to start an online fundraiser.
How is crowdfunding on BVI Paradise different?
We empower people to rally support for personal and charitable causes. We built our reputation by serving and supporting our community of organizers and donors, and we continue to build on that trust every day.
How it works
Our industry-leading fundraising tools help individuals, groups, and organizations share their stories far and wide. Even small donations can eventually grow into something extraordinary.
1.Create your fundraiser
2.Share your fundraiser
Our sharing tools help you spread the word about your story via social media, emails, and even text messages. We make it easy to keep your network informed so you can raise more money quickly.
3.Easily accept donations
BVI Paradise Crowdfunding allows you to send donations directly to your or your beneficiary’s bank account, so you can get help right away