- For purpose of study only class ALC203.
- Answer all questions of LECTURE NOTES WEEK TEN.
As the internet and social media permeates the economy and the society, new tools for improving human activities are also being developed. The establishment of crowdfunding which is a platform for fundraising involves a large number of people preferably through internet to support s projects. Some of the study questions relating crowdfunding are discussed below.
Ways in which crowdfunding is considered a ‘democratizing’ force and the parties that benefit from its emergence
Crowd funding is considered as one of the greatest democratising force due to the influence it has on various online activities that are consistently increasing. This is manifested in the manner in which it controls the media production and distribution and other related industries such as filmmaking, music, and gaming. More and more people are getting in touch with these platforms through the help of internet services. This makes a major contribution towards increased monetary income, for instance, bloggers and vloggers may introduce social sites or even video sites and entertain their supporters who benefits them financially (Olsson 2013, p.24).
Limitations and/or problems are entailed in crowdfunding practices
The potentiality of Crowdfunding and gaming context, in particular, has been associated with a lot of frustrations and anger. Internet sites such as the Kickstarter have been exploited in the recent years by some of the companies that don’t actually consider the starter funding in one way or the other. Instead, they use the site for launching their projects. Also, there some shortcomings that comes along with the people’s participation in the crowdfunding. There are increased negotiations between the financial requirements and the democratic participation. This is common in situations where false collaboration between the concerned stakeholders involved.
The democratic probability of Kickstarter is under numerous strains that undermine the challenging practices generating from the movements.
Stakeholders that have responsibility to prevent exploitation of crowdfunding in some of the ways witnessed
How might project creators benefit from a professional understanding of issues of copyright when it comes to crowdfunding campaigns
Project creators may greatly benefit from the professional understanding of the impacts of copyright and may control the situation by involving in the control of their final products. They should be the one controlling the project design and the final creation of the design to ensure that it do not fall into unauthorized copyrighters. They are also at the point of supporting their projects financially before completion. Further, the project creators will be in a position to sue those that copywriter their products in a court of law (Tapscott 2007, p.212).
Key differences in the ways prospective backers are engaged by different sites.
Various backers from Europe and Australia feels betrayed by the fact that their games are usually sold at the cheaper prize and available in retails without their consent. Other Kickstarter backers also claim that there are false monetary pledges that would ensure enhancement of games in the final stages.
My product invention and how I can brainstorm a crowdfunding campaign for it
My product of the invention is Bluetooth earphones. The earphones are wireless and enable you to play music from your handset via Bluetooth. To make my product successful in a crowdfunding market, I would probably pick Kickstarter as my platform for funding. I will use equity campaign to enable people to buy shares from my product. Secondly, I will describe my product and its benefits to draw much attention. Thirdly, I will focus on what is in for my investors and backers. This will be followed by supporter engagement before proceeding to the market outreach. After that, I will move to data perspective to monitor how my earphone products are gaining crowdfunding for its success (English, 2017)
Crowdfunding is an essential platform and can help to improve the lives of people across the world. Further, it can lead to improved production of developing projects in the media sector, business among others.
Olsson, T 2013, ‘Introduction’, in Olsson, T (ed.), Producing the Internet: Critical Perspectives on Social Media, Nordicom.
Tapscott, D and Williams, AD 2007, Wikinomics: How Mass Collaboration Changes Everything, Penguin, New York.
Galuszka, P, and Bystrov, V 2014, ‘The rise of investors: a study of a crowdfunding community,’ First Monday: Peer-Reviewed Journal on the Internet, vol. 19, no. 5, <http://firstmonday.org/article/view/4117/4072>.
English, R 2014, ‘Rent-a-crowd? Crowdfunding academic research’, First Monday: Peer-Reviewed Journal on the Internet, vol. 19, no. 1, <http://firstmonday.org/ojs/index.php/fm/article/view/4818/38