Crowdfunding

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Have you heard about crowdfunding? If you are interested in creating your own company and the only obstacle between you and your dream is money, this subject will be really interesting for you. Crowdfunding is the practice of obtaining funds from a large amount of people through the internet.

This practice is a model of collective cooperation based on a community with a common goal. People can donate a small amount of money to support a cause they believe in, such as the production of a play, movie or a book. It can also be raising money for a good cause, a foundation that helps endangered animals for instance.

This model has been used to fund for-profit projects and there are two main types:  

  • Reward-based: the leaders of the project presell a product or service to be able to launch a business without incurring debt.
  • Equity: the people who provide the money (backers) receive shares of the company.
According to Forbes , the crowdfunding industry achieved $16 billion dollars in 2014 and The World Bank estimates that by 2020 it will reach $90 billion.

Vocabulary:

  • Collective: An organization or business that is owned and controlled by the people who work in it.
  • Support: To help someone, especially when they are having problems.
  • Endangered:  Used to describe animals and plants that may soon be extinct.
  • Backer: Someone who supports a person or plan, especially by giving money.

Recommendations:

Create a business project and write down your plan to reunite a massive amount of money through crowdfunding.

Questionnaire:

What type of business would you be backer?

Welcome to this activity. Take note of all the pink words, read the text, watch the video and answer the question in the comment section below.

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