What is crowdfunding?
Crowdfunding is a way to raise funds for a specific item, project, experience, or cause. This allows multiple people to contribute towards a total required amount for the item(s).
This method harnesses the power of social networks bringing people together for a common goal. Crowdfunding allows you to pitch in towards helping a friend, family, or nonprofit.
Curious about learning more about crowdfunding and how to utilize this strategy on SharePackage? Keep reading!
How Crowdfunding Works on SharePackage
We put a twist on traditional crowdfunding. Any item on a user’s ShareList can be crowdfunded.
Users looking to give have the option to contribute a certain amount of funds towards a specific item on a ShareList. Those funds are then held in a digital wallet which can be used by the ShareList owner to execute the purchase of the item once the required funds are raised.
Funds held in the wallet cannot be used to purchase any other items that are not already on the ShareList ensuring that the contributed funds are only used for their intended purpose.
Crowdfunding as a Giver
If you’re looking to give but you’re not able to purchase an entire item, follow these steps to contribute towards a ShareList!
Discover a ShareList
Find a ShareList owned by a friend, family, stranger, nonprofit, or organization that interests you.
Choose an Item
Choose the item on that ShareList that you would like to give towards. You can always give towards multiple items.
Contribute Towards Item
Give a set amount you’re comfortable with towards the item you would like to help the ShareList owner purchase.
Crowdfunding as a Recipient
Utilize the ability to raise funds from multiple people that can be used to purchase specific items on your ShareList
Choose an Item
Once you identify an item, select the crowdfund option while adding the item to your ShareList.
Receive Necessary Funds
Set a minimum contribution that users can make towards an item. These funds will be held in a virtual wallet for you.
Make the Purchase
Once you have raised enough funds to purchase the item, redeem those funds to make the purchase!
Advantages of Crowdfunding
Crowdfunding relies on the kindness of an entire community as opposed to a single person.
Harnesses the power of community
Since multiple people are pitching in, crowdfuniding makes it easier to receive more costly itemsÂ
No waiting for funds to purchase the items you want or need
Allows more people to give in smaller, more affordable amounts
Contributed funds are held in a virtual wallet in your account so you never have to deposit any money
Ready to start using SharePackage?
Create your FREE account and start giving or receiving in no time.