Christopher Charlesworth, CEO and Co-founder of HiveWire, Joins National Crowdfunding Association of Canada’s Advisory Board
March 24th, 2017
Crowdfunding has emerged on the back of social media and it’s set to take the world by storm. From facilitating real estate financings to streamlining charitable donations, the versatility of crowdfunding platforms will continue to expand as more organizations harness the power of crowdfunding in their respective operations.
Since software development isn’t in the realm of most organizations core competencies, purchasing white-label crowdfunding software such as Katipult is the logical first step for the following reasons:
Note: A white-label product or service is a product or service produced by one company (the producer) that other companies (the marketers) rebrand to make it appear as if they made it.
Significant Saving on the Upfront Costs of Custom Development
Purchasing white-label crowdfunding software will significantly reduce the price tag attached to custom developing a system from scratch. Securing a reputable team with a solid track record to develop a robust platform will cost approximately $250,000. A white-label solution allows your organization to leverage a fully developed platform at a fraction of the cost. Ongoing overhead expenses such as IT maintenance, including browser updates, social integrations and mobile compatibility, will also drastically decline.
Eliminate Project/Vendor Risk of Custom Development
Even the best projects can go sideways. Finding a competent development team that can meet your vision on time and on budget is a challenge, to say the least. A project of this magnitude requires dedicated resources, which is why most organizations want to avoid custom development projects. By using an “out-of-the-box” solution, there is very little risk involved as your system will be ready within weeks. You can focus your energy on executing your marketing strategy, instead of wasting time and resources on trying to become software developers.
Enjoy a Flexible Service Level Agreement
White-label solutions are governed by software license agreements that are often very flexible, in exchange for the control over the system. The covenants in these agreements are meant to protect the white-label provider so they typically limit your organization from reselling or creating derivative products of the purchased system. White-label products are built to help your organization succeed so the agreements are realistic to that end. With that said, be sure to read anything you sign carefully and discuss with the white-label provider to ensure there isn’t any ambiguity.