Global fintech and funding innovation ecosystem

Ten reasons why more women are turning to crowdfunding

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The Globe and Mail | Sumari Macleod | March 7, 2014

women and crowdfunding 300x221 - Ten reasons why more women are turning to crowdfundingCrowdfunding represents a global market estimated at $3-5 billion (U.S.), based on a tally of dollars contributed to crowdfunding projects in 2013 (source at bottom). And that number’s only getting bigger according to a January report by TD senior economist Sonya Gulati.

For women entrepreneurs who plan to spend this year’s International Women’s Day pondering their next business idea, crowdfunding platforms like Indiegogo, Kickstarter, and RocketHub can help turn these dreams into reality. Here are ten reasons why:

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1. It validates. Success in crowdfunding attracts investors. Toronto-based InteraXon, led by Ariel Garten CEO, received $6-million from OMERS and other Canadian funders after raising $300,000 on Indiegogo for her brain‐sensing headband MUSE.

2. It informs. The span of a campaign can reveal exactly what your customers want and how best to give it to them. Sizes, colours, functions? Your customers tell you what they want. Beyond facts, running a campaign will teach you how to manage media, market demographics, and pressure like a pro.

3. It's simple. A crowdfunding campaign doesn’t require a huge loan or venture capitalist backing to get started. Just a computer and a product or service worth buying. And no need to move to the big city first.

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4. It's fast. The average crowdfunding campaign runs between 30 and 45 days. In just over a month you’ll know whether your project is a hit or miss.

5. It's friendly. Walking away with the capital is great, but making friends along the way has value too. Isabel Hoffmann, CEO of Tellspec, used crowdfunding for their device which analyzes the chemical content of food. “The community and the platform were amazingly supportive. I’ve seen misogyny in tech but not one instance of it in my crowdfunding experience.” Last winter this support returned in a seasonal way: “I received more Christmas cards last year than any year in my life! That had to be from our campaign. There’s no other explanation.”

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share save 171 16 - Ten reasons why more women are turning to crowdfunding

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