LO1: Starter Task

Crowdfunding is when you get a group of people to fund ANY project so that you have the money to complete it. It is meant for a large group of people to donate a small amount of money each in order to reach a goal.

By running an inderpendant project it allows you to have more freedom with what you are doing as there is no strict set guidelines or contracts meaning there are no limitations. More money could be raised than the pledge meaning that the project could have even more funding and it is not a set abount of money. There is space for creative freedom as set people do not have to be employed from within an already exsisting buisnesses.

However it is sometimes not a good thing to run an inderpendant project as it means that the project will not be crowdfunded that easily as people may not find out about the crowdfunding page. Also advertising for the project will be more expensive and not as easily spread due to the nature of the project being inderpendant and therefore not backed by other groups or buisnesses. The money will be available to create the project however there may not be enough money to spread what you have made to an audience afterwards. This could mean that in the future no profit is made. If the target isn't met of people don't donate enough money by the deadline then the project cannoth be made and there is no one to fall back on.