New entrepreneurs are always coming up with fresh ideas for new products and services to revolutionize the way we do things. The problem for many aspiring entrepreneurs, however, is that they lack the upfront money required to develop and produce their idea into a finished product. Previously, the only solutions to this were bank loans or angel investors; both of which can be high-risk.
This is where crowdfunding platforms are the ideal solution for these entrepreneurs, as they enable project creators to raise the necessary funds and prove that there’s a market for their product before they even begin. This essentially opens up the ability to create a brand new product to anyone with an idea. Platforms such as Kickstarter and Indiegogo have also opened up a whole new level of interaction between consumers and project creators, allowing backers to provide their opinions on aspects of the project throughout the development process.
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