In today’s technologically engaged society, the ability to tap into the opinions, thoughts, experiences, and even finances from the people around you is easier than ever. ‘Crowdfunding’, or the collective effort of individuals who network on the Internet and pool resources to support efforts initiated by other individuals, proves how social media networking can have a tremendous influence on emerging technologies.
In the article 'Crowdfunding Nearly Doubled Last Year with ‘1M’ [one million] Successful Campaigns', the widespread success of obtaining support for new ideas and technological ventures through social media was exhibited. It is expressed that
“crowdfunding offers a great opportunity for everyone to leverage their social media networks and transform social capital into financial support”.
In other words, this statement represents how social media has changed how we promote and capitalize our individual pursuits. Entrepreneurial creativity can now be displayed in a way that not only showcases an innovative idea, but also utilizes community support (i.e. financial, emotional, etc.) via social media sharing and online communications.
The growth of online crowdfunding
Massolution found that crowdfunding volumes grew 105 percent to 1.6 billion dollars in North America and 65 percent to 945 million (U.S. dollars) in Europe…social causes drive 30 percent of all activity, which Massolution expects to change as more startups and SMEs begin leveraging the platform.
It is clear, considering these facts and figures, that the influence of online crowdfunding is notable. Even though the popular crowdfunding sites, such as Kickstarter or Indiegogo, assist in hosting to promote a brilliant idea, it is the nature of social media and the online community that progresses crowdfunding forward.
If one were to travel a hundred years back in time, the promotion of a new, revolutionary innovations or ideas would progress at a ‘snail’s pace’. However, in today’s forward environment, social media networking has renovated how we seek endorsements. It is the social networking community that has opened these new doors by outsourcing genuine support via online sources that favor a game-changing concept. Ultimately, this article represents the expansive power social media can have on an individual, society and the world as a whole.
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