Crowdfunding is gaining greater impressions in recent times as it shines as an excellent financial opportunity to launch a startup or to get a recognition & fund for your business idea. Well, the habit of looking for mass investments and taking loans has merged with our life. This inspires several firms and entrepreneurs to go for crowdfunding app development to grasp the target audience via online platforms as mobile apps are the most preferred one by the users these days.
Just think, our entire globe is filled with around 7.8 billion people and could you guess how many ideas you can pull over from them. People with innovative ideas will be lack with funds and people with funds will be lack with idea. By connecting them with your crowdfunding app, you can make a revolution and shine as an outset for several incredible inventions.
Crowdfunding Concept Evolution:
Well, the concept of crowdfunding platform development has been viral for the past five years. This is because a report says entrepreneurs have yielded over 370 millions using this crowdfunding app during this period. With such astonishing numbers, this ideal conception of crowdfunding has evolved as a highly demanded concern presently, while several traditional banks get stumbled.
Today, popular crowdfunding platforms like Kickstarter, Seeders and Crowdcube appear as a central hub for many business plans. The competence to seeding a business plan via online and collecting funding, in return providing rewards or equity, is an appealing idea for entrepreneurs that need investment. This is why several entrepreneurs are looking for crowdfunding app development in order to make millions as it is the best money making platform in this current scenario.
Let's move further into this inevitable business topic and let us begin with its illustration of crowdfunding app
Crowdfunding is a process of raising funds for any innovation either for an idea, startup or to kick start a company by approaching a huge number of people, each for a tiny amount of money. Generally, financing a business, project or venture is nothing but asking a few people for large sums of money. Crowdfunding utilize this concept around, and took it to online platform to reach to millions of potential funders.
Usually crowdfunding comes up with four different types. Explore the breakdown of each below
In donation based crowdfunding, backers will give money to a campaign, company, or a person for their growth for free. They won’t expect anything in return for their fund.
You can start a crowdfunding campaign to buy new equipment for your company. Anyone who is willing to offer a fund will provide you money only for the growth of your business and expects nothing else.
Reward based crowdfunding is nothing but donors provide their funds and expect rewards for their funds in return. In this method, an individual can contribute for any business in exchange for a “reward”. Well the rewards are based on the size of the donation. Even though reward crowdfunding provides reward for backers, this method is considered as a subset of donation crowdfunding
In equity based crowdfunding, backers will get a portion of ownership of the business in exchange for funding. Here the funds are investments where participants receive shares in the business based on the money they contribute.
In this method, a startup or a company will get money from a group of people instead of a bank. In lending concept, you can find out different types
Actually crowdfunding upholds myriad of benefits for users right from getting into a vast audience to several fundraising options. With a crowdfunding app, it is possible to reach investors across the globe who can see, interact and share funds. Apart form business perspective, crowdfunding apps are utilized to arrange money for poor people who can’t afford treatment expenses of severe diseases like cancer, heart operation, kidney transplant etc
Generally, crowdfunding apps make money by charging a minimum amount from the total amount of fund that is funded on the app. For instance, kikcstarter charge 5% of the total amount as their charge.
Apart from this there are various strategies to earn by going with crowdfunding app development. Let me point out some
1. You can charge a certain amount from the funders as well as fund receivers
2. You can earn by placing advertisements and allowing for promotion in your application.
3. By allowing to get funding from your app, you can get certain percentage of ownership for that idea which is being funded or a portion of future sales.
4. You can also earn by getting a subscription or membership fee from your app users
In order to launch a powerful crowdfunding platform, it is essential to follow some key steps.
Explore them below
1. Initially set up an Idea & define your goals
2. Make some market research regarding your goals & idea
3. Build an implementation strategy to achieve
4. Approach a reputed crowdfunding app developer to make your idea alive
5. Develop a team of developers, tester and designers to work on your project
6. Discuss the legal and regulatory implications with them
7. Integrate the essential security features in your app as it mandatory for a crowdfunding app
8. Launch your app
9. Market your App to reach wider
Well, features play an important role in the success of any app. Here are some basics features listed which is essential for a crowdfunding mobile app
1. Registration & Login
3. Push notification
4. Online payment
5. Loan book
Building your crowdfunding app will not be a simple task. It requires several things. Here are some important things to follow while going under a crowdfunding app development
Platform: Well, picking either Android or iOS platform to launch your crowdfunding app is up to your own business needs and target audience. But the major factor to consider here is the operating system. If you are looking to build a best one, then going with hybrid app development will be the right choice as it highly assists developers in saving the development time.
Integrate with Modern technologies: As how features, technologies are also very important for an app success. No one will prefer to use an outdated app or old fashioned app. So it is much important to create a crowdfunding app with the inclusion of modern technologies. You have to pick the latest trends and technologies which will offer modern crowdfunding facilities for investors as well as fund raisers.
When it comes to crowdfunding app development, experience & technological advancement is much required. Well, MacAndro, a leading mobile app development company stands top while you prefer these factors. With rowing successfully more than 10+ years in the sea mobile app development industry, we have worked with global startups and business of all sizes to build, enhance & scale products across different platforms with leveraging disruptive mobile technologies.Moreover, we are also reputed & recognized in providing crowdfunding software development solutions for all industry verticals across the globe.
What are the Benefits in Joining your hands with MacAndro?
Well the concept of crowdfunding is evolving for past five years and its future growth prediction is much better than past. With the arrival of Covid19, economy has gone down and several projects are in lack of fund and seeking for donors. So diving into this booming sector with a feature rich crowdfunding app will never let you down. All you have to do is build up a smooth functioning platform to accommodate the needs of both the donors and fundraisers.