Topic > Crowdfunding Practices of a Project Initiator - 1050

Project initiator, also known as creator or founder, is a term for anyone who uses crowdfunding practices to finance their concepts, ideas, projects, or businesses (Wechsler , 2013). The project initiator can be an individual, an organisation, a small and medium enterprise (SME), students, event organisers, entrepreneurs, musicians, directors, designers, inventors, non-profit organisations, politicians, artists, writers, philanthropists and the crowdfunding platforms themselves. It could be anyone who has an idea or concept and needs funding to realize their project. Nowadays, an essential factor of crowdfunding practices consists of creative projects. This is how the origins of the crowdfunding practice begin with indie music (Hemer, 2011). This trend indicates that structured rewards-based crowdfunding platforms are suitable for creative projects and continue to grow in popularity and population of crowdfunding projects (Crowdfunding Industry Report, 2012). Belleflamme et al. (2011) explains the essential part of art, music and cinema and states that crowdfunding practices are mainly used in the entertainment industry. However, Markowitz (2012) describes that it is essential to be aware that crowdfunding practices currently also adopted by other sectors, such as those related to science (Microryza), application development (Appbakcr and Appsfunder), non-profit project ( Razoo), the sports project (sports financier) and the journalism project (Emphasis). Some projects demonstrate that success in obtaining multimillion-dollar funding from crowdfunders such as Ouya (Android-based console), explains that the fields of crowdfunding projects become more diversified and allow for the invention of high-tech ventures. From the perspective of the project initiator, it is important to identify the factors that attract support...... middle of the document ...... information about starting a project through crowdfunding. Leonhardt 2012 Success in crowdfunding will have a direct impact on the profile of the project promoter and increase his reputation. Tilbury and Ryan 2012 Whether crowdfunding the project succeeds or fails, it offers a realistic and cost-effective learning experience on entrepreneurship for the project initiator. Fox 2012 Anyone can gain experience on how to create a plan and execute a new business or idea from crowdfunding.Isenberg 2012 Main disadvantage of crowdfunding for the project promoter is that it may not work and others or a competitor may copy the idea or concept. Ley and Weaven 2011 Although the project was successful, the project initiator still needs to protect itself from idea theft and apply intellectual property protection. Rubin 2012 The threat of commercial research and development of other the company will become more serious thanks to crowdfunding.