How Crowdfunding Campaign On Culture And Civic Engagement
895 Words4 Pages
Introduction Did you know the pedestal the Statue of Liberty sits on is the result of crowdfunding? Joseph Pulitzer utilized his paper the “New York World” to raise $100,000 in five months (Davies, 2014). This application serves as an early example of the power of crowdfunding 100 years before the advent of the Internet. Businesspeople and citizens rallied to a civic cause so a gift from the French government could find a home. Pulitzer used a single collection point to raise money from an enormous pool of donors and pledged amounts from pocket change upwards. Many crowdfunding experts consider The Statue of Liberty project the most successful crowdfunding campaign. This paper explores crowdfunding campaigns on culture and civic engagement, how it aligns with a corporation 's mission, vision, and values, and the impact on a business’s profile and profit.
Crowdfunding is a phenomenon that emerged over the last ten years. It started with donations and reward-based crowdfunding and morphed into an option for companies to gain assistance in funding their product or idea. Studies indicate crowdfunding eliminates the geographic restrictions experienced in venture capital without giving up control of the business (Agrawal, Catalini, & Goldfarb, 2013). As crowdfunding matures, it can become more than a financing contrivance and develop into a way individuals can participate in shaping their environment through meaningful projects.
The applications of crowdfunding