Handbook For A New Era Of Crowdfunding

Useful details…


Editor’s note: Sandeep Sood is founder of Oakland, Calif.-based Monsoon+RainFactory, a product house that conceptualizes, designs, develops and markets mobile and web applications.

Ever been to Indiegogo? Kickstarter? Spend any cash? What’d you leave with? Why does anyone buy a product that doesn’t exist yet…and may never exist? On the surface, crowdfunding seems to defy logic. Economists find the phenomenon of crowdfunding startling. If you think like an economist, crowdfunding shouldn’t work. But it does. And those who understand why it works are able to get results every time.

Why Does Crowdfunding Work?

There’s no amount of economic acrobatics or consumer rationalization that can explain it. That doesn’t mean there’s no explanation. I’ve seen it work first-hand a dozen times — predictably. The explanations move you beyond logic into behavioral psychology.You need to understand how crowdfunding works because it has become a driving force for everything from hardware products…

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