Steem could work very well as the next big Crowdfunding platform
Steem could be used as a crowdfunding platform. I have already seen one or two posts that are effectively doing that, so I thought I would start a discussion about how to handle that kind of thing.
Basic Funding
A content-creator posts about a project that they would like to work on, and people interested in the project up-vote it, providing some funding. On top of that, they can always transfer Steem to the content creator.
For crowdfunding projects, the content creator would most often set a limit for how much Steem they would need to actually preform the project, and they would still have the option of stretch goals.
The post can even include the traditional supporter rewards, including a reward for a simple upvote, going up for providing funding on top of that.
Incentive to Provide Backer Updates
On Steem, since any post has the potential to increase the writer's fund, the backer updates become a way for the creator to not only keep their fans informed, but also to generate additional funds by getting the post upvoted.
So, on Steem, the creator has an additional incentive to provide content about the project.
Helping to promote Steem as a whole
This gives us another way to promote Steem.
To Creators, we can promote it as a way to get funding, but I think that the greater benefit would actually be that, by having an interesting crowd-funding project, anybody interested in backing it would end up joining and promoting Steem.
Changes to Steemit to Support Crowdfunding
Steemit, as it stands at the moment, can already do everything that I spoke about. To make crowdfunding easier, there should be a way to give creators tips associated with individual projects.
Dedicated Crowdfunding Interface
As a more long-term goal, a front-end to Steem that supports crowdfunding may be a good idea (perhaps funded through the techniques I speak about here). We can use the crowdfunding sites that already exist as a model, with a starting page displaying projects looking for funding, which will then lead to a Steem post providing information about the project.
This is just an attempt to get my thoughts down, what do you all think of the idea?
The payout delay is very short for crowdfunding. I don't know what the average will be, but it might be just a few days. On the other hand it might be more than enough. People have short attention spans, and after a few days some other project could take the top spot.
after 4 July it will be about every 24 hours... so you raise a good point!
I did not think of that... We would need some way of keeping track of the total made from the post, I suppose.
Very interested in this concept. How have things evolved since this was posted? Have people been open to the concept? Is it easier on the platform somehow? Thanks!
I have not had time to work on this, but there are projects that are wporking in this directions. You may want to check out the #upfundme tag.
I appreciate the heads up! Thank you!
Love the idea! This platform is pretty awesome when it comes to implementing some type of creative crowdfunding model for sure. As somebody who is working deep in the crowdfunding industry, striving to spread the insights I've gained and innovate for the little guy. I see crowdfunding ultimately as the democratization of access to capital from all parties. To say that steemit could become the next big crowdfunding platform, away from equity and sticking with donation and reward crowdfunding, is very possible. If you think about it, steemit has created their own currency...it's almost like the users operating on this platform already have a higher sense of community because we all choose this platform over the thousand's of social platforms on the web. Although I wouldn't consider steemit the best platform for all projects like Kickstarter or Indiegogo have aimed to be. Maybe a few years down the line, I won't shoot the possibility down, but the SEC isn't liking cryptocurrency either...so equity plays on steemit might be a problem unless they loosen up. Either way, just sharing my thoughts too! No particular order - really cool idea. Do you know if there is a crowdfunding channel on here somewhere? I'm pretty new and am not near 100% sure how to operate this. Cryptocurrency too. Tried to participate in an ICO the other day and got shut out. :l much to learn and looking forward to learning about this type of democratized access to capital. Cannot believe how many cc's there are.
Since equity crowdfunding regulations have gone live in the US, I have already seen a perversion of the crowdfunding that I know and love - it starts with community. Looking forward to learning more about steemit cc the most due to the community building integrated with currency - the potential is huge. Keep stirring the pot! Carpe diem.
I have had the idea in the back of my mind for a while now.
I am setting up a crowdfunding management agency raising money for things banks and governments won't. I had been busy growing a community on FB, my content has been alot about the truth movement.
I have woken up today and FB have disabled my account as I didn't provide it with ID.
Facebook is owned by JP Morgan and Rothschild, they have all my pictures, I wasn't comfortable them having my ID because my content exposes them. So today no more FB, far enough.
So crowdfunding through FB is no longer an option for me. Facebook closing me down has made me address a problem that could turn into an exciting solution.
Anyone out there with any more information about how to use steemit as a crowdfunding platform I welcome you all for a chat.
Lets get our heads together :)
Would you like to help me to crowdfund for @askanything ?
https://steemit.com/asa/@askanything/steemit-crowdfunding-how-long-would-it-take-to-gather-200-000-steem-for-askanything
I think it will not work. The people are more interested to vote for any photos of any buildings or landscape as for anybody who telling about his business plan and the budget he would need.
Yes, that would be nice. But would there be a paypal option or just cryptocurrency?
Any new thoughts on this idea ?
Such a nice idea. I am thinking of this for my next startup that I will be making. I have my startup before in Kickstarter that worked by Crowdcreate (www.crowdcreate.us), it was great, but currently, I was looking for an alternative method to fund. Hope this idea suits it well.