Inspired by the success of funds like Kickstarter in the US, the crowdfunding revolution in 2011 broke onto the shores of Europe and for a country like Ireland battling to reinvent itself and fight its way out of recession, the business model has achieved tremendous success in just one year.
I first heard of crowdfunding a year and a half ago when a little known group of software programmers in New York wanted to create a new open social network called Diaspora.
Crowdfunding happens when a new venture puts out a call for support from ordinary people and if it achieves its goal will provide supporters with privileges when the venture goes live. It could be a filmmaker trying to make a movie, a musician trying to record a concept album, or a new web venture trying to get lift off. In the case of Diaspora in just 12 days it raised US$200,000 from 6,000 backers, including Facebook CEO Mark Zuckerberg.
To read the full, original article click on this link: The crowfunding revolution kickstarts a new economic hope - Start Ups - Start-Ups | siliconrepublic.com - Ireland's Technology News Service
