Get Someone Else to Pay For Your Ventures: Strange Ways to Make and Save Money

If you have aspirations to be an entrepreneur or inventor, you know that one of the hardest things to do is to get enough capital to make your invention or business a reality.

The traditional path has been to get a loan (or several) from a traditional bank, find a benefactor willing to back you, borrow from friends and family, or work three jobs to bring in enough income to finance your venture until it takes off. But thanks to the Internet, there are now other options.

A new phenomenon called “crowdfunding” has emerged. Like crowdsourcing that uses the power of the Internet to bring together large groups of people to do odd jobs, crowdfunding uses the power of the Internet to br

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4 Responses to Get Someone Else to Pay For Your Ventures: Strange Ways to Make and Save Money

  1. 20 and Engaged says:

    I’ve considered crowdfunding for my ideas, and it’s still high on my list.

  2. Alexandria says:

    Very true. My spouse is a wanna-be film maker and we have watched most of his like-minded friends get financing from parents or credit card debt. The film maker types don’t tend to be very business or money savvy. On the flip side, my dh is very business oriented, and money conscious. Anyway, my spouse has told me many times over the years that he would not put a cent into his own films, or ask friends or relatives. It is relatively easy to get funding. (Some film specific sites to ask for money, etc.). I do get the sense that internet makes this a very different world for this type thing (than say, a decade ago!)

  3. Tim says:

    Yes using these process can be a very useful way to get your idea or invention out there. But like Jennifer said I would make sure that you know where your money’s going…

  4. Great Article. I learned about Quirky which I had not known about. We have interviewed several people that have used Kickstarter and Profounder etc. There is still fundamentally one major catch to crowdfunding – the high majority of the deals/projects do not attract eyeballs on their own and, therefore, most entrepreneurs need to drive the high majority of traffic to get their project/company funded. Raising money is a major contact sport, no matter what tools you use to help get it done. For whatever that’s worth… Patrick

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