Crowdfunding has helped people from various walks of life to attracts fans and followers and gain a social quotient for their project thus helping them raise funds for their project in little time and make it successful.
One might argue that crowdfunding is only helpful in raising money for a project or a campaign. Once the project is completed, the end. Yes, it is true that crowdfunding focuses on the collection of funds but it has a broader view to it. The success of a project is not only determined by the amount of money collected but also by the number of backers. Larger the number of backers more popular the project is. They believe in the project, acknowledge it and support it publicly.
Crowdfunding gives a sense of community work. The backers to a project feel themselves an integral part of it when they fund their money and receive rewards. Also when they are updated about the project they feel that their presence is important. When a crowdfunding campaign is successful a feeling of togetherness arises for the completion of a project. This sense of community work enables them to take part in backing more projects thus broadening the whole concept of crowdfunding. It sends an invitation to the crowd to take part and support a movement that will benefit the community. The success of a project in itself acts as a reward and gives the crowd a sense of ownership of the project which they acknowledged by financial support thus making it possible.
Projects which are especially directed towards a social cause or benefit of the society through means of media attract a huge crowd and enable them to contribute towards the benefit of the society. Although crowdfunding usually is not donation based, the most popular one being reward crowdfunding, it gives the backers a sense of involvement in the improvement of their own social environment by supporting social cause based project.
Thus the concept of crowdfunding is not only restricted to money but also involves community which contributes to the success of one’s project even better rather than running from pillar to post in an effort to gain social acknowledgment.