Its impact on collaboration has been profound, enabling people to easily join forces on a scale rarely seen before. This helps entrepreneurs kick start projects that would otherwise not be possible by conventional means. Crowdfunding is increasingly being used for collaboration between people who share nothing else in common other than a collective passion to make something new happen and contributes to innovation through the power of collaboration. The approach is risk free for the people who back a project as nothing is paid if the project does not reach it’s financial target.
I was privileged to play a part in helping two musicians successfully fund their crowdfunding projects. The first was an album and UK tour forBernie Tormé, former lead guitar player for Ozzy Osbourne and Deep Purple’s Ian Gillan. The other was a former Virgin Records artist Richard Strange, who has mounted an audacious arts project to celebrate the life and works of American novelist William Burroughs. So, what has Crowdfunding done in these two examples?