Business

10 Things Black People Need To Know About Crowdfunding

(AP Photo)
(AP Photo)

 

(Black Enterprise) – By now most people have hear of crowdfunding, the method of raising capital through the collective effort of friends, family, customers, and investors. Individuals come together to support, via small donations or investments, a person, project or product typically online via social media like Facebook and Twitter, rewards-based crowdfunding sites KickstarterRocketHub and IndieGoGo, or equity crowdfunding platforms like AngelList , EquityNet, and CircleUp.

Crowdfunding is a viable alternative to the traditional route used to raise capital to start a business or launch a new product, which would require you to pack up your business plan, market research, and prototypes, and then shop your idea around to a limited pool of individuals. These funding sources included banks, angel investors, and venture capital firms.

However, studies show that African Americans are less likely to receive angel investment. In fact, less than 1% of angel investments go to black-owned businesses. In the first half of 2013, only 8.5% of startups pitching to angels were minority-owned. Only 15% of those minority-owned businesses successfully got funded.

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