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Social Responsibility built in to BidOkee DIY Crowdfunding

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Corporate social responsibility is a new bottom line.

Especially for younger consumers, supporting businesses that do good in the world is a priority.

When BidOkee is completed, it will integrate CSR opportunities and charitable giving seamlessly into the design of our platform. Campaigns can offer backers the opportunity to allocate a percentage of their pledges to charities – BidOkee’s structure allows a single featured charity, a choice among several causes, or even a contest in which backers can vote for the charities they want the community to support. This can be a winner-take-all vote or the funds can be distributed based on proportion of votes received.

The benefits are numerous.

The CSR component helps great causes, obviously.

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DIY Crowdfunding: Everybody’s talking BidOkee and Cooperative Crowdfunding

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BidOkee – Cooperative Crowdfunding

Crowdfunding is growing massively, 1,000% in the last five years.  Between 2009 and 2012, crowdfunding expanded at a compound annual growth rate of 63%.  As of 2014, the crowdfunding market was estimated at $16.6 billion in funding per year. Of this growth, donation-based crowdfunding comprises the majority of giving, growing at a compounded annual growth rate (CAGR) of 444 percent compared to equity crowdfunding, which is growing at a rate of 168 percent. By 2020, crowdfunding is expected to reach $500 billion in funding per year generating $3.2 trillion in economic value.

“However, a majority of crowdfunding campaigns fail,” says Eyal Lichtmann, CEO of Quilageo, the company behind BidOkee.”81% of unsuccessful projects fail to reach 20% of their funding goal. And nearly 60% of all crowdfunding projects are unsuccessful. There is a systemic problem in crowdfunding if a majority of campaigns are continuously failing. Therefore we need a new model in crowdfunding that provides greater chance of success and which changes the paradigm to a more cooperative model.”

We have a prototype. Check it out at www.BidOkee.com! Help make it happen – we need your support.

 

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The 8 Big Challenges in Crowdfunding

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Crowdfunding is growing massively – over 1,000% in just five years.

Like a lot of new industries, though, crowdfunding faces a do-or-die moment.

There are inherent challenges in crowdfunding as it exists today that probably hold the seeds of failure for the entire model. Like the promising software programs and platforms of a decade or two ago, the crowdfunding mega-sites of today may be destined to be mere memories tomorrow.

Here’s why, in eight simple numbers. (more…)

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BidOkee: How we got here

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It’s been a wild ride so far. Here is the story of how we got here.

When we went looking for a crowdfunding platform for our revolutionary project, we were brutally disappointed. We ran into one brick wall after another trying to find the right combination of tools without too many restrictive rules.

In the end, to find exactly what we needed, we had to build it ourselves. In the process, we had an epiphany. If we had to build our own crowdfunding platform in order to get what we need, there must be plenty of others in the same boat.

The vast majority of crowdfunding campaigns fail to reach their goals. We believe part of the problem is systemic. Any craftsperson knows that to get the right results you need the right tools.

As we progressed through the sometimes-daunting process of building the crowdfunding platform to meet our specific needs, we slowly came to understand that what we were building had unlimited potential.

To make a long story short, we are now building a do-it-yourself crowdfunding platform so that no one will ever have to go through the challenges we have overcome.

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Crowdfunding Crisis #8: Lack of Features

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If crowdfunding platforms were serious about helping campaigns succeed, you’d think they would provide the tools for success.

More than half of all crowdfunding campaigns fail. So something is seriously wrong in the system.

One of the big challenges is the one-size-fits-all approach of the crowdfunding mega-sites.

Don’t like the limited options a crowdfunding site offers? Too bad?

Want to brand your crowdfunding campaign to match your online and offline presence? Sorry.

Need more than one way to raise funds? Forget it.

Want to combine crowdfunding with ecommerce? Don’t be crazy.

Crowdfunding as we know has its challenges. It can be cumbersome, user-unfriendly, weighted against the little guy and built for failure.

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Crowdfunding Crisis #7: Inherent Competition

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The proliferation of crowdfunding sites is getting a bit unwieldy.

There are 450 crowdfunding platforms worldwide. If you are launching a campaign, you have a lot of research to do in order to find out which one is right for your purposes.

And while every one is a little different, in important ways, they are all the same. There is a very basic and significant fault in almost every one of these sites: Inherent competition.

Every campaign listed on a crowdfunding mega-site is in direct and immediate competition with every other campaign.

The more campaigns there are on a site, the more competition there is for every single campaign.

Successful crowdfunding campaigns require the initiators to build their own success. “Discoverability” – the chance that someone will go to a crowdfunding site, see your campaign and pledge money – is evaporating as the number of platforms and campaigns expands massively.

The only way to succeed is to drive your friends and family to your campaign, then build concentric circles of backers from among those closest to you.

Yet you are driving them to a platform where any number of shiny projects could distract them from the reason they went there – your project.

(more…)

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