BidOkee Viatec Award

BidOkee DIY Crowdfunding MVP Shortlisted for Viatec Award

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The BidOkee team is thrilled that out project has been selected among five finalists for the Viatec Technology Awards in the category of Technology Strategy of the Year. Our developer-partners, Caorda Solutions, entered our project for consideration and we are stoked to be chosen as a finalist.

The awards celebrate the achievements of technology companies responsible for making Greater Victoria the fastest growing technology region in B.C., as well as the educators, creators and innovators that support this sector.

The Strategy of the Year award recognizes the best strategy implemented by or for a Greater Victoria organization. The judges will consider impact and results achieved from the underlying strategy.

BidOkee’s DIY crowdfunding platform was submitted as a MVP project – minimal viable product – as we develop a SaaS model – “software as a service” (try to keep up with the acronyms) – to disrupt the rewards-based crowdfunding industry. (more…)

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Crowdfunding’s greatest asset: Our networks

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There is no greater asset to a crowdfunding campaign than the network of supporters we build.

Yet this invaluable asset is something some crowdfunding mega-sites like to keep to themselves or share only under their arbitrary conditions.

Through our own research, we estimate that the average campaign garners 302 subscribers.

When most campaigns end, those 302 people remain in the database of the mega-site, and depending on the site, inaccessible to us – the campaigns that built them into a network – but accessible to the mega-sites for whatever future marketing purposes they choose.

As we build our crowdfunding campaign, we are building a community, a network of backers and friends. We know a majority of campaigns fail to meet their goals. And if you fail in reaching your campaign goal, some crowdfunding mega-sites deny you access to the contact information of your backers. Therefore, despite the fact we did the work and expended the resources to attract users to our campaign, the crowdfunding mega-site retains the information for their own benefit – not ours.

(more…)

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Crowdfunders demand more freedom

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Crowdfunding emerged recently and grew really fast.

That has allowed a handful of big players to control how the industry has progressed. Understandably, they have ensured that the industry has progressed in ways that benefit them. The fact that a majority of crowdfunding campaigns fail suggests that what is good for the crowdfunding mega-sites is not necessarily good for the individual crowdfunding campaign.

History tells us that people will reach a breaking point where the uncertainty of change finally outweighs the pain of the status quo.

The failure rate of crowdfunding campaigns is building to a breaking point. And there are other issues that people will not put up with forever.

In today’s world, especially because Millennials are behind many of the one million start-ups each year, customer and user empowerment is shaping entire industries. The technology revolution is about empowering the individual to take control of our environment.

(more…)

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Crowdfunding Cooperation

Synergies can help crowdfunding succeed

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Given what we said about coopetition in our last blog post, in a cooperative model each campaign could individually decide to assist another campaign for their mutual economic benefit.

It may seem contradictory to suggest that a critical mass of crowdfunding campaigns can result in cooperation that benefits everyone instead of competition that delivers a zero-sum success-failure ratio. But it’s not a contradiction.

With a few tweaks, crowdfunding could be transformed into a phenomenon in which the goodwill and assistance of others are mobilized in mutually supportive ways while still benefiting each individual within a competitive environment. It would be ideal if there were a crowdfunding platform that allows us to operate independently of mega-sites – with their inherent competitiveness – but which lets us plug into a community of like-minded, cooperative venturers who can help us and who can be helped by us.

(more…)

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The future of crowdfunding: Coopetition

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Some crowdfunding campaigns are launched and almost immediately attract improbable amounts of support.

In many cases, there is nothing inherently wrong with this. Most good campaigners will prepare in advance for a healthy launch by lining up networks of friends and family so that the campaign gets off the ground nicely as soon as it launches.

This priming of the pump is a deliberate strategy widely acknowledged in crowdfunding circles. Defenders of the practice say that any campaign that doesn’t plan for at least some degree of pre-arranged funding and traffic to get the ball rolling is badly planned. Fair enough. But it is still, in principle, at least, anathema to the idea that all ideas are playing on a level field.

(more…)

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BidOkee-QUILs

Crowdfunding’s massive growth still just tip of iceberg

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There are over 1,250 crowdfunding platforms worldwide. Approximately one million crowdfunding campaigns are launched annually. Over $20 billion in crowdfunding transactions will occur this year – a 100% increase over last year – according to Equitynet.

A World Bank report estimates that, by 2025, this number will spike to $300 billion annually, while others estimate as high as $500 billion, with up to $3.2 trillion in economic activity.

As impressive as they are, these numbers still do not quite tell the full story.

Entrpreneur.com reports how difficult it is for start-ups to get funding despite the proliferation of crowdfunding. Currently, 90% of the world’s online population has access to crowdfunding and $1,400 is raised in donations every minute. Still, only 3% of all start-up funding comes from crowdfunding. That is destined to change. Yet there are serious hurdles to overcome. (more…)

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