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.
Mobile technology provides instantaneous freedom that empowers the individual – such as our smartphones and tablets, which are replacing desktops and laptops and which may one day themselves be replaced by wearable gadgets.
Emerging web technologies allow us to build and run our own ecommerce websites.
Freedom via technology has spurred a do-it-yourself revolution – an ethos of self-sufficiency, of taking control and completing tasks on your own. Through the emergence of SaaS – software-as-a-service – anyone could be capable of building their own crowdfunding site and being free and liberated from the oversight of crowdfunding mega-sites.
This would fit into the overall attitude of today’s world – a can-do attitude that is founded on the idea that we can do it ourselves.
This do-it-yourself (DIY) attitude has created a culture that is expected and demanded by a generation that is liberated by technology and has turned the table on big corporations.
Rather than being spoon-fed by advertisers telling us what we should think, this generation of savvy technology users is telling corporations what we want and expect. Corporations are getting their marching orders from the masses via social media and app connectivity. We expect equity, fair play, transparency and control over our circumstances. We want to know that information collected on us will benefit us, not just the company collecting it. We want to know that the social currency we provide a company will benefit us too.
Part of this new culture is sharing, especially as the world becomes smaller via social media. As a result, a collaborative environment – or cooperative model – is emerging on the internet where we are empowered individually and as a result are sharing collectively.
Yet the way crowdfunding is done, by and large, is very controlling.
It is not, in most cases, working in our favor.
We want the freedom to share, to cooperate, to assist, collaborate and utilize more human resources through cross-pollination of projects and ideas to yield infinitely more unique possibilities.
Blog posts in this series will explain how we can get that freedom.