Crowdfunding: More than a Financial Tool
Internet crowdfunding grew from financing rock band tours in the late 1990s to financing innovative products and backing start-ups in the 21st century. There were 6.4 million crowdfunding campaigns worldwide in 2021. Over 12 million campaigns will be crowdfunded by 2023, as the market’s value grows to US$300 billion by 2030.
For many start-ups, crowdfunding also serves as a marketing tool that gathers customer feedback for product development and connects them to suppliers and retailers. As a result, many MNCs are jumping on the crowdfunding bandwagon as part of their marketing strategy.
Will crowdfunding become a useful marketing tool in the near future?
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