Crowdfunding Homework
CrowdFunding is Giving/Presenting an idea through social media in order to be funded through people getting involved. Crowd Sourcing is gaining funding such as equipment for a product through fast media tech such as Global village. Global village is where everyone can communicate with each other all over the world fast through media tech.
An example of a product which has been crowdfunded would be a project which started in 2011 on Kickstarter for the promise to build a filtered, floating swimming pool in the middle of the river in New York City, this raised $273,114 dollars allowing New Yorkers to swim in clean river water for the first time in 100 years. The project began with the goal of cleaning the entire river, starting with one small piece at a time. After that it expanded- developing technology designed to filter the very water it floats on. Kickstarted was used for this project however it became a big thing in just the first five days so posts were made on social media to advertise this project and get more funding for it to actaully work. The project team also paired up with the Tribeca Film festival to create a documentary about their work and a short promo which will air before each film screened at this years festival, however although this project has still not been successful +Pool are still working on it to make it come true which they hope to come true within Summer next year although needing a vast amount of $500,000 for them to build a full scale mock up of a piece of the pool, water filtration and all, to present to the public.
An example of a product which has been crowdfunded would be a project which started in 2011 on Kickstarter for the promise to build a filtered, floating swimming pool in the middle of the river in New York City, this raised $273,114 dollars allowing New Yorkers to swim in clean river water for the first time in 100 years. The project began with the goal of cleaning the entire river, starting with one small piece at a time. After that it expanded- developing technology designed to filter the very water it floats on. Kickstarted was used for this project however it became a big thing in just the first five days so posts were made on social media to advertise this project and get more funding for it to actaully work. The project team also paired up with the Tribeca Film festival to create a documentary about their work and a short promo which will air before each film screened at this years festival, however although this project has still not been successful +Pool are still working on it to make it come true which they hope to come true within Summer next year although needing a vast amount of $500,000 for them to build a full scale mock up of a piece of the pool, water filtration and all, to present to the public.
Similarily to crowdfunding we have products which have been funded, an example of corwdsourcing would be the McDonalds burger builder which was created in 2014, Mcdonalnds decdied to give their customers free reign and submit ideas for the types of burgers they'd like to see in store. They could create the perfect burgers online and the rest of the Country would vote for the best giving them a name and being able to choose from 80 toppings. Once the winner would be announced McDonalds released the burgers weekley, along with the picture and short bio of the creator. The judging pannel chose their 5 favourite burgers which would appear in 1,200 McDonalds resturants. Online social media tools were used such as Twitter to gather a wider audience to build their own burger which may win, they also had links on the McDonalds website to be able to share on Facebook, Twitter and copy the link to share on other medias. Their crowdsourcing initiative came the week after they set up their first UK Twitter page with a tweet promising 'news, promotions and fun stuff' Overall this crowdsourcing project was successful as it gatehered more customers to McDonalds therefore more profit.
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