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Prior to the revolution of the World Wide Web, entrepreneurs with big dreams would have to jump through hoops to secure funding from venture capitalists or bank loans, and local community projects would have to source cash donations or government backing to achieve their goals. Crowdfunding at its core means enabling anyone with a computer and an idea, to see bring it into fruition. Fundraising is a lucrative industry and now, blockchain technologies are taking the market to new heights, as well as shoring up inefficiencies and risks posed by previous models.
Now, crowdfunding has gone above and beyond expectations and is an extraordinarily popular choice for entrepreneurs and investors; Online statistic, market research and intelligence portal Statista reported in 2014 that globally, crowdfunding platforms had generated 16.2 Billion USD, that number was set to double by 2015.
The Problem with the Current Model
More recent reports have forecast a 16.96% decline between 2017 and 2021 in the market size for crowdfunding the report says that one of the major reasons for the decline comes down to the rather tedious and painstaking task of getting several crucial points correct. According to crowdfunding site Peerbackers, projects typically miss the mark during the build-up and campaign periods of funding.
Marketing, preparation, press relationships, overly ambitious funding goals and lack of project experience tend to be the causes for project failure. Many of the crowdfunding platforms also charge large fees and fail to incubate projects with effective delivery and launch systems. Further to this they tend to leave all the legwork and marketing to the project founders, which devalues the overall quality of the project.
Standing out from the Crowd
Now, a blockchain-based company is gearing up to address those problems and some other overlooked factors that are contributing toward the expected decline, issues like trust, failures to launch, deliver and accrue the desired funding. Acorn Collective is using the immense power of the blockchain to facilitate a more effective, accessible and successful future for crowdfunding. The collective is taking on the challenge of allowing for anyone, anywhere to launch a crowdfunding project as long as it is not illegal or malicious.
This width of scope creates incredible opportunities for founders in developing countries, making the platform quite extraordinary, as it will provide a global network of incubator partners for entrepreneurs who have little-to-no experience in the field. With this model, compassionate capitalism can create incredible opportunities for would-be entrepreneurs who may never have had the chance otherwise; impoverished communities all over the world could benefit for generations to come.
Blockchain: Bringing Benefits
The Acorn Collective campaign module is designed to automate the tedious digital marketing campaigns; many crowdfunding projects fail because they aren’t marketed to their fullest, whilst Acorn uses data, digital marketing APIs and algorithms to improve success rates organically for businesses, and as they see it, the platform itself.
By using the technology, Acorn are creating a productive cycle of increased trust and funding success by providing backers with the ability to view the milestone deployment of funds and campaign tracking. Furthermore the blockchain makes the Acorn Collective fee model absolutely minimal, removing the typical 5% fees used by other crowdfunding platforms and reducing it down to the negligible Ethereum network fees. In doing so, the Acorn platform maximises the funding the project can receive.
The Acorn Collective TGE
The Acorn Collective is hosting a Token Generation Event (TGE) from May 26th 2018, ending June 24th 2018, wherein the platform’s ERC20 standard OAK token, the main exchange currency within the Acorn ecosystem, will be available for purchase. The token will be used to fund projects, acquire goods and services, facilitate point-of-sale transactions and purchase additional Acorn Support Services.
Blockchain technology has proven itself to be a remedy to many businesses and industry issues; whilst crowdfunding platforms and would-be founders struggle to ensure the infantile projects grow, Acorn has taken blockchain and a profoundly positive ethos to the fundraising method, to great effect.
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