Understanding crowd-funding

Screen Shot 2014-06-17 at 9.55.19 AMLast week at our lesson we spent quite a bit of time working out how our supporters are able to donate money to our project using a crowd-funding website called Thundafund.

We spent some time this week talking about crowd-funding and how it works. It works a bit like a stokvel or savings club but there are also lots of differences. The people who get together and use crowd-funding websites to support a project (like ours!) don’t always know each other. They all just agree that the project is a good idea and thanks to the Internet they are able to work together to achieve a goal.

How did people contribute their money to the project? There are lots of ways of paying that don’t involve cash. For example people sometimes use vouchers, think of airtime or electricity. Or sometimes people can transfer money using mobile banking or internet banking (EFT). But most of our supporters used their credit cards – this means that their bank transferred money electronically to the Thundafund bank account.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s