Forget everything you know and love about crowdfunding. It’s no longer the cool, hip, independent way to raise money for your promising idea. Sadly, these platforms have digressed into breeding grounds for scams and a graveyard for failed projects. Simply put, Kickstarter is dead. Here are five reasons why that is and what you can look for in the crowdfunding future.
KICKSTARTER STEALS YOUR MONEY
Seriously? Isn’t this platform supposed to be all about the little guy? Isn’t it supposed to give money to those that don’t have it? Well yeah, that’s the main goal of the crowdfunding platform but what they don’t like to advertise is all the fees included. KS takes a whopping 5% of all money raised. On top of that, they steal an extra 3% for “bank transfers.”
Apparently, only creators in the 22 selected countries deserve a chance at turning their big ideas into a reality. Everyone else in the world has to fend for themselves and raise money the old-fashioned way. Blockchain-based crowdfunding platforms, on the other hand, do not discriminate in such a fashion but more on that later.
KICKSTARTER IS UNTRUSTWORTHY
Let’s say you give $5,000 to some little punk to make his 3D printed avocado farm a reality. You both agree to hold your end of the bargain but what happens in the end? The kid takes off, leaving you high, dry and out of luck. Unfortunately, scams like this are quite common on standard crowdfunding platforms and until recently, there was no solution.
KICKSTARTER IS TOO SLUGGISH FOR THE MODERN AGE
Sure, in 2009 new crowdfunding platforms were all the rage. It made raising money and funding projects so much easier. But a few years have passed now and new technology is out. Compared to this new, decentralized tech we see today, old crowdfunding platforms are just plain sluggish. Even just signing up takes cutting through a web of bureaucracy and documents. We’d all love to ditch the middleman but in this case, it’s just unavoidable.
KICKSTARTER CAN’T KEEP UP WITH THE COMPETITION
Imagine a new crowdfunding platform that eliminates the middleman, prevents investors/entrepreneurs from scams and is incredibly easy to use. Now stop imagining that because it’s already here. YouToken is a new and unique platform that helps people convert intelligence into a financial asset. By applying the power of ICO, entrepreneurs can easily raise funds for their project. Meanwhile, investors get a special chance to invest in a creator at the early stages of their career.
The next Elon Musk is somewhere out there. If he’s smart, he’ll avoid old crowdfunding platforms altogether and recognize the future lies withing blockchain based platforms like YouToken. You should join him,.