Australian digital innovators who would like to raise some money for their projects can do it through pitching their ideas on crowdfunding websites like Kickstarter and Patreon. This allows Australian digital innovators to not need a loan from the bank and/or fund their projects through their own pocket as interested consumers and investors from around the world will provide the money. These people and organisations can investigate different projects by visiting a crowdfunding website and looking at the specific details before investing. The main details that people and organisations would investigate are (Crowdfunding: what you need to know 2018); • How much money do they want to raise? • How much has it raised already? • What will the money be used for? • How long is the ‘pledge period’? • How many people have pledged? • …show more content…
It’s important to consider the perspective of the consumer/investor/organisations to appeal to the global market which will help us to create a successful digital innovation project later. Crowdfunding helps digital innovators to reduce reliance on private investors and organisations to fund their project, crowdfunding is made publicly available through websites which increases potential investors. This identifies a point from one of our prep-task’s article, what is Design Thinking, which quoted “In order to stay relevant, companies must innovate without disruption to drive growth and profitability” (What Is Design Thinking? 2018). Crowdfunding removes the disruption of finding private investors to pitch your idea to, this then drives faster growth of different businesses and products. Crowdfunding also helps to reduce the monopolisation from businesses as there is more competition from new businesses erected through crowdfunding. This benefits consumerism and urges companies to be more innovative as there is more competition from