What is crowdfunding and how does it work?

What is Crowdfunding?

What is crowdfunding and how does it work?
What is crowdfunding and how does it work?
Crowdfunding is the practice of funding a project or cause by raising money from a large number of people, typically through the Internet.

It is a form of peer-to-peer fundraising that harnesses the power of social networks to raise awareness.

Until recently, financing a business involved asking a few people for big sums of money. Crowdfunding is turning this idea on its head, using the internet to help entrepreneurs talk to thousands – if not millions – of potential funders that each contribute a small amount.

The idea is the latest in funding innovations. It means small business owners that are being turned down by High Street banks now have an opportunity to appeal directly to small investors. Equally, whereas investing in small businesses was previously the domain of the very rich, this new concept means anyone can reap the benefits of investing in fledgling start-ups.

Easypay Projects

The Easypay Projects is a crowdfunding feature incorporated into the Easypay Wallet. It helps people get micro donations from Easypay Users to help with their startup projects or medical emergencies. We have streamlined the crowdfunding process.

In Uganda, there was a lack of an Easy and straight forward process from which startup entrepreneurs would get visibility and get investment to quickly get started. Thus we built Easypay Projects to fix this problem.

How does it work?

  • Any Easypay User can create a project for free. However, each project is screened first and approved by the Easypay team to see if it meets compliance guide lines. If it meets our standards, we publish it and then the public can decide.
  • Easypay provides the platform from which potential funders can interact with the Project Manager in real time.
  • Potential donor can Donate anything from between UGX 500 to UGX 4,000,000.

Who is it for?

  1. Startup Enterprenuers

    – Easypay Projects provides a forum to anyone with an idea to pitch it in front of waiting investors.

  2.  Non-Government Organisations(NGO)

    Raise funds from the public to help with a your particular cause.

  3. Medical Emergencies

    People with medical emergencies can take advantage of this feature to raise awareness and get donations to even save a life.

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