Cassell & Hendricks, CPA, PA

Donna Hendricks, CPA
Branden Daniels, CPA
269 Ann St
Pickens, SC 29671
Fax: 864-878-0690

Wealth Update
Your Monthly Guide to Wealth ManagementJanuary 2019

What is individual crowdsourcing?

Individual crowdsourcing (also known as personal crowdsourcing) refers to a process of raising money for a personal cause or project using an online platform such as GoFundMe. But how exactly does the process work? Here are some answers to common questions about individual crowdsourcing.

What causes can be supported via individual crowdsourcing? Individual crowdsourcing can help raise funds for a number of different causes. Some examples of individual crowdsourcing campaigns include fundraising for medical expenses, weddings, funerals, nonprofit organizations, creative projects, and more. The variety of causes that individual crowdsourcing can support is virtually endless, though some crowdsourcing platforms may restrict the types of campaigns they will allow.

How is an individual crowdsourcing campaign created? A creator posts a description of the cause he or she wants to support on a crowdsourcing platform and has the option to include photos and/or videos. The creator will also post a fundraising goal and an end date for the campaign, if applicable. From there, the campaign creator controls the fundraising strategy, which typically involves sharing the campaign across different social media platforms and via email. If promoted effectively, campaigns have the potential to go viral and raise funds quickly.

What are the benefits of individual crowdsourcing? Individual crowdsourcing campaigns are easy to set up, convenient, and digital, making this type of fundraising accessible to more people. Most crowdsourcing platforms allow donors to choose the amount of money they'd like to donate to a campaign, which gives potential donors the freedom to contribute as much (or as little) to a cause as they see fit. Nonprofit organizations in particular can benefit from individual crowdsourcing efforts because the organizations can receive donations without needing to put in extra time or resources.

You can learn more about individual crowdsourcing by researching different platforms and campaigns online.

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