Some details
Abstract:
The crowdfunding portal is the UK',s fastest growing and most advanced funding platform to exclusively support creative projects by online social crowdfunding. Traditional crowdfunding platforms have lower success rates for creative or design related projects because they are pitched against other highly competitive categories
In the past, to fund a project would require
large amounts of funding from a corporation or investor. Crowdfunding gives this power to the masses and supports to independents.Crowdfunding is an alternative way to finance your business, idea or project. It allows anyone to invest into a new venture. This means that the project or venture is funded using many small investment amounts from a large number of people.
Client:
Our London based customer had the vision to support projects in the creative arts and films by Social Crowdfunding. He hired us to help him in his vision to convert it into reality, by making an intuitive and beneficial social crowdfunding portal for investors and investee both.
Problem Statement:
For projects in the creative arts and filming, crowdfunding is notoriously difficult. Traditional crowdfunding platforms have lower success rates for creative or filming related projects because they are pitched against other highly competitive categories (e.g. technology).
At Social Crowdfunding Portal, planned to exclusively support creative projects, So, chances of success are much greater of project owners.
- Product should reflect a purpose precisely
- Features can attract users to place project for crowdfunding
- Unique concept to attract the investors
- Compete for market products
- Make it revenue generated as quickly as possible in the limited budget as it is a startup.
Challenges &, Limitations:
- Branch project functionality conceptualization - the solution must be beneficial for all type of users. Like., Project owner, Inverters, Charity, Community.
- Payment integration and distribution in a single transaction(fund transfer) - Distribution of fund as per project configurations into a project owner, charity, user Commission who shared a project link and crowdfund portal fee.
- Discover project functionality based on artificial intelligence and machine learning
- Mobile application support is not available.
Aspire’s Solution:
Aspire established an end to end product development offshore team, starting from the concept building to finished product delivery to support.
- Wizard based easy project setup support
- Project branching - It is a unique feature of this product, where project promoters or investors can earn a commission every time they refer a friend who funds the project.
- Discover option to get Project of the day, Recommended Projects and Search Project by interest using Artificial Intelligence and Machine Learning
- Predefined campaigns to discover the same type of project
- Dashboard for advanced visualizations and analytics - Graphical representation of Amount raised, contributions and Project visitor chart.
- In other crowdfunding platforms, all funding is lost if project fund goal not met. In this product, we proposed and implemented to keeping all funds as is even though not matches the project fund goal.
- Keep lower fees rate compare to other market crowdfunding products
- User can configure charity donations for good causes
- The user will get an option to join various community like., Funding, Creative and Partner Community. It will help the user to market his/her project through social networking and to get fund for the project easily.
- Chat option for users if both users are in same invited community circle.
Benefits Delivered:
- Since Social Crowdfunding Portal released, daily at least one new project has been published for the fund.
- In last one month, 1,46,966 USD fund asked by newly registered users to finish their project to investors.
- The total funded amount by an investor in last month is 57,159 USD, which is 39% of asking rate. It is really a good start, considering that it is the first month of social crowdfunding portal services.
- Out of all projects, 24% of projects are able to achieve their goal amount and others on the way to achieve their fund goals.
Technologies: HTML5, CSS3, Bootstrap, AngularJS, Bower, Grunt, Node(npm), RequireJS, UglifyJS, minifyHtml, JSHint, BitBucket, Prerender.io, Segment.io, Stripe payment gateway, Google Chart, .Net, SqlServer.
