WHAT IS CROWD FUNDING?
Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet.
The crowdfunding model is fueled by three types of actors: the project initiator who proposes the idea and/or project to be funded; individuals or groups who support the idea; and a moderating organization (the “platform”) that brings the parties together to launch the idea.
HOW IS CROWDFUNDING LINKED TO HASHTAGLIVE?
Seeking funds to create and run a community event is never easy because commmunity events intend to give back to the people, while getting little or close to none in return.
HashtagLive intends to educate the community via education talks, and also showcase new and fresh talents for FREE! Talents include blogshops, music, artist, photography, art and more.
Such a venture doesn’t bring in the crowd because most of the artist are not known to the masses, hence becomes less appealing to sponsors which require their brand to be highlighted well. (we do have plans to address the lack of crowd)
By crowdfunding, the community helps solve the funding problem as everyone pitches in to raise the needed money (sikit-sikit, lama-lama jadi bukit). In return, every pledger will get a reward if the event happens, but no money will be collected if the event does not happen in the targeted fund is not achieved.
CROWDFUNDING UPDATE FOR #LIVEKCH
As of 30 June 2015, we have partially managed to collect funds for the event, and have decided to carry on with the event with the funds we have. Major pledgers and sponsors have agreed to continue their support for the event and this has helped us a lot in making the decision. All pledgers to the event via Pitchin.my will be/have been contacted about refunds and their rewards, but the event will carry on as it would be a shame to not use all the plannings and efforts placed for HashtagLive Kuching 2015. We will continue to push for funding for the event by selling official merchandises through an online store at http://shop.insarawak.net, in which every profit from the sales of the official merchandise would be used to fund the event.