Our phase 2 crowd fund has now ended on Spacehive . This time we reached a new target of £26,000 (including the crowd fund that has just finished) to buy a climbing frame in addition to the equipment funded by our first crowd fund. This also included a great grant from Tesco Express Wanstead for £2,710 to buy a set of swings.
What is crowd funding?
Crowdfunding is a way of raising finance by asking a large number of people each for a small amount of money. Until recently, financing a business, project or venture involved asking a few people for large sums of money. Crowdfunding switches this idea around, using the internet to talk to thousands – if not millions – of potential funders. Typically, those seeking funds will set up a profile of their project on a website such as those run by our members. They can then use social media, alongside traditional networks of friends, family and work aquaintances, to raise money. However, to be successful, a project must raise 90% of the target required, otherwise no pledges are collected.
Who or what is Spacehive?
Spacehive is the world’s first crowd funding platform for civic projects. They encourage projects from lots of people, companies and councils to fund things that make places better – like new playgrounds or spruced up parks.