Earlier this week, Radio 4’s Aleks Krotoski delved into the world of crowdfunding on her weekly podcast, The Digital Human, which explores the digital world. She questioned whether this form of online giving is a magic bullet to support those whose livelihoods have suffered during this global pandemic.
Here at Crowdfunder, we’re well versed in the power of the crowd. Since March, #PayItForward has raised over £10 million to help businesses across the UK stay afloat. Not to mention our Crowdfunder Startups campaign which is supporting the entrepreneurs of tomorrow as they start their new ventures after being affected by coronavirus.
Co-founder of Tottenham’s Craving Coffee, Rachel Ho, joined Aleks to explain how rewards-based crowdfunding saved her business after it was forced to close its doors back in March like so many bars, restaurants and cafes across the UK.
By crowdfunding with Pay it Forward London—our partnership with the Mayor of London—Rachel and the Craving Coffee team went on to raise almost £30,000 to ensure the continued survival of their business.
On reaching her target, she explained, “I think within the first 24 hours it was 60% and then I think we hit the target in 4 days. I did not expect for it to happen so quickly and I didn’t expect people to be so enthusiastic to do it. It showed that our little cafe is so important to people and their routine.”
You can listen to The Digital Human podcast here.
And if you’ve tuned in and realised that crowdfunding is right for you, then click here to start your own project!