BidOkee – Cooperative Crowdfunding
Crowdfunding is growing massively, 1,000% in the last five years. Between 2009 and 2012, crowdfunding expanded at a compound annual growth rate of 63%. As of 2014, the crowdfunding market was estimated at $16.6 billion in funding per year. Of this growth, donation-based crowdfunding comprises the majority of giving, growing at a compounded annual growth rate (CAGR) of 444 percent compared to equity crowdfunding, which is growing at a rate of 168 percent. By 2020, crowdfunding is expected to reach $500 billion in funding per year generating $3.2 trillion in economic value.
“However, a majority of crowdfunding campaigns fail,” says Eyal Lichtmann, CEO of Quilageo, the company behind BidOkee.”81% of unsuccessful projects fail to reach 20% of their funding goal. And nearly 60% of all crowdfunding projects are unsuccessful. There is a systemic problem in crowdfunding if a majority of campaigns are continuously failing. Therefore we need a new model in crowdfunding that provides greater chance of success and which changes the paradigm to a more cooperative model.”