Thanks to Joseph Parker, InventureX has enjoyed huge success over recent years. As Senior Marketing Coordinator, Parker helps entrepreneurs to achieve their crowdfunding targets, by formulating strategies that attract large investors to their projects. We caught up with Parker recently, to find out how he thinks current trends will affect the crowdfunding sector in future. Here’s what he had to say:
What is the biggest obstacle you face in your line of work?
Undoubtedly, the most difficult thing we have to do is master all the different forms of advertising. Because we are hired by such a diverse selection of entrepreneurs, they all have customers from completely different demographics. Consequently, we have to learn marketing methods aimed at the health sector, the technology sector and the finance sector — to name a few. This will continue to be the case going forward.
Which sectors benefit most from crowdfunding?
Although companies in many sectors have used crowdfunding, the charity and non-profit sector has benefited most from this method of financing. The whole charity sector has been transformed, since it became possible to crowdfund donations. In fact, charities are benefiting from crowdfunding in a couple of ways. Firstly, it is a highly effective way to accept and monitor donations, in comparison to traditional methods. Secondly, the potential for crowdfunding campaigns to go viral on social media gives small charities an affordable way to publicize their work.
How does the growth of cryptocurrency affect crowdfunding?
Cryptocurrency has not been incorporated into crowdfunding platforms yet, even though I am extremely interested in it. There’s considerable potential for this to happen in future, but the main players have not embraced it this year. I’m sure this will happen soon, with a bit of luck.
In what way would crowdfunding change, if cryptocurrency was accepted?
Many people regard cryptocurrency as a long-term investment, so in that sense Bitcoin and Blockchain lends itself well to crowdfunding projects. Essentially, it would enable people who own cryptocurrency to spread their risk and invest in other worthy ventures. I believe that once some of the larger companies start to accept cryptocurrency, it will surge in popularity. Whenever a new trend emerges, it always takes a little time for it to fully catch on. Inevitably, this will happen eventually, it is not quite there yet though.
What future direction do you think the crowdfunding sector is taking?
I’m sure more companies like ours will appear, which makes it all the more important for us to provide an outstanding service to our clients. Some people approach us with unclear expectations. This can be challenging, because they want to pull out all the stops to advance their venture. We make it a policy to ensure that our clients’ expectations are realistic from the outset. Many entrepreneurs want success instantly, however this does not happen most of the time. The people who understand that are much more likely to benefit from crowdfunding over the long run.
What do you think are the biggest Kickstarter failures so far?
There are a few that stand out, and each one failed for slightly different reasons. You may check out this sit down with AnnickaBansal.com for the complete interview where Joseph Parker from InventureX Talks About the Biggest 3 Kickstarter Failures.
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