Crowdfunding in Nigeria Literature review Example | Topics and Well Written Essays - 6000 words - 1

Crowdfunding in Nigeria - Literature review Example This has become a very popular method of raising funds for any time of project but little is known about the motivation and interest of the people donating on the crowdfunding platforms (Fowler, 2007). According to Hemer (2011), the crowdfunding has been defined as the process that involves the making an open call through the medium of internet for provision of the financial resources. These can take the form of rewards in exchange of some form of voting right or equity in the organization. Hemer (2011), further argues that although the crowd funding was in existence in the late 1990 and was largely used on the internet, it was limited to the to get funding for activities in the creative industries that included making of videos or film Publishing by the independent writers and journalist other people in the theatres, visual arts and games. However, the development in the recent times brought by the invention of new tools like the Web 2.0 and social media and networking sites has con tributed to the use the viral networking and marketing (Lee, DeWester and Park, 2008). This has attracted a huge number of people in the to some web communities that is of interest to them within a very short time (Crowdsourcing.org. 2012). Although the crowdfunding has only attracted the scholarly investigation in the recent times, the concept is an old age one that has been practiced in some societies. An example of early application of crowdfunding is seen in the building of the Pedestal for the statue of liberty. This statue was established in1884 by Joseph Pulitzer, who had made an open call to the people in America provide the micro donations to fund the project (pritts, 2010). The online funding is otherwise a new concept that is has been greatly boosted by the development of the Web 2.0 technology (Lee, DeWester, and Park, 2008). This has resulted in the establishment of more crowd funding