But sooner or later they would have to look outwards for funding and seek out investors.
It started off as a way to fund artistic and creative projects, medical expenses or community-oriented social enterprise projects and gained mainstream traction with the launch commercial crowdfunding sites in the US like Indiegogo, Kickstarter and GoFundMe.
The market is still in its early stages in Asia and there are issues concerning consumer protection and the regulations in the financial systems of the different countries.
However, the idea is steadily catching up as your location ceases to be a limiting factor to securing investments.
It is important to keep your backers engaged and updated by sharing updates and following through with the promised rewards.
Launching a series of small campaigns to reach specific benchmarks builds brand loyalty over time and gives fans additional opportunities to support the startup at various stages.