One of the first projects that has been funded successfully through KITcrowd is “Bread for Perspective” (Brot für eine Perspektive) by the “Engineers Without Borders” (EWB) university group at the Karlsruhe Institute of Technology. The group had made it their goal to build a bakery for war widows in the north of Sri Lanka. This bakery is intended to secure the livelihoods of the Tamil women and their families, who still suffer from the consequences of the devastating civil war that took place in the region between 1983 and 2009. Over the course of ten months, the team collected 70,000 Euros in donations, most of which came through KITcrowd. We interviewed three EWB members after their return from Sri Lanka.
Prospective founders considering how best to realize their idea are often faced with the problem of how to finance it. Only few can cover the financial costs for building a business or first products with equity. Therefore, crowdfunding has become established as an alternative form of financing startup projects. But how exactly does crowdfunding work? Continue reading