Crowdfunding for business is popular among entrepreneurs, startups, nonprofit organizations, and SMEs. It is a method of raising money from many people to finance projects and businesses.
According to Fundera, the crowdfunding industry is projected to be worth over $300 billion in 2030.
Various crowdfunding platforms, such as Kickstarter, GoFundMe, Indiegogo, etc., are available. Among them, Kickstarter stands out with its interactive website and application.
Kickstarter is a major crowdfunding platform based in Brooklyn, New York. It is a rewards-based platform that has been helping in raising money since April 28, 2009.
The cost of creating a crowdfunding platform like Kickstarter depends on multiple factors such as website and app design, payment engines, platform niche, crowdfunding monetization model, features, development team, and much more.
Cost-Driving Factors of Crowdfunding Platforms
Website Development
The infrastructure is not simple to create around the crowdfunding concept. You will require a reliable website development company to build such complicated architectures.
Web Design
Web design is a significant factor in building a website interface because you require a website that has easy navigation and an engaging format.
Payment Engines
If you require a secure and transparent payment processing engine, you will need to pay for robust security that ensures the donations are secured.
Platform Niche
Niche is an essential component of the whole crowdfunding platform building process. If you go with a high competition niche like equity crowdfunding, it will include marketing costs between $50,000 to $200,000; else, it will be between $5000 to $20,000 if you choose a low competition niche.
Crowdfunding Model
The cost of creating a crowdfunding platform also reply on the model you select. The basic model with minimal features for fundraising will have a description of the project and bank details. A complex crowdfunding model will have a crypto account, digital ownership certificates, smart contracts, and tokens. You can also read a comprehensive crowdfunding platform development guide.
Cost to Create a Crowdfunding Website
There are different ways to hire a website development company as a startup. Some of your choices include an in-house team, freelancers, or outsourcing.
Type Average Cost
- In-house Team $180,000
- Outsourcing Company $60,000
- Local Development Firm $225,000
- Freelancers $45,000
To sum up, a regular crowdfunding website will cost roughly $60,000 to $230,000.
Crowdfunding App Development Cost
The cost of creating a crowdfunding app depends on your business model, payment engines, and other factors. The aspects on which the cost of a crowdfunding app rely is-
- The application design and development
- The complexity of the app
- The platform used (Android or IOS)
- Basic features
- The advanced features of the crowdfunding app
- Mobile developer’s experience
Thus, it is tough to deliver an exact cost estimation of a crowdfunding app. Nonetheless, the approximate cost of developing a crowdfunding app varies from $50,000 to $80,000. You can take the help of a mobile app development company to create an engaging crowdfunding app.
Wrapping Up
Crowdfunding platforms connect nonprofit organizations, startups, companies, and individuals who need funds for their concepts. Creating a crowdfunding platform is an incredible chance for business owners to be leaders in this niche. The crucial factor of success in your crowdfunding platform development procedure is choosing a dedicated crowdfunding platform development company.
