Donation-based crowdfunding is a way to source money for a project, charities,foundations,ngo's,single person (neighbours,friends and family)by asking a large number of contributors to individually Donate a small amount to it. In return the Donors may receive token rewards that increase prestige as the size of the Donation increases.
Reward-based crowdfunding perhaps the best-known type of corwdfundings.It involves individuals contributing comparatively small amounts of money to projects in return for some kind of reward
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Donation-based crowdfunding (Also called Gift-oriented crowdfunding)
Money is obtained on a donation basis from several individuals and businesses but nothing is returned to those who give the money. The big difference to conventional donations, however, is that the donor (here called backer) is informed in detail about the project and the use of the funds. Often donation crowdfunding is most successful among charities and non-profits. Some services invite people to donate to projects for the pleasure of giving. Philanthropy based services usually have other benefits such as tax credits or rebates.
As this sort of crowdfunding is predicated on donations, funders do not obtain any ownership or rights to the project, nor do they become creditors to the project. Typically the online service providers take a 3 %-5 % fee of all donations.
Reward-based Crowdfunding (Remuneration-based crowdfunding)
Rewards-based crowdfunding is where individuals donate to a project or business with the expectation of receiving a non-financial reward in return, such as goods or services at a later stage. A common example is a project or business offering a unique service (rewards) or a new product (pre-selling) in return for investment. This form of crowdfunding allows companies to launch with orders already on the books and cash-flow secured (a major issue for new business) and gathers an audience before a product launch.
Funds given don’t have to be repaid; you just deliver the service or the goods promised.
Orders are secured before the launch of a new product, and the crowdfunding campaign allows you to build your customer base as you raise funds. You are obliged to deliver on your promises on schedule.
It is a popular option for start-ups and entrepreneurs as it provides a way to fund the launch of new companies or products.
It is particularly suitable for products and services that or is innovative or garners high levels of consumer attention.
Complicated concepts or products are less suitable for rewards crowdfunding.