Smallknot Lets You Crowdfund Your Favorite Local Businesses
Crowdfunding via websites like Indiegogo and Kickstarter has become an Internet phenomenon. These platforms have given life to many creative projects and new products that may have otherwise never seen the light of day. However, new businesses and organizations are not the only ones who can benefit from the crowdfunding concept. The team at Smallknot has created a crowdfunding platform aimed specifically at supporting established local businesses. Smallknot takes the crowdfunding model and applies it to already successful businesses that want to expand by letting people “invest” in their favorite local mom-and-pop businesses. Smallknot is a cool product on the Internet that lets you support your favorite established businesses in ways beyond just being customer. If you have trouble providing an online payment to support a business through Smallknot, get computer support to find the root of the technical difficulty.
Just as with Kickstarter, different levels of funding come with different rewards for users. However, a key difference from Kickstarter is that businesses that ask for funding can actually promise monetary rewards to those who fund them. Some businesses choose the safer route of offering physical rewards and discounts, but others offer specific cash returns later for investments now. It’s still true that those who fund businesses on Smallknot do not gain actual equity for their “investments”. Still, the concept of Internet crowdfunders getting any monetary return is a new one. However, most businesses on Smallknot rely on big discounts or special perks to reward those who fund them.
Smallknot makes it clear on its site that the purpose of the service is not to “prop up failing businesses”. The company aims to help successful local businesses expand or improve their operations. Local businesses raising money on Smallknot are encouraged to target people in their local neighborhoods for funding. Of course, Smallknot allows businesses to receive non-local funding if people provide it. If you own a successful small business that you want to expand but need help figuring out how to set up a Smallknot campaign, find tech support for assistance.
Smallknot helps small businesses avoid high interest rates from other forms of financing. It also lets users support the local businesses they love for many different kinds of rewards. Smallknot is definitely a cool online product that demonstrates another interesting use of the crowdfunding model.
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