It’s little wonder too, with small outfits such as Pebble managing to rack up more than $10 million in project funding. While crowdfunding is primarily used for small startups to get their apps funded, and for independent film companies to cover their production costs, some are finding new ways to take advantage of the model.
Raymond Loo, an organic farmer from Prince Edward Island, recently used crowdfunding to increase his herd, and in turn, sell meat from those newly acquired animals to the people who helped fund the expansion.
It’s a neat idea, sort of like an advance payment, and also serves to bring the people who supported Raymond closer to their food.
In his video, Raymond explains why technology can give farmers a leg up: “[Crowdfunding] is a new way for small farms to be interactive with the community, and connect with the consumers. By micro-financing, we circumvent the need to be big, the need to go into lending organizations and talk volume. Supermarkets separate the farmer from the product and the customer from the farmer." Using technology and crowdfunding, Raymond is able to meet people he traditionally wouldn’t, and in a much more transparent and social manner.