Hayden Horner
4 minute read
9 Feb 2020
7:35 am

Crowdfunding: what you need to know before parting with your cash

Hayden Horner

In a country where fraud and Ponzi schemes trickle down from the halls of Parliament to the pavement peddler, suspicion may be warranted.

Picture: iStock

It’s helped launch businesses, academic careers, music albums, bolstered the reach of much-needed charity organisations and even saved lives. And yet there remains a modicum of suspicion among those who still do not know about crowdfunding and how it works. Simply put, crowdfunding is carried out via a platform that acts as mediator between project creators and the general public (the crowd), who fund the project within a predetermined time frame. Wynand Myburgh, the manager and bassist for local award-winning rock band Fokofpolisiekar, says we live in a time where people will use whatever medium to channel your cash into...