Local entrepreneurs Nadine Stielow and Jacquie Fenske talked about the power of the crowd at yesterday's (November 1) chamber luncheon.
The two touched on the importance of an engaging fundraising campaign using the power of the internet and social media.
"As time goes on, we need to be more creative in how we're getting our funding," explained Fenske. "When we're looking at new ideas, they are rather outside the box, and traditional methods may not be able to support your idea."
Crowdsourcing is when people provide labour, ideas or help in other ways to get an idea off the ground. Crowdfunding allows people to donate to an idea and in return, receive a reward from the entrepreneur.
As society begins to shift towards more locally sourced products, entrepreneurs are jumping at the easy way to earn some money to start up and market their idea.
"I believe we're going to see more small businesses created, more entrepreneurs coming into it but it is one of the ways of the future and it's a way to engage the entire world, not just your local community."
Nadine Stielow of Thiel's Greenhouse is using crowdsourcing right now to help fund an innovative idea to grow food sustainably, while former Morinville town councillor Brennan FitzGerald used crowdfunding to get his clothing line, SeaChange, off the ground while cleaning up the oceans.