Crowdfunding is a raise funding practice that seems to be revolutionising the gender dynamics regarding the possibility of accessing finance. Men use crowdfunding platforms more often than women; however, women are more successful at reaching their campaign targets.
The higher success rates for women in crowdfunding contrast with the lower odds when competing with men for government grants and in traditional funding systems in general (ESMT Berlin, 2019).
The sustainable fashion brand Silfir, founded by Hannah Kromminga is an example of how women can successfully crowdfund their business.
In 2019, her company was able to crowdfund €30,000 on Kickstarter to pay for the production of their collection. Hence, Crowdfunding became essential to test the success of Hannah's product and promote her idea, which allowed Hannah to win the European Innovation Award for a circular design uniform.
Access to finance, crowdfunding