Technology And The Digital Economy Essay - 1854 Words

The continuous improvements in technology and the digital economy have given means to the economic innovations that are taking place on the internet, such as the growth of crowdfunding. This has enabled business entrepreneurs, organisations and individuals to seek funding or donations online for their projects, business start-ups and personal related issues. Crowdfunding has given people the ability to reach a larger population when seeking funds through online crowdfunding platforms without being restricted to family and friends and without having to acquire loans which may be required to be paid back, as most crowdfunding websites do not require anything to be paid back in return for the funds raised. Outlaw (2013) states that there are four main types of crowdfunding being used in today’s economy which include: Donation, Reward, Debt and Equity Investment crowdfunding. Rewards based crowdfunding; the most widely used form of crowdfunding, is being used mostly by entrepreneurs as it allows users to start a campaign on websites such as Kickstarter.com and Indiegogo.com. Through these websites, individuals and creators of projects can pitch their products and services with a targeted goal amount and a reward system that encourages investors and donors to pledge and receive a reward if the set goal is achieved. The rewards are usually in the form of a discounted price when purchasing the product or being the first to own the product when it launches. This excitement to be theShow MoreRelatedTechnology : The Backbone Of Digital Economy938 Words   |  4 PagesWe are living in an era governed by the internet and technology. Technology has paved ways for businesses as a whole to be more productive and operate more efficiently. 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HelpingRead MoreTechnological Advancements Around The World Have Developed1609 Words   |  7 Pagesapplication technology as a critical tool useful in the definition of social as well as economic advancements. The extent to which different people can access the technological advancements is significant to the definition of how challenging it is for people to access the same technological advancements, hence the creation of a digital divide. The digital divide can be defined as the state of social inequality defined in relation to the access, use, as well as impacts linked to the use of digital communicationRead MoreHow Does A Generic Digital Wallet Work?1654 Words   |   7 Pagesdoes a generic digital wallet work? What typical features does a digital wallet offer to users? (2 mark) Digital wallet is a software app (application) for you smart phone that digitally stores your loyalty cards and coupon codes in your phone so you don’t have to keep a bunch of plastic cards in your wallet. Digital wallet also uses NFC (near field communication) to pay for you purchases replacing your credit cards. 2. What technologies are currently required to use a digital wallet? NFC technologyRead MoreComputer, Robotics, And Automation Are Driving More And More Of Production1225 Words   |  5 Pagesfrom technological changes to becoming a more sustainable, broad- based economy: Reducing the tyranny of distance, boosting trade and creating new business models but also promoting outsourcing of work overseas. Internationalising labour markets are expanding the skilled labour pool. Developing commercially functional goods and services from new technologies often takes a lot longer than expected. Leveraging clean technologies to improve sustainability. Fostering entrepreneurship and addressingRead MoreMarketing Space(Digital) Place(Physical) Essay1620 Words   |  7 Pagesâ€Å"marketing involves decisions crucial to the success of every organization, whether large or small, profit or nonprofit, manufacturer, retailer, or service firm.† (p. 4). In this new economy and web-savvy age that we are living in, companies must be able to have not just a physical place for the organization but a digital space for it as well to compete with their online competitors and to shift themselves into the global market that is accessible, available, marketable and viable in every way fromRead MoreFdi Of Digital Indi An Initiative Of Government Of India Essay1651 Words   |  7 PagesFDI IN DIGITAL INDIA Dr. Shobha Edward,M.C.S.,M.Phil.,P.G.D.P.M.L.L.,P.G.D.C.S.M.,D.L.T.,Ph.D., Associate Professor, Principal i/c Head of the Department of Corporate Secretaryship, K.C.S.Kasi Nadar College of Arts Science. Email: shobhaedward@gmail.com _________________________________________________________________________ Abstract Digital India is an initiative of Government of India to integrate the government departments and the people of India. Digital India mission is expected to