Promises are important because a promise gives us confidence that something will happen in the future, an assurance will be honoured. But of course promises come in many different forms and with many different meanings.
“I promise to marry you” is very different to “I promise to help you move house”. One is a long-term commitment to fulfil an obligation and the other is a short-term, one-off situation. Although it could be argued that both may involve physical and mental stress!
In crowdfunding, we use promises to make a commitment to the crowd as an assurance that we will add or create some future value. There are three components that make up a promise in crowdfunding as shown in figure 2.3.1: