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Stuart McLaughlin presentation at The Business of Fun

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Stuart McLaughlin from Business to Arts present the Fundie.ie project at The Business of Fun 2011

Stuart McLaughlin from Business to Arts present the Fundie.ie project at The Business of Fun 2011

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  • Lambert, T & Schwienbacher, A (2010) An Empirical Analysis of Crowdfunding. Available at http://www.crowdsourcing.org/document/an-empirical-analysis-of-crowdfunding-/2458
  • Lambert, T & Schwienbacher, A (2010) An Empirical Analysis of Crowdfunding. Available at http://www.crowdsourcing.org/document/an-empirical-analysis-of-crowdfunding-/2458
  • Lambert, T & Schwienbacher, A (2010) An Empirical Analysis of Crowdfunding. Available at http://www.crowdsourcing.org/document/an-empirical-analysis-of-crowdfunding-/2458
  • “Non-profit organisations show up strongly as the primary driver of success [with crowdfunding] while other variables are never significant.” Lambert, T & Schwienbacher A (2010)
  • Finland ranks 45 in the world giving index equal to Sweden (45) and ahead of Spain & France (91) Latvia (115) and Estonia (121)

Stuart McLaughlin presentation at The Business of Fun Stuart McLaughlin presentation at The Business of Fun Presentation Transcript

  • The Business of Fun – 2011 AOIFE Conference Stuart McLaughlin Business to Arts | Fund it @businesstoarts | @fund_it
  • “Crowdfunding involves an open call, essentially through theinternet, for the provision of financial resources either in the form ofa donation or in exchange for some form of reward and/or votingright in order to support initiatives for specific purposes.”Lambert, T & Schwienbacher A (2010) An Empirical Analysis ofCrowdfunding.
  • “In 1997 when Marillion scheduled a European tour to support itsnew album, keyboardist Mark Kelly posted an Internet messagestating that the band would not tour the United States due to a lackof record company support. Fans of the band worldwide joinedforces to raise over $60,000 to underwrite it, and the bandundertook its largest North American tour since 1991. “www.indie-music.com
  • PROS CONSNew fundraising platform Appropriate fundraising platform?Marketing & pre-sales Fees/charges/decline ratesConsumer/Audience engagement All-or-nothing approachValue in social network Consumer/Audience engagementLegalities/Governance/Reputation Time/labour intensiveBudgeting/planning Computer & social media skillsFundraising experience Regulation/IP/Tax/Finance
  • Growth of Crowdfunding in US – Kickstarter.com$7 million pledged to projects in March 2011 on Kickstarter. Up from$5 million in February 2011 & a little over $1 million in March 2010.Kickstarter has a 43% project success rate.http://www.googlelivesearch.com/web-news/kickstarter-celebrates-birthday-releases-stats/
  • Growth of Crowdfunding in US – Kickstarter.com Film: Music: $19,717,790 $13,094,547Music and film are by far the largest categories after two years.http://www.kickstarter.com/blog/happy-birthday-kickstarter
  • Environmental Factors“There is a clear opportunity for growth in Individual Giving to Arts & Culture inIreland.” Deloitte & Business to Arts (2008) Private Investment in Arts & CultureSurvey Report“New Zealand, Australia & Ireland are the three most charitable nations in the world.”World Giving Index (2011)“The Arts budget is to be cut over the next four years by 15%.” JimmyDeenihan, Minister for Arts, Heritage & The Gaeltacht Speaking at the Global IrishEconomic Forum 7 – 8 October 2011.“Funding from the Arts Council has been cut from €83 million to €65 million in recentyears.” Pat Moylan, Chair, Arts Council. Responding to comments made above on 10October 2011.“You need to look at an Irish diaspora crowdfunding mechanism which would give everymember of the diaspora a chance to contribute to Irelands recovery.” Former USPresident Bill Clinton (2011) Speaking at the Global Irish Economic Forum 7 – 8October 2011.
  • 7 : 80 : €258k : €54
  • 7 : 25 : €98k : €51
  • EmailsHow to run a • Personal & Organisationalcrowdfunding • Launch (Informative) • Throughout (Targeted)campaign • Midway (General Update) • Prior to End (General Update) Social Media Other Media• Event Pages• Project Videos/Photos/ Media • Targeted• Personalised Thank You • Informative• Competitions • National & International•Activity updates
  • Case Study: THISISPOPBABY YOMW Total € Pledged v’s Website Traffic Fund it Competition1200 Launch1000 Competition Mass Competition 800 Email Target 600 Reached 400 200 0 Newspaper Blogs
  • Thisispopbaby Stats € % Target* (incl 8% commission) 6,000.00 Total Pledges 6,670.00 111.2 No. of Pledges 175 Declined Pledges 160.00 2.7 Total Pledges (Honoured) 6,510.00 108.5 No. of Pledges (Honoured) 165 Average Pledge (Honoured) 39.45 Payment Charges 195.30 3.0 Fund it Commission 325.50 5.0Total Raised 5,989.20
  • % of Total Funders at Reward Levels40%35%30%25%20%15%10%5%0%
  • % Funds Raised at Reward Levels25%20%15%10%5%0%
  • Key Learning• Transparency of project• Balance in communication• Repetition of fundit.ie/project• Personal contact on & off-line• Interest in concept of crowdfunding• Increased audience engagement?• Reward delivery crucial for future use
  • Stuart McLaughlinBusiness to Arts | Fund it@businesstoarts | @fund_it