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GIVE ME SOME MONEY…
(PLEASE)
 How to crowd fund your scientific
 research or at least part of it.

 EEB Meeting
 November 9th, 2012
What is crowd funding you
ask?


The solicitation of small
    donations from a
large number of people
  for specific targeted
        projects.
What else?

 An old concept revitalized in
  the late nineties by the British
  band Marillion
 Similar to micro-financing

  initiatives but with more
  flexibility
 Revolutionized in 2009 by

  Kickstarter.com
How does it work?
   Platform.
   Dollar target for the campaign.
   Campaign length.
   Compelling story.
   Video.
   Rewards.
   Plan to get people to your campaign.
This seems like an appropriate
      time for a cartoon
Kickstarter
   Supports creative projects of all sorts

   Over $350 million has been pledged by more
    than 2.5 million people, funding more than
    30,000 creative projects

   All-or-nothing funding

   Rewards for funders

   http://www.kickstarter.com/
Indiegogo

   Flexible funding

   “All about allowing anybody to raise money
    for any idea”

   Offers “perks” for funders

   http://www.indigogo.com
Famous Campaigns
   Let’s Build a God Damn Tesla Museum




   Robo Cop Statute in Detroit
Wait. What does this have to do
        with Science?

   The current rate of funding for
    science proposals in the U.S. is
    ~20%. The current rate for
    funding statues of RoboCop in
    Detroit is 135% – to the tune of
    $67,436.
Decreases in Federal Funding
Why Crowd Fund Science?

   Micro-donations will make hundreds of
    research projects possible, projects that
    otherwise would have to wait for funding or
    not be funded at all.

   Research projects that are limited in scope
    and time and for which small dollars are
    required, can be made possible
Need more reasons?

   Researchers will gain more visibility,
    connect with a wider audience of donors
    and enhance public knowledge of their
    work

   Funds from donors can speed the process
    of investigation and lead to faster scientific
    breakthroughs
How about two more?

   The general public has an easy and cost-
    effective way to advance scientific research
    that personally appeals to them.

   People can be more engaged with ground-
    breaking research, by learning about and
    funding a scientist and his/her work.
Crowd Funding Platforms
         Dedicated to Science
   Some success with Kickstarter

   http://www.petridish.org

   http://www.sciflies.com

   SciFund Challenge
Petridish

   Sample Project

   5% fee

   All or Nothing Funding

   http://www.petridish.org
Sciflies

   Sponsored by the University of South Florida

   No fees

   Famous user

   Proposals are reviewed by an anonymous
    panel of scientific experts, adding prestige to
    the process
SciFund Challenge
   Sponsered by yet another
    platform, Rockethub.

   Spearheaded by two ecologists in 2011

   Uses a critical mass approach to crowd
    funding

   Cohorts are given support and collective
    media coverage

   Round three starts November 11th
Some Past Examples
   Watching Clouds in the Cloud Forest



   Healthy Trees, Diverse Forests
Success Rate




The basics:
Round Days     Projects        Projects funded   Percent funded
Total raised
1         45   49         10           20.4%          $76,230
2         31   75         33           44.0%          $100,345
Keys to Success
   Contact everyone you know!

   Take the time to make an engaging video

   Make your project sound relatable and lay
    off the esoteric language!

   Be realistic with your fundraising goals
    $100,000? Not so much…
Importance of Social Media
Helpful Resources
   http://www.indiegogo.com/crowdfunding-
    tips#started

   http://www.kickstarter.com/help/school#set
    ting_your_goal

   http://scifundchallenge.org/blog/category/a
    bout-the-challenge/
Potential Pitfalls
   Some worry that only projects with splashy
    campaigns will be funded

   Easier to generate interest in cute and cuddly
    animals than in the “Isoline Retrieval of Ozone
    in the Stratosphere”

   Lack of Peer Review

   “Dumbing down of science” to appeal to the
    general public
Something to Think About


   “It is absolutely true that a few
   thousand dollars is not a lot of
 money for a senior scientist. But if
 you are a graduate student, money
   is much tighter and a few extra
 thousand dollars for your research
     can make all the difference.”
-Dr. Jai Ranganathan, Co-Funder Sci-Fund
Challenge
The Future of Science?




  http://scifundchallenge.org/blog/2012/05/09/crowdfunding-is-
  the-future-of-science/
Hack E-Science Librarianship
               Blog

For more information and lots of links!

   http://hackescilibship.wordpress.com/2012/
    10/03/crowdfund-this/

   For access to this presentation, please e-
    mail me at amelia.m.vaughan@gmail.com

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Crowdfunding Scientific Research

  • 1. GIVE ME SOME MONEY… (PLEASE) How to crowd fund your scientific research or at least part of it. EEB Meeting November 9th, 2012
  • 2. What is crowd funding you ask? The solicitation of small donations from a large number of people for specific targeted projects.
  • 3. What else?  An old concept revitalized in the late nineties by the British band Marillion  Similar to micro-financing initiatives but with more flexibility  Revolutionized in 2009 by Kickstarter.com
  • 4. How does it work?  Platform.  Dollar target for the campaign.  Campaign length.  Compelling story.  Video.  Rewards.  Plan to get people to your campaign.
  • 5. This seems like an appropriate time for a cartoon
  • 6. Kickstarter  Supports creative projects of all sorts  Over $350 million has been pledged by more than 2.5 million people, funding more than 30,000 creative projects  All-or-nothing funding  Rewards for funders  http://www.kickstarter.com/
  • 7. Indiegogo  Flexible funding  “All about allowing anybody to raise money for any idea”  Offers “perks” for funders  http://www.indigogo.com
  • 8. Famous Campaigns  Let’s Build a God Damn Tesla Museum  Robo Cop Statute in Detroit
  • 9. Wait. What does this have to do with Science?  The current rate of funding for science proposals in the U.S. is ~20%. The current rate for funding statues of RoboCop in Detroit is 135% – to the tune of $67,436.
  • 11. Why Crowd Fund Science?  Micro-donations will make hundreds of research projects possible, projects that otherwise would have to wait for funding or not be funded at all.  Research projects that are limited in scope and time and for which small dollars are required, can be made possible
  • 12. Need more reasons?  Researchers will gain more visibility, connect with a wider audience of donors and enhance public knowledge of their work  Funds from donors can speed the process of investigation and lead to faster scientific breakthroughs
  • 13. How about two more?  The general public has an easy and cost- effective way to advance scientific research that personally appeals to them.  People can be more engaged with ground- breaking research, by learning about and funding a scientist and his/her work.
  • 14. Crowd Funding Platforms Dedicated to Science  Some success with Kickstarter  http://www.petridish.org  http://www.sciflies.com  SciFund Challenge
  • 15. Petridish  Sample Project  5% fee  All or Nothing Funding  http://www.petridish.org
  • 16. Sciflies  Sponsored by the University of South Florida  No fees  Famous user  Proposals are reviewed by an anonymous panel of scientific experts, adding prestige to the process
  • 17. SciFund Challenge  Sponsered by yet another platform, Rockethub.  Spearheaded by two ecologists in 2011  Uses a critical mass approach to crowd funding  Cohorts are given support and collective media coverage  Round three starts November 11th
  • 18. Some Past Examples  Watching Clouds in the Cloud Forest  Healthy Trees, Diverse Forests
  • 19. Success Rate The basics: Round Days Projects Projects funded Percent funded Total raised 1 45 49 10 20.4% $76,230 2 31 75 33 44.0% $100,345
  • 20. Keys to Success  Contact everyone you know!  Take the time to make an engaging video  Make your project sound relatable and lay off the esoteric language!  Be realistic with your fundraising goals $100,000? Not so much…
  • 22. Helpful Resources  http://www.indiegogo.com/crowdfunding- tips#started  http://www.kickstarter.com/help/school#set ting_your_goal  http://scifundchallenge.org/blog/category/a bout-the-challenge/
  • 23. Potential Pitfalls  Some worry that only projects with splashy campaigns will be funded  Easier to generate interest in cute and cuddly animals than in the “Isoline Retrieval of Ozone in the Stratosphere”  Lack of Peer Review  “Dumbing down of science” to appeal to the general public
  • 24. Something to Think About “It is absolutely true that a few thousand dollars is not a lot of money for a senior scientist. But if you are a graduate student, money is much tighter and a few extra thousand dollars for your research can make all the difference.” -Dr. Jai Ranganathan, Co-Funder Sci-Fund Challenge
  • 25. The Future of Science? http://scifundchallenge.org/blog/2012/05/09/crowdfunding-is- the-future-of-science/
  • 26. Hack E-Science Librarianship Blog For more information and lots of links!  http://hackescilibship.wordpress.com/2012/ 10/03/crowdfund-this/  For access to this presentation, please e- mail me at amelia.m.vaughan@gmail.com