Ideavibes Presentation on Crowdfunding and Fundchange - June 23/11
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Ideavibes Presentation on Crowdfunding and Fundchange - June 23/11

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Overview presentation to Vancouver Alliance for Arts and Culture.

Overview presentation to Vancouver Alliance for Arts and Culture.

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  • 1. Crowdfunding andArts FundingPaul  Dombowsky  
  • 2. Introduction Social  enterprise  web  development   company  that  has  developed  the  first   Crowd  Engagement  Pla>orm  for   crowdsourcing  and  crowdfunding.       One  of  Canada’s  first  crowdfunding  sites   for  chariCes,  non-­‐profits  and  arts  groups   to  fund  change  in  our  communiCes  one   project  at  a  Cme.   9  
  • 3. Starting Point 7.7%  Percentage  of  Canadians  that      aIended  5+  arts  events  in  2007   1%    Percentage  of  donaCons  in  Canada      given  to  arts  &  culture   3.7%  Average  number  of  organizaCons      each  donor  in  Canada  gave  to     25%  of  all  arts  donors  gave  75%  of  the  total  donated     2  
  • 4. Online Giving “Fundraising  Trends  and  Challenges  in  the  Canadian  Direct  MarkeCng  Sector”-­‐   a  research  paper  from  2009  by  Cornerstone  Group  of  Companies  shows:     •  Donors  who  make  their  first  giZ  to  an  organizaCon  online  as  opposed  to   via  direct  mail  have  a  much  higher  average  giZ                        $73  vs.  $30     •  There  are  now  more  than   4  Cmes   the  number  of  new  donors,  per   organizaCon,  from  online  iniCaCves  than  5  years  ago  (9M  to  40M).”   7  
  • 5. OpportunityPerhaps  there  is  an  opportunity  to  try  something  new  to  engage  more  donors  to  support  the  arts?       3  
  • 6. Crowdfunding - What do you need?•   A  crowd    •   A  challenge  or  a  project    •   A  process  and  tool  for  engagement    •   Trust  and  commitment  in  your  crowd  to  take  acCon    •   Key  performance  indicators  –  what  does  success  look  like?  •   Proof  of  acCon  –  your  crowd  wants  to  see  what  happened   4  
  • 7. Donor Generations Millennials  (born  ’91  and  aZer)    -­‐  ?   Gen  Y  (born  ’81-­‐’91)  –  Average  DonaCon  $325   Gen  X  (born  ’65-­‐’80)  –  Average  DonaCon  $549   Boomers  (born  ’46-­‐’64)  –  Average  DonaCon  $725   Civics  (born  ’45  or  earlier)  –  Average  DonaCon  $833   5  
  • 8. Where Donors are Giving Social  Network  Site   SMS   Third  Party  Vendor   Phone   In  Lieu  of  GiZ   Monthly  Debit   Mailed  GiZ   Online  via  Website   Charity  GiZ  Shop   Tribute  GiZ   Fundraising  Event   Checkout  DonaCon   0.0%   10.0%   20.0%   30.0%   40.0%   50.0%   60.0%   6  
  • 9. Who is your crowd? The  crowd  you  know    The  crowd  you  don’t  know   Donors   Donors’     Network   Prospects   Prospects’   Network   Event   AIendees   Event   AIendees’   Network   Mailing  Lists   Mailing  List’s   Network   Social Media Makes the Connection 8  
  • 10. Projects or Doable Asks •  Easier  for  most  people  to  wrap  their  head  around  a   smaller  project  as  opposed  to  an  enCre  opera   producCon  or  building  a  theatre.   •  Examples:   •  AIendance  at  fesCval   •  New  producCon   •  New  website   •  Film  trailer   •  Outreach  program   9  
  • 11. Examples: Fundchange Post   Promote   Share   Search/Filter   Fund   Receipt   Report     Costs:   $99  +  hst  to  join    includes  2  posCngs   3.9%  processing  fee   10  
  • 12. Examples: Crowdrise (US only) Post   Promote   Fund   Report   11  
  • 13. Examples: WeDidThis (UK) 11  
  • 14. Examples: Kickstarter (Not in Canada) Successfully  Funded   Projects:  3,910     Dollars  Pledged:   $27,638,318     Total  Pledges:  386,373     Average  Pledge:  $71.53     11  
  • 15. Benefits & Challenges•   It’s  social  –  the  crowd  promotes  projects  it  likes   •   It’s  social  –  the  crowd  won’t  promote  projects  that  aren’t   shareable  •   Success  comes  to  those  that  acCvely  build  a  crowd     •   A  challenge  for  organizaCons  new  to  social  media  •   It’s  the  free  market  at  work   •   It’s  the  free  market  at  work  •   Build  sCckiness  to  the  project   •   Need  to  pay  aIenCon  to  write-­‐up  to  inspire  funders   12  
  • 16. Integrating Crowdfunding into Your OrganizationThings  to  keep  in  mind:      •  Crowdfunding  success  comes  quickest  to  organizaCons  that  are  social  – media-­‐aware  and  engaged.    If  your  organizaCon  is  not  yet  social  media-­‐ enabled,  it  will  take  Cme  and  human  and  financial  resources  to  do  so.  •  Because  your  efforts  are  only  as  good  as  the  crowd  you  are  able  to   mobilize  to  your  cause,  it  makes  sense  that  your  organizaCon  strategically   manages  and  promotes  its  brand  online.      •  Make  sure  your  target  audience  is  online  and  will  give  online  •  If  you  opt  to  post  your  projects  on  established  crowdfunding  sites,  do  your   homework  –  be  careful  of  the  company  you  keep.     13  
  • 17. Why Fundchange?•  Building  our  own  crowd  •  Tap  into  the  collecCve  crowd  that  funds  change  •  CreaCng  desCnaCon  for  arts  funding  based  on  the  crowd  and   driven  by  social  media  •  Now  supports  sharing  on  Facebook   14  
  • 18. Joining Fundchange•  $99  to  join  –  includes  3  free  posCngs  •  $50  to  post  projects  aZer  first  3  •  You  receive  96.1%  of  money  raised  •  Max.  project  size  is  currently  $5000    Offer•  First  Alliance  Member  to  fund  project  (+$2000)  gets  an  iPhone  •  Media  campaign  focused  on  partnership  with  Alliance  •  Eligibility  for  TELUS  matching  campaign  based  on  Facebook   integraCon  –  Summer  Campaign   14  
  • 19. Resoruces•  Donor  stats,  etc.  came  from  “The  Next  GeneraCon  of   Canadian  Giving”  –  Nov.  2010  –  by  Vinay  Bhagat,  et  al  •  “The  Wisdom  of  Crowds”  –  book  by  James  Surowiecki  •  “Crowdsourcing”  –  book  by  Jeff  Howe  •  “Fundraising  Trends  and  Challenges  in  the  Canadian  Direct   MarkeCng  Sector”,  a  research  paper  released  in  2009  by   Cornerstone  Group  of  Companies     14  
  • 20. Thank you  Paul  Dombowsky  |  613.878.1681  |  paul@ideavibes.com