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Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
Crowdfunding Basics
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Crowdfunding Basics

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Published on

A webinar from NARP …

A webinar from NARP

Event date: 05/29/2013 01:00 PM - 02:00 PM Eastern time zone

Speakers:

Mikki Anaya, Coordinator of the Southwest Rural Policy Network

Mikki has worked for over 15 years raising funds in her various capacities including as Executive Director of a not-for-profit organization and as the Production Manager for some of northern New Mexico's largest fundraising events. Through the years as the economy changed so has the fundraising landscape changed. Always interested in what is next and new in the fundraising arena, Mikki spends time studying various fundraising modalities and implementing practices learned.

This Webinar is provided by the National Consumer Law Center.

Published in: Technology, News & Politics
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  • 1. ©National Consumer Law Center 2013Mikki Anaya, CoordinatorSouthwest Rural Policy NetworkJessica HiemenzNational Consumer Law CenterMay 29, 2013CrowdfundingBasics
  • 2. Presenter – Mikki Anaya2• Coordinator of the Southwest Rural Policy Network.• Mikki has worked for over 15 years raising funds inher various capacities including as ExecutiveDirector of a not-for-profit organization and as theProduction Manager for some of northern NewMexico’s largest fundraising events.• Through the years as the economy changed so hasthe fundraising landscape changed. Alwaysinterested in what is next and new in the fundraisingarena, Mikki spends time studying variousfundraising modalities and implementing practiceslearned.
  • 3. RuralXChangewww.ruralxchange.netandfacebook.com/ruralxchangeWe’ll post updates and follow-updiscussions related to this webinar here.Please join us!
  • 4. INTRODUCTION TOCROWDFUNDINGAN OLD IDEA WITH AMODERN ASSISTwww.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networks
  • 5. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDefinitionCrowdfunding is theact of many peoplecontributing money to aproject
  • 6. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksExampleKaren the schoolbus monitor32,251 contributions$703,168 raisedMany contributions $5.00 and under
  • 7. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksHow do people use Crowdfunding?• Raise money• Create awareness about the project andthe larger body of work• Generate excitement for a project• As a Movement Building tool• As a tool to add to the existing base ofsupporters• All of the above
  • 8. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksGlossary of TermsBasic terms used in this webinar• Crowdfunding Campaign• Campaign Manager• Campaign Team• Platform• All or Nothing• Keep What you Raise• Reward Based• Donation Based• Reward (also called a ‘perk’)
  • 9. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksOverview of themain points of theCrowdfunding process• Define your project• Set your fundraising goal• Select your platform• Create your outreach strategy• Sign-up with the selected platform• Implement your campaign• Actively work your campaign• Close-down and follow-up
  • 10. THE SPECIFICS OFRUNNING ACROWDFUNDINGCAMPAIGNwww.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networks
  • 11. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDefine your projectDecide what it is you are raising funds for• Be clear about your project’s scope• Make it tangible, concrete and realistic• Make it focused and specific• Make it memorableDecide how much money you will needDecide if you need to assemble a team
  • 12. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCraft your ‘Ask’Come up with:• Title of you campaign• Elevator speech• Call to ACTIONMake it possible to receivedonations off-line also
  • 13. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksWrite a Summary Descriptionof your project• Three paragraphs in length, (maximum)• Make an emotional connection• Touch on why this project matters• Include the goal of your campaign• Include details on where the funds raised will go• Make it easy to read ~ use formatting ifnecessary• Be sure to include your name and/or the name ofyour organization
  • 14. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksSet your fundraising goalAsk…• Is the fundraising goal you are setting anamount sufficient to achieve somethingconcrete?• Does your organization have the capacity toreach that goal?• ‘Capacity’ would include:Skill with social and traditional mediaA large email mailing listTime to be actively involved in the process
  • 15. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDevelop a budgetExplain clearly and conciselywhat you’ll do with thefunds you are raising
  • 16. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDecide how longyour campaign will run• Check your Crowdfunding platformfor any guidelines• Consider how long it will take toreach and to get action from youraudience• Campaigns generally run 30 days
  • 17. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksYou must have a Project VideoA video is critical to the success of theCrowdfunding effort• Some platforms require a video• Campaigns with videos raise moremoney• A video helps to establish credibilityand trustworthiness, and they help tomake the human connection
  • 18. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksYour Project Video• You don’t need to be an expert videographer• You don’t need expensive equipment• Make your video 3 minutes or less• Have a clear call to action: "I need you to makethis happen“• Be creative:• Use illustrations and text and photos• Create share-worthy material which couldgo viral• If you have the capacity, update yourvideos during the campaign
  • 19. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksProject Images and Audio• Images give an additional way tocommunicate your message• If audio is a critical part of yourproject and you want to showcase it,be sure the platform you select allowsfor audio to be uploaded
  • 20. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksRewards(Note: Not all Crowdfunding efforts offer rewards, but should you decide to…)• A way to show gratitude• A tangible reminder to your supporters ofthe part they played in funding your work• Should increase in value as the donationamount increases• Should have 3 but no more than 6 rewardlevels
  • 21. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksTypes of RewardsThe best rewards are:• Unique• Relevant• Desirable• Have meaning and value to your supportersand beyondOffer a wide range of price-points• Small ($5-$100)• Medium ($150-$500)• Large ($600-$1,000)• Extra-large ($1,000+)
  • 22. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCommon types of rewards includeSmall• Handwritten card or notes expressing ‘thanks’• Acknowledgement on your organization’s website• Small merchandise with your logo on it•Bumper sticker•Magnet•Mug• Discount on memberships if your organization is a member-based organizationMedium• Items created by the project i.e. advocacy toolkit• A special T-shirt with a design created in a limited edition by an artisticcreative supporter• Larger merchandise with your logo on it• Pin• Poster• T-shirt• Discount coupons to businesses owned by supporters
  • 23. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCommon types of rewards continuedLarge• Involvement in the actual project• Tours of the areas where your organization providesservices• A limited edition of a poster created by a supporterspecifically for the fundraising effortExtra-large• Invitation to a one-of-a-kind experience i.e. VIPtickets to an event or invitation to a SKYPE call withan expert• Invitation to a party honoring your large donors
  • 24. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksWhat you cannot offer…• Real estate property• Entry into a raffle or contest• Firearms or weapons• Prescription or illegal drugs• Pornography or sexuallyexplicit materials
  • 25. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksA Caution about Rewards• Offer only what you can deliver• Take into consideration what offeringrewards will cost you• Costs to create or acquire the rewards• Cost to deliver your reward (shipping)• Consider asking your local community todonate reward items
  • 26. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDifferent types of platforms• Equity• Debt• Reward / Donations
  • 27. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDifferent types of campaigns• All or nothing• Keep what you raised
  • 28. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksFeatures to look at in selecting a platformIs the site:• A nice looking and engaging destination• Easy to navigate• Has a lot of traffic• Has projects that are a good compliment to yourprojectWhat is the use-ability of the site:• How easy is it to have your project accepted?• Is the command center easy to use?• Is there an easy way to track your progress andto post updates?• If you offer rewards, is it easy to retrieveinformation in order to fulfill the reward?
  • 29. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksFeatures to look at in selecting a platformcontinuedDoes the platform provide:• Sharing tools to help supporters spread the word further• A search engine on the site to find pages on the platform• Email notifications each time you receive a donation• 24/7 Customer ServiceOther opportunities:• What is required in order for your project to appear on thehomepage of the platform or to receive ‘featured’ status?• Are there other opportunities for special placement on the site?• Does the platform run a newsletter or a blog that mightprovide additional exposure?• Inclusion in any press outreach the site may engage in• Does the site have a global audience?• Can it exchange currency?
  • 30. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksHow to find a Crowdfunding platform…Site that has compiled and compared a number ofCrowdfunding sites:www.crowdsunite.comSite that rates Crowdfunding sites:www.crowdfunding-website-reviews.com
  • 31. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksSet up your campaign on the platformCreate your fundraising page• Your passion, enthusiasm, andcommitment must be evident• The more information you share, themore you will earn your backers’ trusthowever…• Be concise
  • 32. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksLaunch your campaign• Start out strong• Build your support before youofficially launch
  • 33. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksRunning a successfulCrowdfunding campaign• Reaching out to potential donors• Getting donations
  • 34. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksWhy people back a projectExceptional projects can getdonations from total strangersbut most projects are funded bypeople that are in your networkand your networks’ network
  • 35. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksThe outreach hierarchyTier 1: Friends, Family and Fans,including your existing donor baseTier 2: Friends – of – Friends andAcquaintancesTier 3: Broader Connections and theCrowd
  • 36. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksStart with Tiers 1 and 2Build momentum into Tier 3
  • 37. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDesign your campaign ~ Have awell thought-out planThe more you do to promote yourproject, the better chance you haveat reaching your funding goal
  • 38. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCreate a communications plan that:• Addresses all phases of your campaign:• Before campaign launch• During the campaign• After the campaign closes• Utilizes a variety of outreach tools• Creates awareness that spurs curiosity and interest in yourcampaign• Has a clear call to action:• ‘Donate Now’• Share this with your friends and family and ask them todonate and share the message with their friends andfamilyGet a team together if you feel the need to do so
  • 39. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksIdentify Potential Donors• Create your list of currentsupporters• Identify categories of potentialsupporters
  • 40. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCommunicate with potentialsupporters• Understand who your community is• Message to that community• Know which communication vehicles touse to access that community
  • 41. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDevelop your VisualMaterials• Video• Illustrations• Photos• Text
  • 42. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksDevelop your outreach schedule• Set a timetable with reminders tomake sure you follow through
  • 43. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCommunications before yourcampaign officially launches• Send a ‘Save the Date’announcement
  • 44. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCommunications after yourcampaign officially launches• Thank your early supporters
  • 45. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCommunications as yourcampaign progresses• Keep the momentum happening
  • 46. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksHow to generate buzz aroundyour campaign• Social media• Online• Traditional media• Thinking outside the box
  • 47. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksSocial media• Facebook• Twitter• LinkedIn• Pinterest
  • 48. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksOnline promotion• Email• Your organization’s websiteand blog ~ If you have one• Forums• Related blogs
  • 49. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksOther online activities• Use website links• Place banner ads• Send press releases to emailnewsletters• Post your project video on YouTubeand other video sites
  • 50. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksThe traditional media• Newspapers, TV and radio• Trade publications• Set up a GoogleAlert to trackany possible media coverage
  • 51. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksConsider other ways topromote your project• Phone calls• Text messages• Discovery engines• Google AdWords• Guerilla – marketing tacticshttp://www.bootstrappingblog.com/50-guerrilla-marketing-tactics-you-should-be-using/
  • 52. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksGo offline• Launch parties• Face-to-face meetings• Events during your campaign – Houseparties• Flyer distribution• Snail-mail mailing• Set up fundraising teams• Engage the assistance of a celebrityhttp://contactanycelebrity.com/cac/
  • 53. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCommunications as the end of thecampaign approaches• Remind folks there is still time todonate and to spread the wordabout the campaign
  • 54. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCampaign close-downand follow-up• Thank supporters• Deliver rewards(if you ran a ‘Rewards’ campaign)• Remain in communication and engagedwith donors (in preparation for your nextCrowdfunding campaign or to build your supporter base)• Publicize the success of your campaign
  • 55. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksEvaluate your effortsLearn from this effort for the next time…Ask the following questions:• How did this project go?• Did the project resonant with those you reached out to?• Did the campaign manager engage supporters throughoutthe project?• If you ran a ‘Rewards’ campaign, did your Rewards havevalue – were people enticed?• Overall, what will I do in the same way for my nextproject?• Overall, what will I do differently for my next project?• What are my ideas for my next project?
  • 56. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksHaving said all of that…Ask yourself…• Is Crowdfunding the best way toraise funds for your project?• Is your project a good candidatefor Crowdfunding?
  • 57. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksIs Crowdfunding the way to go foryour project?• Search Crowdfunding platforms for projectssimilar in various aspects to the project youwish to conduct• Look for projects which have beensuccessfully funded• Look for projects falling short of theirfundraising goal
  • 58. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksIs your project is a good candidatefor Crowdfunding?Consider your:• Your Project• Your Capacity• Your Supporter Base
  • 59. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksCrowdfunding Professional and IndustryTrade AssociationsThe Crowdfund Intermediary Regulatory Advocates –CFIRAwww.cfira.orgCrowdfunding Professional Associationwww.crowdfundingprofessional.orgNational Crowdfunding Associationwww.nlcfa.org
  • 60. www.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networksAdditional ResourcesThe following additional resources can befound on the SWRPN website:• A survey of existing Crowdfunding sites• Information on government regulationand Crowdfunding• Links to a variety of stories onCrowdfunding
  • 61. THANK YOU TOTHE RURAL SUPPORTING ORGANIZATIONANDTHE MEMBERS OF THESOUTHWEST RURAL POLICY NETWORKA MEMBER OF THE RURAL PEOPLE, RURAL POLICY FAMILY OF NETWORKSWWW.RURALAMERICA.ORGRESEARCH CONDUCTED AND WEBINAR PRESENTED BY MIKKI ANAYA, COORDINATOR, SWRPNCOORD@SWRURALPOLICYNETWORK.ORGTHE ‘RPRP’ IS AN INITIATIVE FUNDED BY THE KELLOGG FOUNDATIONwww.SouthwestRuralPolicyNetwork.orgA member of the Rural People, Rural Policy family of networks

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