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TE Summit 23-24.10.2013.-Ian Clifford Crowdfunding
 

TE Summit 23-24.10.2013.-Ian Clifford Crowdfunding

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    TE Summit 23-24.10.2013.-Ian Clifford Crowdfunding TE Summit 23-24.10.2013.-Ian Clifford Crowdfunding Presentation Transcript

    • Crowdfunding YouRock raised £12,510 in seven weeks
    • Crowdfunding Platforms  www.Crowdfunder.com (Equity and investors)  www.Gofundme.com (more personal)  www.Indiegogo.com (project based)  www.kickstarter.com (US only)  www.crowdfunder.co.uk (the one I used, had some issues with EU payments) More comparative info at:  http://www.hongkiat.com/blog/crowdfunding-sites/  http://forums.techsoup.org/cs/community/b/tsblog/archive/2013/09/03/whichcrowdfunding-platform-is-best-for-your-organization.aspx
    • Different rules & audiences  They have DIFFERENT rules, payment options & fee structures.  Expect between 5%-8% of target to be taken in fees.  Understand what type of projects get funded on the platform you choose. Some are more suitable for community technology projects, others are not.  Some have a target, and if you don‟t reach the target you don‟t get anything. Others let you receive all that you raise even if you don‟t hit your target.  They often have a time limit, but some are open ended.
    • Promotion  Some platforms are more well known than others.  It will not be easy, you will have to work very hard to reach the people that you think might pledge.  Do not assume that people will just pledge because the page is created.  Make a film; you are far more convincing than powerpoint.  You will have to use social media to its limit, but personal contact and personal emails helped me more than anything. Don‟t forget traditional press.
    • Think of your audience  Most of my pledges came from people I knew already.  Think about what YOU might pledge for someone else, and think about how many people you could approach.  I wrote to 180+ people by email, plus repeated social media (Facebook, Twitter, LinkedIn, Google+, Slideshare, Youtube). 50 people pledged.  This may not be the case with your project, but do not assume it will be the anonymous „crowd‟ of the internet that will back your project.  Offer meaningful, valuable rewards.
    • Plan the finance target  Work out a daily/weekly target and monitor it  I had 50 pledgers who pledged £12,510 over seven weeks  Highest pledge £2000; average of majority £42; ten at £100-250  People are generous; they pledged more than I expected, but fewer of them made a pledge  Closing the gap: people seemed more willing to pledge when they could see their pledge was “closing the gap”
    • Motivate the “crowd”  The 'internet crowd' may only pledge on something that they can see has momentum behind it and a weight of numbers.  People back winners; and they didn't seem to want to build up something to its 'tipping point'.  I got very little support from unknown people until I passed about 60% of my target.  Get a recognised name to endorse it at some point during your campaign. It made a big difference for me.
    • Lessons learned  Start the campaign before you start the crowdfund;  3 steps: 1) think of the people you could approach for support; 2) roughly estimate how much they may pledge; and based on that 3) work out your target;  Don‟t overestimate! It is good for small, self-contained projects, but it will not fund your organisation!  Offer meaningful rewards;  Never ever, ever do it during the summer!!!