Crowdfunding / fundraising for College Societies Rowena Neville Business to Arts | Fund it @rowenaneville | @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… in order tosupport initiatives for specific purposes.”Lambert, T & Schwienbacher A (2010) An Empirical Analysis ofCrowdfunding.
Secret to successful crowdfunding? Strong creative idea + network of interested people + great must-have rewards + transparent budget + time to run campaign + hard work = success!
Case Study: UCD DramsocIrish Student Drama Association Festival – raised €1.6k offering places onworkshops, tickets for plays etc
Case Study: Trinity Dept of Civil, Structural & Environmental Engineering€24.4k raised (on and off-line) to re-dig a well in Africa so that their technologyproject could be continued. Rewards of local village music, water and events
Case Study: Ballyfermot College Cinematography StudentsRaised €927 to make their graduate film. Rewards of prints & screenings
Case Study: Trinity’s School of English – new literary magazineRaised €1.3k offering rewards of copies and tickets for Terry Pratchett talk
Vital Statistics* fundit.ie (Ireland) kickstarter.com (US*)Established March 2011 April 2009Successful Projects 360 (75%) 32,357 (43%) Amount Raised €1,240,717 $411,000,000 Average Project €3,394 Average Funders 65 Average Pledge €53 Average Duration 33 days Max Project To Date €24,375Across crowdfunding platforms, most successfully funded projects raise lessthan $10,000 or € equivalent.
PROS CONSNew fundraising platform Appropriate fundraising platform?Marketing & pre-sales Fees/charges/decline ratesConsumer/Audience engagement All-or-nothing approachRealises value in social network Consumer/Audience engagementLegalities/Governance/Reputation Time/labour intensiveBudgeting/planning Computer & social media skillsFundraising experience Regulation/IP/Tax/Finance
FESTIVALS, EVENTS, FUNDRAISING &PRE-SALES• Ticket Pre-Sales for events• Raise support for creative projects• Assess demand for a product or interest in idea• Generate engagement with product or event prior to launch• Cost effective market research“In the future, crowdfunding will likely be seen as a viablesolution not only for creative projects, causes and aspiringentrepreneurs, but also for established small-to-medium-sizedcompanies seeking an alternative to traditional marketresearch.” www.good.is (a global community of people who give a damn)
PREPARATION – USER PROFILEImage (square & less than 1MB)Biography (less than 250 words)Show interest in other projectsFund/follow/spread/ get greatrewardsSocial Media LinksWhere can people find out moreinformation aboutyou/project/organisation?Research... start with our BLOGhttp://www.fundit.ie/info/category/crowdfunding-advice/
PREPARATION – IMAGE, TITLE & SHORT DESCRIPTIONIMAGE TITLE SHORT DESCRIPTIONSquare Decide on this in advance Max 180 charactersLess than 1 MB Concise & Relevant What are you asking the reader to do?Related to Project Max 40 characters
PREPARATION – MAIN DESCRIPTION500 word maxNB: TRANSPARENT & PERSONALWhat is the project?Who is involved?What is their experience?Why are they using Fund it?What is the budget for the project?How much do you need to crowdfund?What will the money be spent on?Thank people
PREPARATION – REWARDSTest rewards with your audienceMake rewards creative and uniqueRelate rewards to project, people or organisationVariety of price levels – NB €50 levelHigh crowdfunding target =High value rewards are VERY importantBudget for appropriate deliveryLimit amount of rewards available wherenecessaryDeliver promptly once project is complete
PREPARATION – VIDEOKeep in short – max 90 secondsShowcase your creativity / project / yourself / your organisationExplain why you are using Fund it
Mass 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
Rowena Neville @rowenanevilleBusiness to Arts | Fund it@Businesstoarts | @fund_it