Képzési anyag kis- és középvállalások számára
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Közösségi finanszírozás
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Képzési anyag kis- és középvállalások számára
- 1. Közösségi finanszírozás Képzési anyag kis- és középvállalkozások számára Crowd-Fund-Port www.crowdfundport.eu
- 2. A “Crowd-Fund-Port” projektről A Crowd-Fund-Port egy olyan projekt, amelyet az Interreg Közép-Európa Program Innovációs és Tudás Prioritása támogat. A projekt célja a közép-európai kis- és középvállalkozások támogatása a tőke elérésével és a közösségi finanszírozási ökoszisztémák megerősítésével Ausztriában, Horvátországban, Csehországban, Németországban, Magyarországon, Olaszországban, Lengyelországban, Szlovákiában és Szlovéniában. 2
- 3. Célcsoportok ● Kis- és középvállalkozások ○ Korábbi Crowdfunding tapasztalatok nélkül ○ Korábbi Crowdfunding tapasztalattal ● Szaktanácsadók ● Inkubárotok és a KKV-kat támogató állami intézmények 3
- 4. Az anyag vázlata ● 1. modul: A közösségi finanszírozás alapjai ● 2. modul: Előkampány ● 3. modul: Kampányok ● 4. modul: Utókampány ● 5. modul: Közösségi finanszírozás eszközök ● 6. modul: Legjobb gyakorlatok ● 7. modul: Gyakorlatok és erőforrások 4
- 6. A közösségi finanszírozás az innovatív vállalatok, projektek és emberek online finanszírozásának egyik formája. A közösségi finanszírozás sokféle formátumban és célból jön létre, de az általános hasonlóság gyakran a kollektív finanszírozási platformokon történő együttműködési finanszírozás folyamata, amely összehozza a támogatókat az alapok kedvezményezettjeivel. 6Source: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu Mi a közösség finanszírozás?
- 8. Esettanulmány (1) Brlog - a horvát tengerparti kooperatív sörfőzde - a sörfőzde a berendezések finanszírozására közösségi finanszírozást használt. Forrás: Brlog az Indiegogon, https://www.indiegogo.com/projects/brlog-a-cooperative-brewery-on-the-croatian-coast--2/x/10470871#/ 8
- 9. Esettanulmány (2) A Brlog fő célja a sörgyár felszerelésének finanszírozása: két sörtermelő fermentor, dobozok, palackok és címkék. Forrás: Brlog az Indiegogon, https://www.indiegogo.com/projects/brlog-a-cooperative-brewery-on-the-croatian-coast--2/x/10470871#/ 9
- 10. Esettanulmány (3) A kampány segített megjeleníteni, hogy milyen pénzre volt szükség. Forrás: Brlog sz Indiegogon, https://www.indiegogo.com/projects/brlog-a-cooperative-brewery-on-the-croatian-coast--2/x/10470871#/ 10
- 11. A közösségi finanszírozás több, mint finanszírozás! 11 A közösségi finanszírozás használható marketingre, piackutatásra, közösségi tájékoztatásra és sajtó tevékenységre.
- 12. A közösségi finanszírozás fejlesztése 12
- 13. A közösségi finanszírozás története A közösségi finanszírozás nem új koncepció: A Szabadság-szobor az első dokumentált közösségi finanszírozási projektek egyike. Forrás: Wikimedia, https://commons.wikimedia.org/wiki/File:Statue_of_Liberty.jpg 13
- 14. A közösségi finanszírozás története Az interneten keresztül ez az alternatív finanszírozási forma nyílt és átlátható finanszírozási eszköz lett. 14Forrás: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
- 15. Crowdfunding és Crowdsourcing A Crowdsourcing-ot gyakran a Crowdsourcing kifejezés részeként tekintik, amelyet eredetileg Jeff Howe készített 2006-ban. 15Forrás: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
- 16. A közösségi finanszírozás története A közösségi finanszírozás kezdeti napja óta a platformok száma világszerte több mint ezerre emelkedett. Forrás: Crowdfunding Industry Report, http://reports.crowdsourcing.org/index.php?route=product/product&product_id=54; The 2nd European Alternative Finance Industry Report, https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2016-european-alternative-finance-report-sustaining-momentum.pdf; Crowd- Fund-Port Crowdfunding Mapping; 16 ● A Crowdfunding Industry Report (2015) szerint a világszerte több mint 1250 közösségi finanszírozás platform létezik ● A második európai alternatív finanszírozási ipari jelentés (2016) szerint több mint 360 közösségi finanszírozás platform működik Európában ● Több mint 200 közösségi finanszírozás platform létezik a Crowd-Fund- Port tagországokban (Ausztria, Horvátország, Csehország, Németország, Magyarország, Olaszország, Lengyelország, Szlovákia, Szlovénia) a projekten belül végzett térképezés szerint.
- 18. Terminológia és különböző típusú közösségi finanszírozás 18
- 19. A közösségi finanszírozás meghatározása Source: Massolution, Crowdfunding Industry Report 2015 and CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu Philanthropic donation or gift, no return expected Contribution in exchange for a perk or a pre-order of a product. Investment for an ownership stake in the business Capital repayment most often with interest 19
- 20. A közösségi finanszírozás meghatározása (2) A közösségi finanszírozás platformok közötti különbségtétel más formái is léteznek. Forrás: https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative- finance/downloads/2016-european-alternative-finance- report-sustaining-momentum.pdf 20
- 21. Közösségi finanszírozás - kapcsolódó kifejezések Forrás: saját ● Crowdinvesting: német nyelvű országokban ezt a kifejezést szinonimaként használják a tőke- (néha a hitelezési) alapú közösségi finanszírozásra ● Crowdlending / Peer-to-Peer-Lending: német nyelvű országokban ezt a kifejezést a hitelezési alapú közösségi finanszírozás szinonimaként használják ● Alternatív finanszírozás: olyan finanszírozás, amelyet a bank nem közvetít ● Online adománygyűjtés: az internet és a szociális média eszközeinek felhasználása a projektek és a vállalatok számára 21
- 22. Közösségi finanszírozás terminológia: alapfeltételek Forrás: Crowd-Fund-Port Terminology 22 Project (owner) Platform Supporter
- 23. Közösségi finanszírozás terminológia: közösségi finanszírozás háromszög Általánosságban elmondható, hogy a közösségi finanszírozás olyan platformokon történik, amelyek közbensőek a támogatóktól a projekthez kapcsolódó kifizetések között. 23Forrás: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
- 24. Közösségi finanszírozás terminológia: Különböző közreműködők The different supporter types are sometimes referred to with specific names. Forrás: Crowd-Fund-Port Terminology 24
- 25. Közösségi finanszírozás terminológia: Kampány feltételei A közösségi finanszírozás kampány megkezdése előtt ismernie kell a terminológiát és a közösségi finanszírozás általános működését. Forrás: Crowd-Fund-Port Terminology 25 ● (Finanszírozás) kampány: a projekt minden tevékenysége a potenciális támogatók eléréséhez ● (Finanszírozás) idő: (gyakran) meghatározott idő a finanszírozási cél eléréséhez ● (Finanszírozás) cél: a projekt tulajdonosa által meghatározott pénzösszeg ● (Finanszírozás) küszöb: minimális finanszírozási cél (adott esetben) ● Maximum (finanszírozás): maximális finanszírozási cél (adott esetben) ● Jutalmak: anyagi vagy immateriális elemek, amelyeket a támogatónak a jutalmakon alapuló közösségi finanszírozás során adnak
- 27. A közösségi finanszírozás keretrendszer: közösségi finanszírozás folyamat Három fázis van: a kampány előtti szakasz, maga a kampányfázis és a kampány utáni szakasz. 27Forrás: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
- 28. A közösségi finanszírozás keretrendszer: Kampány A kampány egyesíti az összes elemet a közösségi finanszírozási cél eléréséhez 28Forrás: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
- 29. A közösségi finanszírozás keretrendszer: Tartam A jutalmakon alapuló közösségi finanszírozásban a rövidebb időtartamú projektek - a 30 és 45 nap közötti átlag - nagyobb sikerűek. A részvényalapú közösségi finanszírozás kampányok hosszabb ideig tartanak, mivel a befektetőknek több időre van szükségük ahhoz, hogy teljes képet kapjanak a felajánlott befektetésről. Forrás: Indiegogo Campaign Dashboard; Kickstarter Campaign Dashboard; 29
- 30. A közösségi finanszírozás keretrendszer: KIA vs AON A legtöbb közösségi finanszírozás platform „mindent vagy semmit” követ, néhány pedig nem kötelező finanszírozási célt is kínál. Forrás: Crowd-Fund-Port Terminology; HitHit, https://www.hithit.com 30
- 31. A közösségi finanszírozás használata 31
- 32. A közösségi finanszírozás használata: Példák A közösségi finanszírozás támogathatja a vállalatokat a piackutatás, a marketing vagy az ügyfélépítés területén. Forrás: LUMA ACTIVE on Kickstarter, https://www.kickstarter.com/projects/luma/luma-active-first-ever-lighting-headgear-for-outdo; one earth kids on Startnext, https://www.startnext.com/one-earth-kids; nuapua on Green Rocket, https://www.greenrocket.com/nuapua 32
- 33. A közösségi finanszírozás használata: További funkciók A közösségi finanszírozás nem csak finanszírozási eszköz, hanem sok más módon is segíti a kkv-kat. 33Forrás: CC-BY-NC-SA Karsten Wenzlaff, Wolfgang Gumpelmaier-Mach, crowdfundport.eu
- 34. A közösségi finanszírozás használata: Branch-specifikus felhasználás A Cambridge-i Egyetem tanulmánya szerint a különböző ágazatok különböző típusú közösségi finanszírozásokat használnak. Forrás: The 2015 UK Alternative Finance Industry Report, https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2016-european- alternative-finance-report-sustaining-momentum.pdf 34
- 35. A közösségi finanszírozás használata: Térfogat-specifikus felhasználás Az átlagos finanszírozási méret az alkalmazott közösségi finanszírozás típusától függ. Forrás: The 2015 UK Alternative Finance Industry Report, https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2016-european- alternative-finance-report-sustaining-momentum.pdf 35
- 36. A közösségi finanszírozás használata: Kor-specifikus használat Kkv-ként vagy Startupként használhatja a közösségi finanszírozást a hagyományos finanszírozási forrásokkal kombinálva. Forrás: ISN - Innovation Service Network 36 Angel Investment Venture Funds Bank Financing 0 € 250k € 750k € >3m € 0M 12M 24M 36M time48M Crowdfunding Subsidies, grants, collateral
- 37. Adók és a közösségi finanszírozás A közösségi finanszírozás kampány megkezdése előtt kérdezzen meg egy adótanácsadót, hogy a közösségi finanszírozás hogyan befolyásolja az üzleti tevékenységét az adózás tekintetében. Számos CFP-k általános tájékoztatást nyújtanak erről a témáról, pl. további források listája. 37 ● Áfa a jutalom alapú kampányok értékesítéséről ● Jövedelemadó az adomány- és jutalomalapú kampányokért ● Tőkeadó a részvény- és hitelalapú kampányok esetében
- 38. Miért alkalmazzon közösségi finanszírozási tanácsadót? A tapasztalt közösségi finanszírozás szakértők és tanácsadók különböző módon segíthetnek Önnek, segíthetnek az idő megtakarításában, továbbá a gyakori hibák elkerülésében. 38 Megkérni a közösségi finanszírozás tanácsadót, hogy támogassa Önt… ... a megfelelő közösségi finanszírozás platform kiválasztásában … Visszajelzést kap a pitch videóról és a projektoldalról … Közösség építése és hálózatépítés … Kommunikációs terv létrehozása és a kampány végrehajtása
- 39. Átmenet a következő modulra A modul végén meg kell tudnia ... ... megérteni a közösségi finanszírozás különböző típusait ... megérteni, hogy a közösségii finanszírozás több értékkel bír, mint a tőkéhez való hozzáférés ... becsülje meg, hogy a vállalat készen áll-e a közösségi finanszírozásra 39
Editor's Notes
- Published by: ikosom - Institut für Kommunikation in sozialen Medien (www.ikosom.de) Authors: Wolfgang Gumpelmaier-Mach, Karsten Wenzlaff With contributions from Kristina Laus (www.brodoto.com) © 2017 This publication is part of a training material for small and medium sized enterprises to improve their access to capital through online platforms. The training material will explain “Crowdfunding” and “Crowdfunding Campaigns”. If you want to use this material in your own trainings, please contact us to get a license. Especially for Crowdfunding Consultants in Central Europe, we can offer you to license the content for free, yet we would like to know who is using this content. Commercial use of this content - including but not limited to workshops, online and offline education, books, guidebooks - is also subject to licensing. The authors keep the rights to revoke a license at a later time. If you have any questions, please contact us: Karsten Wenzlaff wenzlaff@ikosom.de Wolfgang Gumpelmaier-Mach gumpelmaier@ikosom.de
- Crowdfunding minimizes business risk-taking and increases entrepreneurship mind-set. Unused crowdfunding potential represents a huge challenge especially in all Central European countries. CROWD-FUND-PORT aims to improve skills and competences of all relevant stakeholder groups to prepare them for taking advantage of the crowdfunding phenomena. The project focus will be on economically weaker businesses with fewer opportunities which do not have access to bank loans, but would be able to start business ideas through Crowdfunding.
- The following groups are invited to make use of the material: Small and medium sized enterprises looking for finance for innovative products and services can use Crowdfunding for reaching out to new customers and engaging with the media. SMEs who have no previous Crowdfunding experience can use this material to get a first introduction into the topic. SMEs who have previous Crowdfunding experience can use this material to get inspiration for a new Crowdfunding campaign. Consultants who want to expand the scope of their consultancy can use the material to get a better understanding of Crowdfunding and Alternative Finance. Incubators and Public Institutions supporting SMEs can use this material to identify ways to use Crowdfunding together with public finance. The slides are organised in the following order: Content: The slides themselves contain some very basic information and images. The slides can be used during presentations and workshops. We tried to keep the text on the slides to a minimum in order to make them more feasible for presentation. Story: The speaker notes below the slides tell the story we show on the slides. This text can be used as a basis for your speech in the lecture. Notes: The speaker notes provide additional information and guides to support you in learning more about the story and/or the SMEs. Pro tip: The speaker notes sometimes provide so called “pro tips” to emphasize the importance of certain topics. Exercises: On some slides, you will find additional exercises to use in workshops.
- The material is divided into seven chapters: Module 1: Crowdfunding basics: This chapter introduces you to the topic of Crowdfunding and helps you analyse whether an SME is ready for Crowdfunding. Module 2: Pre-Campaigning: This chapter helps you prepare your Crowdfunding campaign, Crowdfunding material and select the right platform. Module 3: Campaigning: This chapter focuses on the Crowdfunding Campaign and ways to reach out to your audience. Module 4: Post-Campaigning: This chapter outlines the steps taken after a successful Crowdfunding campaign. Module 5: Tools for Crowdfunding: This chapter describes and lists several tools which can help the Crowdfunding campaign. Module 6: Best Practices: This chapter lists best practices from the Central European Countries. Module 7: Exercises and resources: This chapter gives additional exercises and resources.
- The purpose of Module 1 is to give a short introduction to Crowdfunding. The module has the following sub-chapters: Case Study Market Development Terminology Use of Crowdfunding Crowdfunding Framework Checklists
- The definition above is a very basic one. Other definitions of Crowdfunding focus on various other aspects. The most common definition used by the scientific community is the following: “Crowdfunding is an open call, essentially through the Internet, for the provision of financial resources either in form of donation or in exchange for some form of reward and/or voting rights in order to support initiatives for specific purposes.” Lambert, Thomas, and Armin Schwienbacher. 2010. “An Empirical Analysis of Crowdfunding.” Available at SSRN: http://ssrn.com/abstract=1578175 Notes to Consultants: We suggest that you adapt the definition on this slide to your audience and the type of Crowdfunding that you want to display. Exercise for SMEs: In what context have you heard of Crowdfunding? Do you know any Crowdfunding platforms or famous Crowdfunding projects? Exercise for Consultants: Before starting a workshop, we suggest that you ask your audience about their previous experience with Crowdfunding, Crowdfunding platforms. Invite your audience to develop their definition of Crowdfunding.
- Crowdfunding is a modern financing tool that helps SMEs to grow their businesses. For example, Brlog - a cooperative brewery from the Croatian coast - used Crowdfunding to finance brewery equipment. Brlog is run by women in a traditionally male profession and in the region where making beer is not very common. Since it is the first women-run cooperative craft brewery in Croatia, it gained significant media coverage on the local and national level. As a result, the campaign surpassed its target of 8.000 USD by almost 50% to reach 11.856 USD. It is also one of very few cases where the campaign was entirely run by women. Note to Consultants: We tell the best practice story of a local SME that used Crowdfunding to start or grow its business, which we identified in our research. On the first slide we show the Crowdfunding page and tell the story behind the campaign. You can change the project and use a local example from our mapping of best practice examples.
- The main goal of Brlog was to finance brewery equipment: two fermenters for beer production, cases, bottles and labels. But in the end they used most of the money for launching the brewery. Before the campaign, the cooperative was a startup, after the campaign they formally opened a cooperative. To reach their potential supporters, they attended all kinds of events (craft beer festivals, start-up conventions, social entrepreneurship conventions). The Internet played a huge part in the campaign. Brlog communicated everything also on Facebook and focussed their media strategy on social media. The wording and the language were casual. Posts and pictures from their mobile phones were used during the campaign. Additionally the founders had networks in several fields - crowdfunders, female entrepreneurs and feminists, craft beer lovers, good economy and coop followers. Customers reached out to them before they even had a product. The campaign was online before official production so after they started to sell the beer, they just contacted these people. They even had to refuse some of them in the beginning.
- The visual identity of the brand was developed before the Crowdfunding campaign and used in the infographics. For instance, the infographic above makes it quite easy to understand how the budget is being distributed. An interesting fact of this campaign is that through the campaign the two founders were able to receive offers for free office space. Notes to Consultant: The following questions might help you to tell the story: Who is behind the project? What was the goal of the crowdfunding campaign? What stage is the company in (start-up, growth company etc.)? Why on an international platform? Which specific marketing tools did they use to reach out to supporters? What other sources of finance did they have? How did banks react to the Crowdfunding campaign? How was the communication strategy? How did they reach out to potential customers?
- It is important to note that Crowdfunding is often used for purposes other than funding. In fact, there are a number of successful Crowdfunding campaigns that did not need funding in the first place, but the campaign was a tool to reach out to a wider global audience. Exercise for SMEs: Imagine a scenario where you have successfully funded your project. What would be the second-best outcome of the campaign? Exercise for Consultants: Let your clients write down the second-best scenario for successful Crowdfunding campaigns and compare them to each other.
- The Statue of Liberty is often cited as one of the first documented crowdfunding projects. It was a gift to the United States from the French people to celebrate the centennial anniversary of the American Declaration of Independence. Shortly before it was finished, the project still lacked funds. Joseph Pulitzer, publisher and owner of “The World” promised to mention the name of every donor in his newspaper if they submitted a donation. In August 1885 more than $120,000 were raised to complete the pedestal. Most of the contributions were smaller than a dollar. Note: We tell the participants that Crowdfunding is not a new concept and tell them the story of the Statue of Liberty in New York. You can read the complete story of Statue of Liberty here: http://10innovations.alumniportal.com/crowdfunding/whats-in-it-for-development-aid.html. We recommend to add early examples from your country, for instance local theatres or publications which were funded using the Crowd offline.
- Through the Internet this alternative form of finance became an open and transparent financing tool. Artistshare is known as the first Crowdfunding platform, starting in 2003 as a “fan-funding” website for musicians and artists in the USA. In 2006, Sellaband launched a similar platform in Europe, helping bands to communicate with their fans and getting financial support from them for recording new albums. Also in 2006, Wired-author Jeff Howe coined the word “Crowdsourcing”. In 2008 Indiegogo launched as an international platform for financing social and creative projects. Soon after that Kickstarter started its service. In many European countries, platforms opened which imitiated the user experience on Kickstarter and Indiegogo. In Germany, Startnext started with a similar concept in 2010, in Austria Respekt.net opened its platform for social projects from NGOs following a donation-based approach. In 2011 the first studies on Crowdfunding were published in Central Europe, e.g. by the Fraunhofer Institute as well as one about Crowdfunding in Germany by ikosom. A year later the first international “Crowdfunding Industry Report” was published by US-company Massolution. The report analysed a few hundred platforms worldwide and gave a first picture of the industry. Also the differentiation between different types of Crowdfunding was published in this report. Since then, Crowdfunding exploded in Europe but also worldwide. To date there are more than 1,400 platforms online. Note: Talking of Crowdfunding Platforms, we show a timeline and tell the participants, that “through the Internet this alternative form of finance became an open and transparent financing tool.“ More information on the development of Crowdfunding can be found here: 10innovations.alumniportal.com/crowdfunding/whats-in-it-for-development-aid.html
- Crowdfunding is used as a subset of the term “crowdsourcing”, originally coined by Jeff Howe, author of Wired magazine, in 2006. He described the concept of Crowdsourcing as follows: “Simply defined, crowdsourcing represents the act of a company or institution taking a function once performed by employees and outsourcing it to an undefined (and generally large) network of people in the form of an open call. This can take the form of peer-production (when the job is performed collaboratively), but is also often undertaken by sole individuals. The crucial prerequisite is the use of the open call format and the large network of potential laborers.” Jeff Howe: The Rise of Crowdsourcing, 2006 in Wired - https://www.wired.com/2006/06/crowds Exercise to SMEs: Have you already used Crowdsourcing in your work? Exercise to Consultants: Try to let your clients think about situations where the involvement of their customers helped to improve a product or service. Let them share their experience using Crowd-Innovation methods or Employee-Innovation methods.
- The Crowdfunding Industry Report 2012 was the first report that analysed over 450 CFPs around the world. In its 2015 edition the study already counted over 1250 platforms worldwide. According to THE 2ND EUROPEAN ALTERNATIVE FINANCE INDUSTRY REPORT (2016) conducted by the University of Cambridge, there are 367 crowdfunding, peer-to-peer lending and other online alternative finance intermediaries from across 32 countries in geographic Europe, 273 platforms are currently operating outside of the United Kingdom. Note to Consultants and SMEs: Within the Crowd-Fund-Port project, we also conducted a study of Crowdfunding Best Practices from member countries, which also contains a mapping of operating platforms in those countries, including also donation-based Crowdfunding platforms. You can find the results on the following webpage: www.crowd-fund-port.eu
- For the Study “List of Barriers for Internationalization of Crowd-funding Platforms” and the “Mapping of Crowdfunding Projects” we analysed the platforms in each country in Central Europe. According to our study, there are 263 platforms in Central Europe. As you can see, the choice of platforms differs a lot from country to country. The dominant platform in the old EU-members are reward-based and equity-based platforms, whereas in the New EU members reward-based and donation-based platforms play a more prominent role. There are only few platforms that work internationally in Central Europe area. There is a single platform operating in all partner countries (Indiegogo) but some platforms are active in multiple countries. Some of the largest international platforms are: Indiegogo (reward-based, active in all countries); Conda (equity-based, active in Austria, Slovenia, Poland, Germany and Slovakia);Companisto (equity-based, active in Germany, Austria, Switzerland); PrestaCap (lending-based, active in Italy, Germany); Kickstarter (reward-based, active in USA, Great Britain, Germany, Austria, Italy) In reward-based Crowdfunding, a few platforms operate across one border. For instance, the Czech platform HitHit also operates a platform in Slovakia.
- In 2012, an US-agency called Massolution conducted the first global Crowdfunding Industry Report. In the report they defined that there are at least 4 different types of Crowdfunding. These types are now widely used in research and descriptions. The different types of Crowdfunding are: Donation-based Crowdfunding: mostly used for charitable projects Reward-based Crowdfunding: mostly used for pre-selling Equity-based Crowdfunding: mostly used for high-risk investments, returns are based on profit- or exit-revenue-sharing calculations Lending-based Crowdfunding: mostly used for low-risk investments, returns are based on interest-based calculations
- The Alternative Finance Report by the University of Cambridge differentiates between more types of Crowdfunding - the main purpose is to distinguish several types of equity-based and lending-based Crowdfunding. Lending-based Crowdfunding is broken into two separate Crowdfunding types: Peer-to-Peer Consumer Lending: Facilitates Consumer Loans from private investors Peer-to-Peer Business Lending: Facilitates Business Loans from private investors Balance-Sheet-Business Lending: Facilitates Business Loans from institutional investors Equity-based Crowdfunding is broken into several separate Crowdfunding types: Equity-based Crowdfunding: Classical Crowdinvesting Real Estate Crowdfunding: Crowdinvesting in the field of Real Estate Crowdfunding Profit-Sharing Crowdfunding: Crowdinvesting based on future returns Invoice Trading: Crowdinvesting based on past invoices Debt-based Securities: Crowdinvesting based on debt, such as bonds
- Other terms are also often used when discussing Crowdfunding - this can be confusing to SMEs if they research Crowdfunding or hear about Crowdfunding in the media. Crowdinvesting: focuses on the “investing part” of Crowdfunding, mostly equity-based Crowdfunding, but sometimes also lending-based Crowdfunding. Crowdlending: peer-to-peer lending is also used for lending-based Crowdfunding. Alternative Finance: encompasses non-traditional forms of finance, such as Crowdfunding and Blockchain-based currencies. Online Fundraising: term used especially in the context of non-profits to describe the activities of raising finance on the internet.
- Within this project we use the following taxonomy for describing certain aspects and parts of Crowdfunding. The project and the project owner receive the money. The platform, sometimes abbreviates as CFP, intermediates the money. The supporter providing the money. Note to Consultants: We would caution not to use the word „Funder“ or „Crowd-Funder” because it is confusing and sometimes used to describe the Project and/or the Supporter.
- Most Crowdfunding Campaigns take place on platforms - the whole Crowdfunding process becomes a triangle of three parties: Platform, Project and Supporter. Each party has different responsibilities: The Project Owner is in charge of preparing and executing the campaign. The project delivers texts, images, pitch videos and other communication material to the platform. Often the project owner is also responsible for editing the campaign site. The platform acts as an intermediary between Project and Supporters. It facilitates the payments between Supporter and Project owner. The platform is also in charge in discovering payment fraud and disabling campaigns that commit fraud. To that end, the funds from the supporters are often kept in a special escrow account until the campaign has ended. The supporter enters an agreement with the project that it will transfer a certain amount of money via the platform to the project owner at the end of the campaign, given certain conditions (for instance in All-or-Nothing-Campaigns the reaching of the funding volume). Note to Consultants: At this stage, it is important to clarify that the platform is not in charge of implementing the project or even checking-up that the project delivers it promises.
- The terminology is provided to make the discussion of Crowdfunding more easier, but also each Crowdfunding platform is referring to their users in a different way. For instance, on Kickstarter, the US-based reward-based Crowdfunding, the projects are called Creators and the supporters are called Backers. On other platforms, the projects might be called Starters or Initiators.
- The above terms are important when discussing Crowdfunding campaigns. (Funding) campaign: all activities of the project to reach out to potential supporters, such as activities on the platform, in social media and traditional media, emails, events and everything else that is part of the funding process. (Funding) time: (often) specified time in which to reach the funding goal. Some platforms have a fixed funding time, some platforms let the projects choose their own funding time. On most platforms, any fundings received within the funding time contribute to the funding goal (see below). Some platforms, such as the US-based reward-based Crowdfunding platform Indiegogo offer a function which allows continued funding after the end of the funding time (so-called “In Demand”). The Crowdfunding platforms becomes an eCommerce reselling platform like Amazon or Ebay. (Funding) goal: Sum of money specified by the project owner. The platforms often have maximum funding goals which depend on local regulation and other frameworks of Crowdfunding. For some Crowdfunding types, there will be also a minimum funding goal set by the platform (for instance in equity-based Crowdfunding). (Funding) threshold: minimum funding goal (where applicable). Most platforms which use the all-or-nothing approach (see following slide) require that the funding goes beyond a certain threshold. The idea is that a project needs a certain minimum amount of money in order to be implemented at all. (Funding) maximum: maximum funding goal (where applicable). Most platforms in equity-based Crowdfunding approach have a maximum funding set by the project. This determines the maximum amount of shares which can be distributed to the crowd. Rewards: material or immaterial items given to the supporter during reward-based Crowdfunding. Material items can be physical objects with or without a specific value, immaterial items can be virtual “thank you notes” or “homepage mentions”.
- We will cover the different parts of the Crowdfunding Campaign in later Modules. At this time, we want to mention that each campaign stage has several sub stages, which also will be covered in details. There are other frameworks used by platforms and consultants, but our approach tries to encompass a wide variety of approaches. One possible approach is the so-called TAMP Process developed by Tim Wright/twintangibles (UK). T (Targets) - Establish and justify what you want from the campaign, which goes beyond funding. A (Audit) - Review what resources, skills and assets you have to run a campaign and what gaps need to be closed. M (Method) - Which of the many forms of crowdfunding is best for this project and, within that, which platform is best? P (Plan/Prepare) - Building a proper project plan with timing and responsibilities to get the campaign done for the three phases of a campaign. Source: http://twintangibles.co.uk/resources/ http://brodoto.com/blog-posts/crowdfunding-public-goods-funding-with-beyond-funding-goals
- In reward-based Crowdfunding, projects with shorter durations - the avarage is between 30 and 45 days - have higher success rates. In equity-based Crowdfunding campaigns tend to last longer, as investors need more time to get the full picture of the offered investment.
- Most Crowdfunding-platforms follow an “all or nothing”-approach. All or nothing means that the Funding Goal is binding. The money will only be transferred by the platform from the supporters to the project if the project campaign reaches its funding goal. The idea behind that is that you can only start working properly on your project, if you reach the stated goal. Although this approach is used by many platforms, some offer a non-binding funding goal and follow a “keep it all” approach. In some cases this can be quite useful, for example when a project does not need a certain amount of money to start, but every cent helps to make it better or more advanced. The Keep-it-all approach is often used in donation-based Crowdfunding.
- These three examples from Austria show different approaches of Crowdfunding goals. For example, the team behind LUMA ACTIVE used not only Crowdfunding, but also Crowdsourcing. In an online user-group with about 100 people, the team asked important questions in advance like pricing, colour etc. Those answers helped to prepare the launch of the crowdfunding campaign on Kickstarter, which they started to get a proof of concept directly by the Crowd for its lighting headgear for outdoor sports. Also they tested the pricing of the product and were able to produce a better product after their Crowdfunding campaign. Meanwhile they are producing and selling an improved product for the satisfaction of their customers. Source: LUMA ACTIVE on Kickstarter, https://www.kickstarter.com/projects/luma/luma-active-first-ever-lighting-headgear-for-outdo; For their first children’s book, Salzburg-based company eoVision turned to the Crowd to get additional input concerning the design and content of their magnetic playbook “one earth kids”. Shortly before and especially during the campaign, they asked their Facebook fans for support in finding the perfect subjects/motives for their magnetic buttons and also introduced the story behind the project. Source: one earth kids on Startnext, https://www.startnext.com/one-earth-kids; nuapua, a new drinking system, was tested and had its market launch through a reward-based Crowdfunding-campaign in early 2015. The team interviewed many successful project-owners in advance, did several internal workshops and also some with external experts. Although they started their communication activities quite late, the team members hit the goal on Startnext easily. They used this success as a basis for starting another campaign a few months later, this time using the lending-based model to further grow their business. It went well again and meanwhile, nuapua is further extending its business. Source: nuapua on Green Rocket, https://www.greenrocket.com/nuapua
- Crowdfunding is not only a financing tool, but also helps SMEs in many other ways. Below is a list of possible functions of a Crowdfunding campaign: Marketing Reaching out to potential customers and partners Generating media awareness Generating social media reach Community building Building a community of early adopters Mobilizing existing supporter networks Market research Evaluate the market Understanding the reaction of customers to price differences Understanding where your customers live and how they use the internet Open Innovation Develop new products and services with your clients Identify those employees who are innovators and multipliers Distribution Finding new suppliers Finding new distributors Finding large-scale retailers Experimenting with new packaging methods Product Feedback Obtain testimonials from customers and retail partners Test different designs and/or functions of your product with your Crowd Understand media coverage about your product Proof of concept Show that your product has a market value or that a new market can be created for this product or service Crowdsourcing Let the crowd help you in solving problems Obtain feedback from potential customers
- According to a study by the University of Cambridge, the type of Crowdfunding used is specific to the sector or branch in which a Crowdfunding project resides. For instance, charity and philanthropic projects for clear reasons mostly use donation-based Crowdfunding, but also social entrepreneurs. Reward-based Crowdfunding is often used in creative industries. Technology companies mostly use equity-based Crowdfunding, whereas more traditional companies often use lending-based Crowdfunding.
- According to a study by the University of Cambridge, the type of Crowdfunding used also affects the average size of the Crowdfunding project. As can be seen in the chart below, donation- and reward-based projects on average do not receive more than 5000 Euros. Equity-based Crowdfunding on the other hand seems to be a better chance at receiving a large funding volume. Here the average project has around 460.000 Euros. Lending-based Crowdfunding is split. Peer-to-peer Consumer lending has only average of about 9.500 Euros given that Consumer loans are often smaller. Peer-to-peer Business lending has higher average project sizes because the loans requested by business are higher as well. Keep in mind that equity-based Crowdfunding and lending-based Crowdfunding in Central Europe are still developing from an early stage.
- Crowdfunding is often associated with Start-Up Funding. The reason is very simple: Start-Ups often do not have a working prototype, they need customers, money and knowledge in order to grow and Crowdfunding can deliver all of these. For Startups, Crowdfunding can be a good combination to other sources of financing: Business Angels use Equity-based Crowdfunding platforms to seek new interesting Start-Ups. If a Business Angel acts as a lead investor, he can leverage his investment through the Crowd. Venture Capital Funds use both equity-based Crowdfunding and reward-based Crowdfunding to estimate the potential market for a new product or service. For Banks it is important to understand the risk behind a loan. Crowdfunding can help to estimate the market risks and make it easier for a bank to calculate the interest of a bank loan. In addition to that, equity-based Crowdfunding helps in strengthening the equity side of the balance sheet, thus their loan is less riskier. For Public Subsidies and Grants it is important to ensure that an SME has a market validity. Crowdfunding can help to prove that the audience understands the innovativeness of an idea, a product or a service. Furthermore, Crowdfunding can also be used to complement existing sources of finance for SMEs which are not start-ups. Especially profit-sharing equity-based Crowdfunding and lending-based Crowdfunding can help to give additional liquidity for companies during growth phases.
- Before starting a Crowdfunding campaign, ask a tax consultant how Crowdfunding affects your business regarding taxes. Many platforms offer general information on this topic, e.g. a list of further resources. If you are running a reward-based campaign, it is important to calculate VAT on the product and services you sell. Most likely, you will also have to pay income taxes after finishing a donation- or reward-based campaign. If you are considering to launch an equity- or lending-based Crowdfunding campaign, make sure to get information about taxes to be paid later, such as capital taxes.
- Before starting a Crowdfunding campaign, ask a Crowdfunding consultant for help. He/She will help you in approaching the Crowdfunding-platforms, finding networking partners and influencers who can multiply and spread your campaign. Also a consultant can support you in designing your campaign and giving you valuable feedback on your video and project page, as they often have experiences with a lot of projects and know what works and what does not.
- Notes to Consultants: At the end of the module, you can give your clients the questions mentioned on the earlier slides and ask them to answer them for you in a short bullet point style. This will help them prepare for the next modules.