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The evolution of crowdfunding and crowdsourcing funds

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Crowdfunding has evolved in recent years, not only for people wanting to kickstart their business or connect with potential investor but those who want help with health and medical related causes, how people want to save the local business, or invest or donate their hard earned funds to a worthy cause

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The evolution of crowdfunding and crowdsourcing funds

  1. 1. The Evolution of Crowdfunding & Crowdsourcing The Modern Day Funding From Crowds Danny Denhard - Director of Growth & Crowdfunding StartGrowth - October 2019
  2. 2. ยฃ4billion ๐Ÿ’ 19 Years ๐Ÿ‘ 25 Million ๐Ÿ†• 5k Pages Per Day ๐ŸŒŽ 160+ Countries ๐Ÿคฏ 50 Million Social Shares & Emails // @dannydenhard
  3. 3. Peer to Peer has always been essential, itโ€™s many forms now // @dannydenhard ๐Ÿ‘ฉโš• ๐Ÿƒ ๐Ÿ• โšฝ
  4. 4. Marketing Experience Product โฌ… Customer Journey โžก Sales Growth Support Commun ications Looking For A Product Aware & Compare Picked Product Using The Product Recommend Or Reuse Marketing Know your Product Experience // @dannydenhard
  5. 5. The connection to the story & buying into that speci๏ฌc story and interaction ๐Ÿš™ Car Boot Sales // @dannydenhard Something to think about
  6. 6. ๐Ÿ˜’ The Marketplace ๐Ÿ˜ // @dannydenhard// @dannydenhard
  7. 7. // @dannydenhardImage Source Google
  8. 8. โ€”Business & Equityโ€” ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ // @dannydenhard โ€”Peer to Peerโ€” โ€”Subscriptionsโ€”โ€”Localโ€” Indiegogo KickstarterRockethub Monzo Paypal Pool Chuffed ๐Ÿ”˜ Facebook ๐Ÿ”˜ Gmail ๐Ÿ”˜ YouTube ๐Ÿ”˜ Patreon ๐Ÿ”˜ JustGiving ๐Ÿ”˜ Leetchi WeChat ๐Ÿ”˜ Legl Crowdcube Crowdfunder Gofundme ๐Ÿ”˜ Cash App ๐Ÿ”˜ Challenger Banks ๐Ÿ”˜ Substack Crowdfunding Marketplace
  9. 9. Remittance Most common case of moving money between people Crypto Decentralised; Stable coins aka Libra flirting with the market likely to have huge potentials and ramifications Pay Day Loans Still hugely problematic in ๐Ÿ‡ฌ๐Ÿ‡ง market and common place Other Common Use Cases Every minute $162,037 transactions processed on Venmo JustGiving has raised over $5billion for good causes Facebook communities have raised $1b on birthdays // @dannydenhard Crowdfunding Marketplace
  10. 10. // @dannydenhard Support Donate Contribute Invest
  11. 11. Getting Cut Through? Social โ€ข 4.8m Gif from Giphy served โ€ข 277777 Instagram Stories โ€ข 4.5m videos watched on YouTube โ€ข 511200 tweets sent โ€ข 4.49m Google Searches are made Communications โ€ข 1.4m tinder swipes โ€ข 18.1m Texts are sent โ€ข 188m emails sent โ€ข 1m Views on Twitch Disruption โ€ข Airbnb 1389 bookings made โ€ข $162037 transactions processed on Venmo Every 60 seconds on the internetSomething to think about // @dannydenhard
  12. 12. โ˜Ž Product vs Marketing ๐Ÿ“ฑ // @dannydenhard// @dannydenhard
  13. 13. Marketing Product MarketingProductEasy Hard Good Product = Easy Marketing Poor Product = Impossible Marketing ๐Ÿ’ฐ๐Ÿ’ฐ ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ Budget Product decay rate is a killer // @dannydenhard
  14. 14. โ€ข Think about how you could be seen or written about โ€ข Business press โ€ข Wired โ€ข Techcrunch โ€ข Yahoo Finance โ€ข Consumer - Attention based press: โ€ข Buzzfeed โ€ข Vice โ€ข Daily Mail โ€ข The Guardian โ€ข Lads Press Marketing Is Your Biggest Challenge // @dannydenhard
  15. 15. Fake NewsMisinformation // @dannydenhard This is what news looks like to a lot of people
  16. 16. ๐Ÿ’ฐ Understand Your Network Make Up ๐Ÿ’ฐ // @dannydenhard
  17. 17. Strangers Strangers Fundraiser Family and close friends Colleagues Friends of friends People with same interests // @dannydenhard
  18. 18. Strangers Strangers Fundraiser Family and close friends Colleagues Friends of friends People with same interests Product Reach Think of the fundraiser at the centre, the layers of connections and herds they should bring to the product - currently this rarely happens. Challenge yourself to think about each later and how to reach out further and wider Money Exchange Understand that each layer has the ability to transfer money into each layer. Scale and network effects available if executed correctly // @dannydenhard
  19. 19. Strangers Huge Amounts of money Donated by complete strangers who happened to see a page in local press as the story really resonates or they went through the same thing previously. Alternative Payments Do not be surprised if someone wants to donate with something other than ยฃ. Time โ€” Energy โ€” Love โ€” Points // @dannydenhard Same Interests You F&F
  20. 20. Fundraiser Colleagues People with the same interests Friends of Friends Family & Friends ConnectionMakeUp Strangers โ€œInvestmentโ€ Business Equity Peer to Peer Peer to Peer Peer to Peer Self funded Business Equity Business Equity Business Equity Business Equity Business Equity Peer to Peer Primary Secondary // @dannydenhard
  21. 21. // @dannydenhardImage Source Net๏ฌ‚ix Think about where the investment typically comes from beforeโ€ฆ
  22. 22. // @dannydenhard Faith, Belief, Hope Listen to this podcast series, it is an important series of lessons how to brand, to position and market yourself or your brand or Product. Important on the same level of brand as Uber, WeWork, or as magic as Fyre Festival & Theranos Brand Like Tasty Tasty is the best example of a modern day brand. Created a brand across social media that was platform agnostic but worked natively and drove views to nudge to purchase when right time
  23. 23. // @dannydenhard Something to think about Think about how we now text before asking if we can call someone we know.
  24. 24. Fundraiser Colleagues People with the same interests Friends of Friends Family & Friends ConnectionMakeUp Strangers โ€œInvestmentโ€ Groups, Mutual Intros Email, Social Media Face to face, IM, Email Face to Face, SMS, Whatsapp, Email Intros, cold call, targeted LinkedIn Intro, Email, Group Communications Chance of Reply ๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘ ๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘ ๐Ÿ‘๐Ÿ‘๐Ÿ‘ ๐Ÿ‘๐Ÿ‘ ๐Ÿ‘ ๐Ÿ‘๐Ÿ‘ // @dannydenhard
  25. 25. 60%+ of sales in Japan are through vending machines ๐ŸฅคCoca Cola ๐Ÿฅค // @dannydenhard Something to think about
  26. 26. ๐Ÿ˜ž Emotion As A Value Exchange ๐Ÿ˜ž // @dannydenhard// @dannydenhard
  27. 27. 1. Asking for help 2. Is it OK? Culturally ๐Ÿ‡ฌ๐Ÿ‡ง Worry // @dannydenhard
  28. 28. So I am going to tell you them as you havenโ€™t heard them I have two sayings that my team(s) hate // @dannydenhard
  29. 29. โ€œEmotions Unlock Walletsโ€1. // @dannydenhard// @dannydenhard
  30. 30. โ€œNo One Budgets For Emotionโ€2. // @dannydenhard// @dannydenhard
  31. 31. 3. Bonus: Prove You Are More Than A ยฃ // @dannydenhard
  32. 32. Speak The Truth // @dannydenhard Something to think about Image Source LinkedIn
  33. 33. ๐Ÿ“– The Storytelling Truth ๐Ÿ“– // @dannydenhard
  34. 34. Movies ๐ŸŽฌ Kids Movies ๐Ÿฟ Learn from the best // @dannydenhard
  35. 35. Take Inspiration From Pixar | Image Source: Pixar // @dannydenhard Disney always kills off an important character in the opening scenes
  36. 36. 1. The Set Up Strong attention grabbing opening - set up hero journey 2. Goals Conflict or confrontation - Longest part, build anticipation and the turning point 3. Resolution Shortest phase - twists short and clear, build tension until the wrap up - give your audience that moment Script Writers Guide // @dannydenhard
  37. 37. โ€œThe Hookโ€ Hit them hard in first ten mins or ten seconds Most Important Part? // @dannydenhard
  38. 38. This Applies To Raising Money Know this is going to happen Imposter Syndrome happens to everyone // @dannydenhard| Image Source: Imgur
  39. 39. Leverage what we know about humans // @dannydenhard ๐Ÿง๐Ÿ™ƒ๐Ÿ˜ž๐Ÿค”๐Ÿ™๐Ÿ˜๐Ÿ˜‡๐Ÿคช We are built to survive to read and interpret human emotions ๐Ÿง๐Ÿ™ƒ๐Ÿ˜ž๐Ÿค”๐Ÿ™๐Ÿ˜๐Ÿ˜‡๐Ÿคช
  40. 40. Some Stories However End Up Reading Like This // @dannydenhard Something to think about Image Source Reddit
  41. 41. ๐Ÿ†• Alternative Business Crowdfunding ๐Ÿ†• // @dannydenhard
  42. 42. Support Comes In Many Forms Image Sources BBC & Twitter // @dannydenhard
  43. 43. Image Source BBC iPlayer // @dannydenhard
  44. 44. 4 Reasons Why People Share Online Love ๐Ÿ’– Hate ๐Ÿค› Anger ๐Ÿ˜ก Vanity ๐Ÿ’… // @dannydenhard Something to think about
  45. 45. ๐Ÿ‘ช Peer To Peer Generation ๐Ÿ‘ช // @dannydenhard
  46. 46. // @dannydenhardImage Source Kickstarter
  47. 47. // @dannydenhardImage Source JustGiving
  48. 48. // @dannydenhardImage Source JustGiving Community saves well loved business in Victoria
  49. 49. Peer to Peer aka Silent Crowdfunding Image Source Venmo // @dannydenhard
  50. 50. Banks Are Being Peer-To- Peered Image Source Monzo // @dannydenhard
  51. 51. Social welfare Sports Animals and pets Emergencies Schools and education Local community Disability support Children and youth In memory Health and medical People Care About Health, Wellbeing & Each Other // @dannydenhard
  52. 52. This is a fake news, was an incorrect stat that was used in a Microsoft report by accident // @dannydenhard Something to think about Image Source Telegraph
  53. 53. ๐Ÿ’Ž Brand & Community ๐Ÿ’Ž // @dannydenhard
  54. 54. Type Birth Ranges Touch Point Product Your Relevancy Gen Z (Centennials) 1996 Yes โญโญ Gen Y 1977 - 1995 Yes โญโญ Milennials 1983 - 1995 Yes โญโญ Gen X 1965 โ€“ 1976 Yes โญโญโญโญ Baby Boomers 1946 โ€“ 1964 Yes โญโญโญโญ Traditionalists or Silent Generation Before 1945 Yes โญโญโญ // @dannydenhard
  55. 55. Monzo - Kings & Queens of Community Coupled with the coral card their community (customers) open up their own wallets to back them ๐Ÿ’ฐ ๐Ÿ‘ TV ads drove close to 1 million card sign ups // @dannydenhardImage Source Monzo
  56. 56. Buy Product Use & Reuse ProductFind out about product Tell a handful of friends Until 2003 // @dannydenhard
  57. 57. Use Product Evaluate Share with FriendsRegister Value Exchange Buy Product Use & Reuse ProductFind out about product Tell a handful of friends Until 2003 2003 - 2013 // @dannydenhard
  58. 58. Use Product Evaluate Share with FriendsRegister Share with Friends Use Product EvaluateRegister Value Exchange Value Brought With Share Value From Friends Buy Product Use & Reuse ProductFind out about product Tell a handful of friends Until 2003 2003 - 2013 2013 - Today // @dannydenhard
  59. 59. Because targeting increased doesnโ€™t mean it didnโ€™t get harder Image Source CB Insights Marketing Departments Get These Mixed Up // @dannydenhard
  60. 60. Donโ€™t just build product or something to buy Build a community of advocates and supporters that will promote you for free ๐Ÿ˜ // @dannydenhard
  61. 61. Manners cost nothingโ€ฆ // @dannydenhardSource: Adam Selby JG CF Product Lead
  62. 62. ๐Ÿง  A Few Behavioural Economics ๐Ÿง  // @dannydenhard
  63. 63. Endowment Effect We value something more once we feel we own it ๐Ÿ™‹ // @dannydenhard
  64. 64. Reactance When nudges trigger an angry desire to take back control ๐Ÿ’ช // @dannydenhard
  65. 65. Cashless Effect We pay more when we can't actually see the money. ๐Ÿ’ณ // @dannydenhard
  66. 66. Noble Edge Effect Products of caring companies are seen as superior ๐Ÿค— // @dannydenhard
  67. 67. Motivating- Uncertainty Effect We're more motivated to reach a goal with an uncertain reward ๐Ÿค” // @dannydenhard
  68. 68. Reciprocity Decay Desiresย to give back reducesย rapidly with time โฐ // @dannydenhard
  69. 69. ๐Ÿ—บ Macro vs Micro Mapping ๐Ÿ—บ // @dannydenhard
  70. 70. GoodExperienceBadExperience Baseline Touchpoints Need State Unlocked Need State Using The Product Money changing hands Product Re๏ฌ‚ection The Aha Moment ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ // @dannydenhard
  71. 71. GoodExperienceBadExperience Baseline Touchpoints Need State Unlocked Need State Using The Product Money changing hands Product Re๏ฌ‚ection The Aha Moment ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ ๐Ÿ”˜ // @dannydenhard MAP OUT EVERYTHING & TARGET DIFFERENT USE CASES, NOT JUST WHAT YOU THINK OR FEEL
  72. 72. ๐Ÿ‘ Great Pages Have A Theme ๐Ÿ‘ // @dannydenhard
  73. 73. // @dannydenhard Precise Story โ€ข Clear timeline โ€ข The People involved โ€ข Action required โ€ข How you (supporter) will be part of the story โ€ข Rich Media to show the broader picture Theme: 1. Clear Headline 2. Powerful Image Updates & Thanking: โ€ข Updating to keep timely (timeline) โ€ข Updating to keep relevant and people up to date โ€ข Before โ€” During โ€” Post
  74. 74. So go away andโ€ฆ // @dannydenhard
  75. 75. T H E T O P T A K E A W A Y S Product is essential, you need something to sell for people to buy into and quickly 3. Marketing & Distribution 2. The story is essential 4. Say Thank You! 5. One size never fits all 7. Feedback can be brutal 8. Understand the world is noisy 1. Product is key Storytelling is the difference between someone supporting you or the company Marketing is not easy, get it the right people in the format they want and when resonates most You might be busy but always be prepared to say thank you and early & often There is nothing more annoying than having a cookie cutter thank you or unpersonalised thank you Feedback is a gift, however online is can be brutal and you should expect feedback questioning you, your product and your people The world has never been so easy to get messages out there, speak to the people you would love to BUT it is also the over communicated world. Be prepare for your message to be lost or ignored // @dannydenhard 6. Build a community Donโ€™t just build customers or people who have invested, get people brought in & support you constantly
  76. 76. Thank you ๐Ÿ™ danny@startgrowth.co

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