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Elizabeth Monier-Williams
Director of Marketing & Communications
March 2015
Crowdfunding for Non-Profits :
Findings from the WaveCheck campaign
Harnessing Canada’s
Largest Research Cluster
15 MEMBERS = ONE VISION
BRIDGING THE VALLEY
A Unique Partnership for a Unique Model
MaRS Innovation
is supported by the Networks of Centres of Excellence’s
Centres of Excellence for Commercialization of Research program
in partnership with our 15 members institutions
to usher technologies across the valley of death.
CROWDFUNDING? WUH?
OKAY, THIS IS A THING
OUR PRECEDENT
MOOD AT OUTSET
WHY CROWDFUND?
WaveCheck	
  campaign	
  goals:	
  	
  
1.  Raise	
  the	
  funding	
  	
  
2.  Build	
  awareness	
  and	
  momentum:	
  
•  Technology	
  and	
  researchers	
  
(Sunnybrook/Ryerson)	
  
•  PaFents	
  and	
  medical	
  teams	
  
3.  Develop	
  a	
  deep	
  understanding	
  of	
  
when	
  and	
  how	
  crowdfunding	
  works	
  
CHOOSE A PLATFORM
2013 LANDSCAPE
WAVECHECK CAMPAIGN
WAVECHECK CAMPAIGN
SUPPORTERS
$53,390	
  via	
  508	
  global	
  Indiegogo	
  contribuFons	
  
US	
  
56%	
  
Canada	
  
38%	
  
WaveCheck	
  is	
  
#25*	
  of	
  all	
  top-­‐
funded	
  Indiegogo	
  
health	
  
campaigns	
  
*	
  as	
  of	
  Feb	
  2014	
  
MEDIA COVERAGE
Outlets:	
  
•  Canada	
  AM	
  
•  Toronto	
  Star	
  	
  
•  Canadian	
  Healthcare	
  Technology	
  	
  
•  Sing	
  Tao	
  Daily	
  	
  
•  Oshawa	
  Today	
  (radio)	
  
•  CBC	
  Radio	
  (News;	
  World	
  This	
  
Weekend;	
  Metro	
  Morning)	
  	
  
•  Tin	
  Tuc	
  and	
  Vietnam	
  Plus	
  
•  Metro	
  Toronto	
  
•  Bell	
  FIBE	
  TV’s	
  “Crowded”	
  	
  
•  U.S.-­‐based	
  Med	
  City	
  News	
  (Dec	
  
and	
  February)	
  	
  
•  eMed	
  (Entrepreneurship.org)	
  
•  Re$earch	
  Money	
  	
  
•  Various	
  crowdfunding	
  blogs	
  and	
  
student	
  newspapers	
  
•  Council	
  of	
  Academic	
  Hospitals	
  
•  BetaKit	
  	
  
40+	
  ar=cles	
  
(~10	
  since	
  Jan	
  1,	
  2014)	
  
Repeats:	
  
•  CBC	
  TV	
  
•  CBC	
  Radio	
  
•  CTV	
  
•  The	
  Globe	
  and	
  Mail	
  
•  Med	
  City	
  News	
  
•  Toronto	
  Star,	
  Metro	
  
Other	
  language:	
  
•  Sing	
  Tao	
  Daily	
  
•  Tin	
  Tuc	
  
•  Vietnam	
  Plus	
  
•  CBC	
  Radio	
  (French)	
  	
  
Twice	
  named	
  to	
  Globe	
  and	
  
Mail’s	
  Top	
  10	
  Canadian	
  
campaigns	
  for	
  KSTR	
  &	
  IGG	
  
(Oct,	
  Nov	
  2013)	
  
MEDIA CONTACTS
Crowdfunding	
  is	
  a	
  lean	
  start-­‐up	
  on	
  a	
  	
  	
  	
  	
  
super-­‐condensed	
  Fmeframe.	
  
WHAT WE LEARNED
WHAT WE LEARNED
Know	
  your	
  category.	
  
Huge	
  difference	
  in	
  product-­‐reward	
  
campaigns	
  vs	
  philanthropic	
  cause.	
  
WHAT WE LEARNED
	
  
Pre-­‐seed	
  period	
  is	
  crucial	
  to	
  your	
  success.	
  
	
  
IT’S ALL ABOUT THE LIST
KEY MISCONCEPTIONS
1.  Hit	
  your	
  seed	
  
goal,	
  the	
  
plaRorm’s	
  crowd	
  
will	
  come.	
  
2.  Media	
  interest	
  
will	
  automa=cally	
  
convert	
  into	
  
funding	
  dollars.	
  
KEY CHALLENGES
1.  Keep	
  key	
  
stakeholder	
  
groups	
  
consistently	
  
informed	
  and	
  
engaged.	
  
2.  Asking	
  people	
  
for	
  $$	
  is	
  weird	
  if	
  
it’s	
  not	
  your	
  job.	
  
WaveCheck	
  
Core	
  Team	
  
Member	
  
InsFtuFons	
  
Sunnybrook/
Ryerson	
  
Media/
Social	
  
audience	
  	
  
Supporters	
  
MaRS	
  
InnovaFon	
  
team	
  
Inventors	
  
Extended	
  
research	
  
team	
  
KEY CHALLENGES
KEY CHALLENGES
Judging	
  the	
  progress:	
  What	
  is	
  success?	
  	
  
amount	
  raised	
  USD	
  
MEASURING SUCCESS
Source:	
  hgp://www.ethanperlstein.com/	
  
	
  
WaveCheck	
  
Science	
  projects	
  offering	
  
product	
  rewards	
  
Total	
  raise	
  ceilings	
  for	
  charitable	
  and	
  product	
  reward	
  
categories	
  are	
  very	
  different.	
  
MEASURING SUCCESS
MOOD AT CLOSE
WORTH IT?
Outcomes:	
  
	
  
ü  Deeper	
  understanding	
  of	
  how	
  crowdfunding	
  
campaigns	
  work	
  and	
  beger	
  pracFces	
  
ü  SubstanFal	
  awareness	
  and	
  interest	
  in	
  
WaveCheck’s	
  technology,	
  the	
  inventors	
  and	
  MI	
  
ü  Full	
  funding	
  for	
  the	
  first	
  test	
  site	
  
HECK YA
CROWDFUNDING NOW
JUMPING THE SHARK?
BAR CONTINUES TO RISE
THANK YOU
Web:	
  marsinnovaFon.com	
  	
  
Twiger:	
  @marsinnovaFon	
  
LinkedIn:	
  hgp://linkd.in/Lk7JoJ	
  	
  

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Crowdfunding lessons from the WaveCheck campaign (Be Good Be Social Toronto)

  • 1. Elizabeth Monier-Williams Director of Marketing & Communications March 2015 Crowdfunding for Non-Profits : Findings from the WaveCheck campaign
  • 2. Harnessing Canada’s Largest Research Cluster 15 MEMBERS = ONE VISION
  • 3. BRIDGING THE VALLEY A Unique Partnership for a Unique Model MaRS Innovation is supported by the Networks of Centres of Excellence’s Centres of Excellence for Commercialization of Research program in partnership with our 15 members institutions to usher technologies across the valley of death.
  • 5. OKAY, THIS IS A THING
  • 8. WHY CROWDFUND? WaveCheck  campaign  goals:     1.  Raise  the  funding     2.  Build  awareness  and  momentum:   •  Technology  and  researchers   (Sunnybrook/Ryerson)   •  PaFents  and  medical  teams   3.  Develop  a  deep  understanding  of   when  and  how  crowdfunding  works  
  • 13. SUPPORTERS $53,390  via  508  global  Indiegogo  contribuFons   US   56%   Canada   38%   WaveCheck  is   #25*  of  all  top-­‐ funded  Indiegogo   health   campaigns   *  as  of  Feb  2014  
  • 14. MEDIA COVERAGE Outlets:   •  Canada  AM   •  Toronto  Star     •  Canadian  Healthcare  Technology     •  Sing  Tao  Daily     •  Oshawa  Today  (radio)   •  CBC  Radio  (News;  World  This   Weekend;  Metro  Morning)     •  Tin  Tuc  and  Vietnam  Plus   •  Metro  Toronto   •  Bell  FIBE  TV’s  “Crowded”     •  U.S.-­‐based  Med  City  News  (Dec   and  February)     •  eMed  (Entrepreneurship.org)   •  Re$earch  Money     •  Various  crowdfunding  blogs  and   student  newspapers   •  Council  of  Academic  Hospitals   •  BetaKit     40+  ar=cles   (~10  since  Jan  1,  2014)   Repeats:   •  CBC  TV   •  CBC  Radio   •  CTV   •  The  Globe  and  Mail   •  Med  City  News   •  Toronto  Star,  Metro   Other  language:   •  Sing  Tao  Daily   •  Tin  Tuc   •  Vietnam  Plus   •  CBC  Radio  (French)     Twice  named  to  Globe  and   Mail’s  Top  10  Canadian   campaigns  for  KSTR  &  IGG   (Oct,  Nov  2013)  
  • 16. Crowdfunding  is  a  lean  start-­‐up  on  a           super-­‐condensed  Fmeframe.   WHAT WE LEARNED
  • 17. WHAT WE LEARNED Know  your  category.   Huge  difference  in  product-­‐reward   campaigns  vs  philanthropic  cause.  
  • 18. WHAT WE LEARNED   Pre-­‐seed  period  is  crucial  to  your  success.    
  • 19. IT’S ALL ABOUT THE LIST
  • 20. KEY MISCONCEPTIONS 1.  Hit  your  seed   goal,  the   plaRorm’s  crowd   will  come.   2.  Media  interest   will  automa=cally   convert  into   funding  dollars.  
  • 21. KEY CHALLENGES 1.  Keep  key   stakeholder   groups   consistently   informed  and   engaged.   2.  Asking  people   for  $$  is  weird  if   it’s  not  your  job.   WaveCheck   Core  Team   Member   InsFtuFons   Sunnybrook/ Ryerson   Media/ Social   audience     Supporters   MaRS   InnovaFon   team   Inventors   Extended   research   team  
  • 23. KEY CHALLENGES Judging  the  progress:  What  is  success?    
  • 24. amount  raised  USD   MEASURING SUCCESS Source:  hgp://www.ethanperlstein.com/     WaveCheck   Science  projects  offering   product  rewards   Total  raise  ceilings  for  charitable  and  product  reward   categories  are  very  different.  
  • 27. WORTH IT? Outcomes:     ü  Deeper  understanding  of  how  crowdfunding   campaigns  work  and  beger  pracFces   ü  SubstanFal  awareness  and  interest  in   WaveCheck’s  technology,  the  inventors  and  MI   ü  Full  funding  for  the  first  test  site  
  • 32. THANK YOU Web:  marsinnovaFon.com     Twiger:  @marsinnovaFon   LinkedIn:  hgp://linkd.in/Lk7JoJ    

Editor's Notes

  1. Subtitle: What I thought I knew about crowdfunding before I started
  2. One of our major roles, beside embedded leadership, is in finding funding to take our technologies forward VALLEY OF DEATH particularly when they’re at the stage when proof of concept/prototyping work is done and we need to test, refine and iterate on the product’s path to market .
  3. The first crowdfunding story I remember hearing.
  4. This is the second campaign I remember.
  5. Raised $87,000+ in month on a $10,000 goal – they hit that in the opening hours Found ~10,000 beta users Media darlings with international exposure MI: incubated Whirlscape in our UTEST program (funding, tech development, business development, mentorship) and support on press release and social communication Now in YCombinator, launched product, highly ranked and rated in the App stores, more users built off that initial base
  6. Oh, past self. You were so naïve.
  7. Platform proliferation among thought leaders
  8. Clinical technique using ultrasound, see inside breast tumour tissue - That need to know, for patients and for medical professionals treating them, became the cornerstone of our messaging. Page didn’t look like this when we launched --
  9. Outcome: Launched on Oct 9 to Dec 3 2 full-time staff + two interns, with support of the extended MI team
  10. Seed raised in 24 hours--kicked off media; until then, “so what?” Range of Canadian media interviews
  11. EMW: Story of how media relations works
  12. Forces you to action
  13. Fazila
  14. EMW: Emphasize VAST learning as we were ahead of the curve, with few other cases to look to for guidance; naivety about platforms
  15. Analyses of difference in crowdfunding industry categories are starting to emerge (first published analysis in Oct/2013). There is also a role for the size and engagement of each crowdfunding platform’s donor community, especially repeat donors. Briefly put: tangible rewards shift the average donation size higher than people might spontaneously donate, and built-in communities on Kickstarter, and to a less extent on Indiegogo, means a larger captive audience.