DigiBiz - Bringing in the Bucks

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Raising dollars in a retracted economy is difficult. Explore new ways to raise funds for your community organisation. Ensure survival and move your group into THRIVIVAL mode by diversifying your fundraising.

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  • It is a Government investment in ENABLMENT:

    Opportunity & Potential / Reliability / Inclusive Australia
  • Get on-board or get left behind…from Telehealth to paying bills, broadband is where it is at…

    The future of rural economies in retaining youth, employment, communicating with distant relatives and friends, and delivering services will be Broadband enabled.

    Business Development and Community Participation will leverage off Broadband Technologies.
  • DigiBiz - Bringing in the Bucks

    1. 1. DigiBiz $ Bringing in the Bucks workshop $ Workshop presenter: Gerrie Carr-MacFie July 2014 Central Highlands
    2. 2. Learning outcomes At the end of the workshop you will: • Have an increased awareness of how broadband technology can benefit our region and your community. • Be able to identify success factors and barriers to raising funds through Regular Income Activities….Booster Events……Capital Campaigns • Be familiar with online grant-making resources • Have a basic understanding of crowdfunding and its uses as an investment tool.
    3. 3. Benefits of Broadband technology Opportunity and potential of Broadband technology Enhanced productivity and global competitiveness Transformative –TeleHealth- Education -Services- TeleWork- Broadband benefits Booming demand for data International competitiveness Productivity and business efficiencies Enabling a more inclusive Australia – Busting the ‘tyranny of distance’ for rural and regional Australia. Broadband- Enabling social media as a source of venture capital Online resources - www.digitalbusiness.gov.au 3
    4. 4. Technological age- B4B is ‘on-trend’ Email is going the way of the fax • Email OPEN rates around 11% • Mobile phone texts OPEN rates around 95% Marketing is going digital and mobile • 52% of Australians have smart phones • 57% of mobile users elect to receive advertising via phone • 50% engage with the business post-advertisement • 18% of Australian households own at least 1 tablet in 2012 • 39% of households to own at least 1 Tablet by 2013 Social networking is the new business tool • 43.7% of Victorians use social media • Social networking accounts for 1 in every 5 minutes spent online. Web presence of small business is lagging • 33% of businesses 0-4 persons compared to 97% of businesses with 200+ • 2.4m Australians purchased online in 2011 • Online retail estimated $34.8b by 2013
    5. 5. Fundraising • Responsibilities are many and varied. • Donors invest volunteer time and dollars to your cause when basic governance and management policies and procedures are in place. • Donors and community don’t just invest in a cause- they invest in entities that can demonstrate sound governance.
    6. 6. Fundraising events and activities 3 general categories • Regular income Steady flow to meet fixed costs • Booster events One-off events and campaigns $1000-$10,000 • Capital campaigns Major works $10,000
    7. 7. Benefit /effort analysis Analyse your available resources • Understand your actual costs • Understand the costs to volunteers • Quantify hours and volunteer time Time… Effort… Cost… Strain on Resources…Risk
    8. 8. Grants • Aust Government grants- GrantsLINK GrantsLINK is a one-stop-shop for Australian Government grants. Here you’ll find general information about Australian Government grants and assistance for individuals, businesses and communities that can help you • State Government- Grants Victoria • ourcommunity.com.au The Funding Centre is an initiative of Our Community, Australia’s Centre for Excellence for the nation’s 600,000 not-for-profit groups and schools, providing advice, tools, resources and training. They provide an eNewsletter detailing grants
    9. 9. Crowdfunding defined Crowd-funding is: • a seed financing source for entrepreneurial & creative ventures that have difficulties raising capital from traditional sources • open call through the Internet, for $’s as donations (without rewards) or in exchange for some form of reward and/or voting rights-for specific purposes • exploits capabilities of social networks- viral networking and marketing • enables the mobilisation of a large number of users in specific web communities within a relatively short period of time.
    10. 10. Crowdfunding platforms Thousands of small to large projects have been crowdfunded through intermediary services (called "CF platforms") • Globally- Kiva, Kickstarter, IndieGoGo, Spot-us, chuffed etc. • Australia- Pozible targets creative industry-just launched subscription funding in addition to one-off projects- • Growing no. of CF’s- Publishizer, ipledg, chipin, fanfuel Research to find the best fit and for hints and tips: Check out: http://www.crowdfundit.com.au/2012/12/18/crowdfunding- platforms-in-australian-and-new-zealand/ Learn more: http://www.scribd.com/doc/74997116/A-Snapshot-on- Crowdfunding How to work the crowd: www.australiacouncil.gov.au Australian blogger Anna Maguire’s, Crowdfund it! profiles key global crowdfunding platforms such as IndieGoGo, Pozible and ArtistShare. Purchase from $9.99 http://editia.com/books/crowdfund-it/
    11. 11. Growth rates by models Crowdfunding volumes driven by 3 basic categories: 1. Lending 2. Donation 3. SME rewards-equity. 2013CF - Crowdfunding Industry Report Massolution estimated: • Donation-and reward-based grew 85% to $1.4b • Lending-based grew 111% to $1.2 b- mainly micro and community-driven loans to local SMEs • Equity-based grew 30% to $116 million
    12. 12. Rewards & motivation Crowd-funding donors generally given a "reward“ reflective of project • Immaterial acknowledgements=thank-you mail, an artist's autograph or crowdfunder's name on the cover of film, DVD ,CD, book ("credit" ) • Gifts= small-T-shirts advertising the project, or other assets of low value • Invitations= virtual/live event • Sponsoring= recognition/acknowledgement
    13. 13. Platform basics Crowdfunding platforms share similar protocols • ‘all-or-nothing model’- Project initiator agrees pledging period (between two weeks and several months) • Not too short or two long • $ target must be reached- Below threshold no flow of funds
    14. 14. Crowdfunding value categories 5 "value categories“ for investment identified by Harms in 2007. Can be summarised as : • Personal identification with the project's subject and its goals, • Contribution to a societally important mission, • Satisfaction -being part of a community with similar priorities observing realisation and success of the project • Enjoyment- being engaged in and interacting with the project's team contributing to an innovation/pioneering technology/product • Expand personal network- Leverage off personal networks of others • Expectation of attracting funders in return for own crowdfunding project
    15. 15. What is funded • Social causes are most active, driving close to 30% of all crowdfunding activity • Business and entrepreneurship (16.9%), and the two major art categories follow: Films & Performing Arts (11.9%) and Music & Recording Arts (7.5%) • Energy and environment (5.9%) is the emerging category among the five most active
    16. 16. Campaign unpacked Campaign Low target $1,000-10,000 Medium target $10,000-100,000 High target $100,000 Plus Individual contributors 40-200 150+ 10,000+ Timeframe (Days) 30-45days 30-60days 30-75days Operational resourcing social media (assumes intermediate skills ) 15mins-2hrs Update s 1-5 days Use Analytics Post-3 per day 1-2hrs Update s 1-5 days Use Analytics Post-3-5 per day 2-4hrs Update s 1-5 days Use Analytics Post 3-5 per day Segmenting Encourage inner circle/family & friends to donate early The more you have raised the easier to bring in new funders Target big backers halfway through so they see likelihood of success Aim for big finish Social media enabled relationships Inner Circle: Established and trusted friends 25% of funding Inner Circle & their friends: Established and trusted with some recognition Inner Circle + friends and friends of friends: Established trusted and recognised within sector/industry/commu nity/energised fan base
    17. 17. Campaign hints & tips PLAN an entire campaign- Build momentum-include big finish • Be creative and competitive- Don’t be too clever • Be realistic in setting $ goal • Target likely supporters via social- e.g. LinkedIn premium • Offer various price points- Make it easy to ‘buy-in’ • 1 pledge increases chances to reach goal x 9% • Securing 20% to 30 % of goal early increases chances x 90% • Donation average $50 to $75 for entrepreneurs-provide detail to attract higher amounts Post…Post …Post- Use blogs/Video/Multi- channels/Slideshare/MailChimp • Video estimated to increase funds x 115% • Include call to action in all promotion • Think ‘personal’ and engage donors through thank-you’s/updates
    18. 18. More information & resources Join the digital revolution DigiBiz activities are funded by the Australian Government’s Digital Enterprise program and supported by State and Local Government Click onto www.digibiz.net.au to register for workshops and mentoring Online resources for business: www.digitalbusiness.gov.au Join the crowdfunding revolution 18

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