Online Fundraising for Int'l Programs (Edu Abroad)

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This webinar covered what peer-funding is, how it works, who benefits, and how students can raise money using Project Travel and other crowdfunding sites.

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Online Fundraising for Int'l Programs (Edu Abroad)

  1. 1. Welcome to the Webinar on Online Fundraising for International Programs! Man designed by Nina Machado from The Noun Project Wednesday, July 31, 13
  2. 2. today • Intro • What is Crowdfunding? • General vs. Niche Crowdfunding sites • What Makes it Successful? • Crowdfunding Concerns • Group Funding • Working Together (Project Travel’s Approach) • Q & A plus your input! Wednesday, July 31, 13
  3. 3. Samantha Martin Project Travel Study Abroad Advisor Gilman Scholar, Cyprus U. of South Carolina International Scholarship Advisor SUNY New Paltz Program Coordinator IEP @ Jacksonville U. Study Abroad Peer Advisor Project Advisor Director MA Peace & Conflict Studies University of Ulster Rotary Ambassadorial Scholar Customized Faculty-Led Programs 2006 2008 2009 2013 2012 Wednesday, July 31, 13
  4. 4. Meet Our Team of World Citizens. “Travel is fatal to prejudice, bigotry, and narrow-mindedness.” – Mark Twain Kathryn Weimann International Education Advisor Jennifer Thomas Founder & CEO Greg Williams Development Veronika Goldberg Design Samantha Martin Director Michael Pottern Business Strategy Advisor Jackie Berkery Community Strategist Ezekiel Binion Experience & Design Strategy Advisor Wednesday, July 31, 13
  5. 5. WHAT IS CROWDFUNDING? (also referred to as peer-funding & crowdsourcing) Wednesday, July 31, 13
  6. 6. To crowdfund is to tell a personal story online and engage the community to raise money & social support for a cause, project, creative product, business, or event. Wednesday, July 31, 13
  7. 7. $2.7B raised in crowdfunding in 2012 Man designed by Nina Machado from The Noun Project 2011 2012 2013 81% increase over 2011 89% increase expected for 2013 Financial information provided by Massolution: 2013CF- The Crowdfunding Industry Report, crowdsourcing.org Wednesday, July 31, 13
  8. 8. Already, crowdfunding curriculums have been created at Carnegie Mellon University and Northwestern University. ~Gerber, E. (2012) Easy Money? The Demands of Crowdfunding Work http://egerber.mech.northwestern.edu/wp-content/uploads/2012/11/Easy- Money-_The-Demands-of-CrowdfundingWork-_2012.pdf. Northwestern University Wednesday, July 31, 13
  9. 9. Create a profile. Tell a story online (& offline) through words, video, & photos. Raise money & support. End project or campaign. Reach the goal or the end of the project or campaign. Fulfill commitments. (Go on program.) Crowdfunding Process 1 2 3 4 5 6 Ongoing Thank & Update Supporters Wednesday, July 31, 13
  10. 10. WHAT MAKES IT A SUCCESS? GENERAL VS NICHE (a platform that allows you to fund anything versus a specific purpose ) Wednesday, July 31, 13
  11. 11. Poll: Which of these crowdfunding platforms are you familiar with? Man designed by Nina Machado from The Noun Project Wednesday, July 31, 13
  12. 12. Go niche! (what type of community do you want to be a part of?) Wednesday, July 31, 13
  13. 13. Int’l Education Crowdfunding Sites • Project Travel(launched public in 2013) • FundMyTravel (launched public in 2012) • Volunteer Forever (launched public in 2012) crowdfunding is new in the international education space! Wednesday, July 31, 13
  14. 14. • additional resource to traditional funding • does not affect financial aid package • empowers every motivated student to create a funding solution Students solve a funding problem, Wednesday, July 31, 13
  15. 15. In addition to creating funding goals, creators also learn new skills, such as budgeting, management, and videography, to complete preparation work. ~Gerber, E. (2012) Easy Money? The Demands of Crowdfunding Work http://egerber.mech.northwestern.edu/wp- content/uploads/2012/11/Easy-Money-_The-Demands-of-CrowdfundingWork-_2012.pdf. Northwestern University • digital storytelling • budgeting • marketing • fundraising • community outreach learn new skills, Wednesday, July 31, 13
  16. 16. & create awareness about international education. • why it is important • where they are going • who with • impact on self & others • need for social & financial support Wednesday, July 31, 13
  17. 17. WHAT MAKES IT SUCCESSFUL? (the do’s and don’ts of crowdfunding) Wednesday, July 31, 13
  18. 18. (hint...it doesn’t look like this) Wednesday, July 31, 13
  19. 19. Poll: What do you think is the single most important factor in a successful crowdfunding project? Man designed by Nina Machado from The Noun Project Wednesday, July 31, 13
  20. 20. Average Success Rates 68% funded* 32% fully funded* *Numbers based on 353,003 projects in two separate studies across platforms and crowdfunding purposes. Wednesday, July 31, 13
  21. 21. Evers, M (2012) Marketing Management & Management of Innovation, Rotterdam School of Management, Erasmus University, http://cultuurmarketing.nl/wp-content/uploads/2013/01/Mart-Evers_Master- thesis_Main-drivers-of-crowdfunding-success_RSM_Marketing-Management_9-2012_PDF.pdf Wednesday, July 31, 13
  22. 22. Project Starters Students • realistic funding goal (cost of admin. fees up to $5,000+) • photos & video • engagement with supporters • cause of need • high positive sentiment Wednesday, July 31, 13
  23. 23. Supporters Supporters • positive labeling • high engagement • decisional control • request size Wednesday, July 31, 13
  24. 24. Advisors & Faculty Advisors & Faculty • determine if crowdfunding is a viable resource for your students • give consistent referrals to crowdfunding options across campus (financial aid, service-learning, career services, faculty) • program verification* *Specific to Project Travel Wednesday, July 31, 13
  25. 25. CONCERNS (crowdfunding is a solution but not a magic bullet) Wednesday, July 31, 13
  26. 26. Poll: Which is your biggest concern about crowdfunding? Man designed by Nina Machado from The Noun Project Wednesday, July 31, 13
  27. 27. Are these funds really going towards a program-related expense? I get so many funding requests. Is this one worth my support? Is my credit card information secure? Supporters Advisors & Faculty What happens if they cancel their program? What about legal issues? Wednesday, July 31, 13
  28. 28. Supporters Advisors & Faculty I can actually help make this dream a reality for this student? I’ll give! My information is secure & won’t be shared! We are not liable. Donations are legally gifts. If they cancel, their Project is canceled and they return the funds. Project Travel won’t open a Project for funding until it is verified that the student submitted a program application. Wednesday, July 31, 13
  29. 29. What if my family & friends think I am “begging?” What if I fail? Why are there fees to crowdfund? Students Do I have time to crowdfund? How do I do this? Wednesday, July 31, 13
  30. 30. Students If this is truly important to me, I will do the work to reach my goals! People who care about me or connect with my story will support me. The small fee retained from gifts given is worth this platform & the support. My Project Advisor is helping me and I have access to online resources at any time. This is a learning experience and I have people to support me. I pay nothing out of pocket and I don’t have to pay anything back. Wednesday, July 31, 13
  31. 31. “This was a great learning experience because I have never really had to do fundraising like this. ~Stephanie, SUNY New Paltz “I am almost done with my promotional video ... I'm really excited.” ~Marisol, Bard College My goal is to raise $3,000 to fund my round trip plane ticket to NZ this Spring! For every $100 we raise, I will donate 1 hour of service to a designated charity. ~Briana, University of South Carolina Project Starters (in their own words) Wednesday, July 31, 13
  32. 32. GROUP FUNDING (yes! it’s possible) Wednesday, July 31, 13
  33. 33. Group Funding for Faculty-Led Programs will crowdfunding reduce cancellation rates? Wednesday, July 31, 13
  34. 34. Poll: Do you see group funding as a potential option for reducing cancellation rates on faculty-led programs? Man designed by Nina Machado from The Noun Project Wednesday, July 31, 13
  35. 35. WORKING TOGETHER (Project Travel’s approach) Wednesday, July 31, 13
  36. 36. understand the needs of int’l educators support our community start to finish Three Pillars of Who We Are mission motivated and results driven Wednesday, July 31, 13
  37. 37. Ways We Work With Our Community • Support existing advising structures • Program verification • Joint email outreach • Printed materials • Unique URL (e.g. www.projecttravel.com/go/academic-studies-abroad) • (Your ideas here!) Wednesday, July 31, 13
  38. 38. Man designed by Nina Machado from The Noun Project Additional Resources NAFSA 2013 Poster Session Info on Crowdfunding http://blog.projecttravel.com/nafsa13-poster-session Short Video Introduction to Project Travel http://blog.projecttravel.com/learn-more Sign up for our monthly newsletter http://u.gopt.me/community-newsletter Wednesday, July 31, 13
  39. 39. Questions? Man designed by Nina Machado from The Noun Project Please contact us at community@projecttravel.com. Wednesday, July 31, 13
  40. 40. Paper Airplane designed by Benjamin Orlovski from The Noun Project from here to there thank you. (do stay in touch) Samantha Martin samantha@projecttravel.com 866 720 7572 x20 @goprojecttravel www.projecttravel.com hello@projecttravel.com f Wednesday, July 31, 13

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