TE Summit 23-24.10.2013.-Ian Clifford Crowdfunding

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TE Summit 23-24.10.2013.-Ian Clifford Crowdfunding

  1. 1. Crowdfunding YouRock raised £12,510 in seven weeks
  2. 2. Crowdfunding Platforms  www.Crowdfunder.com (Equity and investors)  www.Gofundme.com (more personal)  www.Indiegogo.com (project based)  www.kickstarter.com (US only)  www.crowdfunder.co.uk (the one I used, had some issues with EU payments) More comparative info at:  http://www.hongkiat.com/blog/crowdfunding-sites/  http://forums.techsoup.org/cs/community/b/tsblog/archive/2013/09/03/whichcrowdfunding-platform-is-best-for-your-organization.aspx
  3. 3. Different rules & audiences  They have DIFFERENT rules, payment options & fee structures.  Expect between 5%-8% of target to be taken in fees.  Understand what type of projects get funded on the platform you choose. Some are more suitable for community technology projects, others are not.  Some have a target, and if you don‟t reach the target you don‟t get anything. Others let you receive all that you raise even if you don‟t hit your target.  They often have a time limit, but some are open ended.
  4. 4. Promotion  Some platforms are more well known than others.  It will not be easy, you will have to work very hard to reach the people that you think might pledge.  Do not assume that people will just pledge because the page is created.  Make a film; you are far more convincing than powerpoint.  You will have to use social media to its limit, but personal contact and personal emails helped me more than anything. Don‟t forget traditional press.
  5. 5. Think of your audience  Most of my pledges came from people I knew already.  Think about what YOU might pledge for someone else, and think about how many people you could approach.  I wrote to 180+ people by email, plus repeated social media (Facebook, Twitter, LinkedIn, Google+, Slideshare, Youtube). 50 people pledged.  This may not be the case with your project, but do not assume it will be the anonymous „crowd‟ of the internet that will back your project.  Offer meaningful, valuable rewards.
  6. 6. Plan the finance target  Work out a daily/weekly target and monitor it  I had 50 pledgers who pledged £12,510 over seven weeks  Highest pledge £2000; average of majority £42; ten at £100-250  People are generous; they pledged more than I expected, but fewer of them made a pledge  Closing the gap: people seemed more willing to pledge when they could see their pledge was “closing the gap”
  7. 7. Motivate the “crowd”  The 'internet crowd' may only pledge on something that they can see has momentum behind it and a weight of numbers.  People back winners; and they didn't seem to want to build up something to its 'tipping point'.  I got very little support from unknown people until I passed about 60% of my target.  Get a recognised name to endorse it at some point during your campaign. It made a big difference for me.
  8. 8. Lessons learned  Start the campaign before you start the crowdfund;  3 steps: 1) think of the people you could approach for support; 2) roughly estimate how much they may pledge; and based on that 3) work out your target;  Don‟t overestimate! It is good for small, self-contained projects, but it will not fund your organisation!  Offer meaningful rewards;  Never ever, ever do it during the summer!!!

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