TE Summit 23-24.10.2013.-Ian Clifford Crowdfunding
YouRock raised £12,510 in seven weeks
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:
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
They often have a time limit, but some are open ended.
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
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.
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
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
Offer meaningful, valuable rewards.
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”
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.
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!!!