Friday, July 31, 2015

Giving crowdfunding a go

So far, I have never run a crowdfunding campaign. But I'm willing to give it a try. 


After all the Royal Academy turned to crowdfunding to raise the money to bring Al Wei Wei to London. And the Smithsonian is using crowd funding to save Neil Armstrong’s Apollo 11 spacesuit.
 

Some years ago I worked with an organization in Australia which supported artists and arts groups in their fundraising. One of its most successful programs was to promote crowdfunding, which proved especially useful for emerging artists seeking funds for new projects, or for touring.  Even for young artists seeking funding for study overseas.

Going back to the basics - always a great place to go - why wouldn't crowd funding be a great way to fundraise?

First of all you need a compelling case for support. What about bringing Chinese dissident art great, Al Wei Wei to London? Or saving Neil Armstrong’s spacesuit? Not bad, don't you think?

Then you have to establish your constituency. Whom are you going to approach? Who is most likely to give to this cause? In crowd funding, that decision is pretty well made for you. They will be people already close to you. Your friends and friends of friends. The people on your database, the people who have come to your events, your school or college, made a donation in the past, or signed up to your newsletter.

What are you offering them? You are offering them an opportunity to become further involved with what you do.

You will be benefiting from that fundraising 101 perennial, the Pareto principle. By offering a hierarchy of gift levels much of your targets will come from the small number of donors who have the greatest capacity and inclination. At the same time you will have been democratic and given as many people as are interested a chance to support you.

(The author of a Harvard study has concluded “Crowdfunding has enabled a democratization of access to funding.”)

Most importantly, you will be recognizing and involving your donors. They will get a piece of you, some part of your cause as a thanks and reward for their gift.

I'm not an expert in crowd funding but I'm willing to give it a try. Meantime, here is a blog on 5 Ways to Supercharge Your Next Crowdfunding Campaign, from the excellent 101Fundraising site.

If anyone is willing to give me a go, I'd be happy to help put together a crowd funding fundraising campaign. Send me a message.


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