crowdfunding - our community · crowdfunding –what is it? 3 oxford dictionary definition: “the...
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Crowdfunding WebinarPatrick MoriartyExecutive [email protected]
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Today’sagenda• Whatiscrowdfunding?• Howdoesitwork?• Mostcrowdfundingis“allornothing”.Whatdoesthismean?• Whatisaprojectdeadline?• Whathappenswhentheprojectreachesitsdeadline?• Whatifthefundingissuccessful?• Whatisthefundingisnotsuccessful?• Canprojectsraisemoremoneythantheirgoal?• Whatarerewards?
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Crowdfunding– whatisit?
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OxfordDictionarydefinition:“Thepracticeoffundingaprojectorventurebyraisingmanysmallamountsofmoneyfromalargenumberofpeople,typicallyviatheInternet.”
Crowdfunding worldwide*:2013 - >US$5.1 billion§ 2014 – >US$16 billion § 2015 - estimated over
US$34 billionCrowdsourcing.org
Image source: Thinkstock
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Othertypesof“crowdfunding”• GivingCircles– usuallyfriends,familyorcolleagueswhogettogethertopoolfundsanddeterminewhatcauseorcharitytheywillsupport.
• ProgramslikeTheFundingNetwork– hostlivecollective-givingevents– like-mindedindividuals,foundationsandcorporationscometogethertosupportprojects
– projectsrepspitchforfundingThissessionfocusesononlinefundraisingplatforms
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Whycrowdfundonline?• Fullcontrol/ownership• Easywaytoshareyourstoryandpromotewhatyoudo• Acreativewaytoreachyourtargetaudience- unlimited• Expandyourtargetaudience– evengoglobal• Quickandeasyforfunderstogetinvolved• Usuallytwo-wayexchange/conversationstarter
Eugowra, NSWRaised $5,020 to host visiting artists and paint a mural – telling the town’s story by depicting local rural life and families, as well as illustrating changes throughout Eugowra's history.
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Typesofcrowdfundingcampaigns
Source: www.crowdinvest.com
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Whocanruncrowdfundingcampaigns?Anyone• Individuals• Businesses• Not-for-profitgroupsDon’tneedspecialtaxstatus– unlessyouwanttorunadonationscampaign
– Butremember,youcan’tofferrewardsandgetataxdonation
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Whatkindofcommunityprojectscanbecrowdfunded?Someexamples:• Equipmentforahospital• Paintforacommunitymural(orthewholedamnthing)• Enclosuresforawildlifebreedingprogram• Start-upcostsforanewsocialenterprise• Rebuildacommunitymeetingplace• Advertisingcampaignsaroundanissue• Printingofabook• Environmentalprojects• Performancesbyartistsorartsgroups
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Thingstodobeforeyoustartacampaign• Beclearonwhatyouwantoutofit
– Targetdollarvalue?– Awarenessraising?
• Whatkindofcampaignwillyourun?– Doyouwantdonations?Orcanyouofferrewards?Ifso,what?Andwhatdotheycost?
• Articulateyourstoryandbuildcredibility• Planhowyou’llpromoteitandgetthewordout• Decidewhatwillhappenifyoudon’treachyourtarget• Setmilestonesalongtheway
– Howlongwillitrun?Whenwillyoustopifit’snotsuccessful?• Recognisetherewillbeupsanddowns
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Howdoyoustartacampaign?First,findtherightplatform
Doyourresearchandconsider:1. LookandFeel2. EaseofUse3. PaymentProcessing4. Fees5. MarketingandSocialNetworkingCapabilities6. TractionandReach
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Allplatformshavetheirownfeestructures• Creditcardcharges:from2%to3.5%• Paypalfees:from2.4%to5%.• Processingfees:30c• Anumberofsitesdon’tchargeaservicefeeunlesstheprojectreachesits
target.Ifthegoalisreached,thefeesrangefrom2.9%to5.5%.• Poziblefollowthisservicefeemodelforsuccessfulprojects:
– 3%forprojects>AU$500k– 4%forprojects>AU$100k– 5%forprojects>AU$1
• Flexibleprojectandfixedprojectoptions:– Flexibleprojectsarechargedafee(asabove)– Fixedprojectdonationsarerefundedifthegoalisn’tmetandnoservice
feeischarged.
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Tipsforasuccessfulcampaign1. Visuals/design2. Planyourrewards3. Connectthroughstorytelling4. Personalandauthentic5. Bedifferentorremarkable6. Jointheconversation–
keeppeopleupdated7. Spreadtheword8. Maintainmomentum9. Hustle
Mt Rothwell Landcare Volunteers:Raised $11,154 via 105 supporters to upgrade
and purchase new enclosures to expand the captive breeding program for native Eastern Quolls.
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Usevideo– onaverageraises5xmoremoney• Keepitshort– 2minutesmax• Clear,bold&strongintroduction:
– “Ihelppeople…..that....because"• Introducetheteamandbrand
– Whoareyouandwho'sbehindthis?• Engageandconnect– makeitshareable:
– Usequestions- Doyouremember?Haveyouever?Why’sitimportant?
• Tellastory:– Explainhowitallbeganandyourjourney,
tobuildtrust,credibility• Haveastrongcalltoaction
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WhichplatformshouldIchoose?
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Pozible:Crowdfundingisforeveryone
• Allornothingplatform– i.e.nofeesunlessyoureachyourtarget
• 57%successrate• >12,000projectslaunched• $50mraisedinpledges
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SchoolsPlus– anonlineplatformfordonorsandschools
The Australian Schools Plus website connects donors who know the importance of a great education with schools seeking funding for activities and equipment that will have a real impact on their students’ lives.
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DonationsCampaign:Newultrasoundmachineforthehospital,Canowindra
• "Itdidtakealotofexplainingtogettheideaacross."LocalPracticeMgr.
• The resultsquicklywonthedoubtersover.
• Importanttohavethefundraisingteamonboardandspreadingtheword.
• Communicatingtheneedhelpedtogetthelocalcouncilinvolved.
• Onlinecommunicationisagreatwaytoreachpeoplewithalocalconnectionwhohavemoveaway.
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RewardsCampaign:Let’sbuildapub,BuchanRewards:• $10– Aroundonme(79)• $20– BuyajugforBuchan(135)• $40– ‘Webuiltapub’t-shirt(488)• $50– Buyaschoonersooner(84)• $80– Coffeetablebook(95)• $100– TheBuchanPubClub(454)• $500– Nameonamural(45)• $1,000– Brassplaqueinthebar(43)• $5,000– Barstool(9)• $10,000– CorporateKindnessHonour
Board(5)• $50,000– You’reaBuchanlegend(0)
All or nothing campaign on Pozible.
1,712 supporters raised $605,146!
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DonationsCampaign:Keepingthepantrystocked
BigpushbyProjectManager:• PitchedSouthernCrossTV,ABCRadio&
TheMercuryformediacoverage.• Soughtsupportfromthelocalcouncil;
agreedtomatch$for$.• Usedpersonalcontacts,askedeveryone
tospreadtheword.• Usedsocialmediatoraiseawareness.• Flyersencouragingpeopletodonate
onlineorpopin.• 30Juneevent attheGagebrook
CommunityCentretoseekdonors.
Raised over $11,000(matched by Brighton Council
= $22k+)58 supporters
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• Target:$150,000• Raised:$128,125• Supporters:224
Campaign multi faceted
DonationsWhich then was able to trigger grants
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Acoupleofwatch-outs• Platformfees• Typosandpoorqualityphotos– youneedtodrawpeoplein
andbuildtrust• Thinkcarefullyaboutwhatyouofferasrewards – logistics,
costofshippingetc• Competingprojects– becreativeandfindawaytostandout• Keeptrackofyourproject–monitorwhatpeoplearesaying–
goodandbad• Beplanned – ittakeseffortandaclearstrategytobe
successful
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RecappingtheLessons• Research– findtherightcrowdsourcingplatformforyourproject
• Communicate – clear,compellingandpersonal• Videos– strongfootagebringsinmoredonations• Utiliseyournetworks– theycanbeyouradvocatesandhelptospreadthelink/word.
• Update – keepyoursupportersupdatedwithyourprogress.
• Recognise – thankyoursupporters!(makesureyoudeliverontherewards)
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Additionalresources• www.OurCommunity.com.au• www.pozible.com• https://blog.pozible.com/plan-some-promotion-mate-6d7cfcce06e5 - How
toplanapromotionstrategy• www.schoolsplus.org.au• www.thefundingnetwork.com.au• www.chuffed.com/biggive/prelaunch
Othercrowdfundingsites• www.gofundme.com• www.startsomegood.com• www.Indiegogo.com• www.givenow.com.au
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