how to master science crowdfunding
DESCRIPTION
In collaboration with Denny Luan from Experiment, we explore the principles and dynamics of successful science crowdfunding campaigns. This presentation is part of the Digital Scholar Training Series at USC and CHLA. Learn more about the initiative: http://sc-ctsi.org/digital-scholar/ News story: http://sc-ctsi.org/index.php/news/new-digital-scholar-training-initiative-helps-researchers-better-utilize-we#.VDhIWWK9mKUTRANSCRIPT
Science Crowdfunding: How to master it
Workshop 2 of the Digital Scholar Training Series
Katja Reuter1, PhD, Melanie Funes1, PhD, and Denny Luan2
1Southern California Clinical and Translational Science Institute (SC CTSI) at the University of Southern California and Children's Hospital Los Angeles
2Experiment, donation-based science crowdfunding platform
Today’s Goal
Develop a draft of your Science
Crowdfunding Campaign
Workshop Outline
Introduction to crowdfunding
Working with Experiment at USC
Advice from Experiment: Developing a crowdfunding campaign
Defining CrowdfundingThe practice of funding a project by raising many small contributions from a large number of individuals, typically via the internet.
It combines fundraising, story telling, community engagement and web-based social networking with a reward system for backers. http://embor.embopress.org/content/14/12/1043.long
Crowdfunding is Not as New as You May Think…
http://crowdfundbeat.com/the-statue-of-liberty-and-americas-crowdfunding-pioneer/
Characteristics of Crowdfunding Campaigns
Speed with which the money was raised
High number of small donations
Management by one agent
Giving back to backers
Thinking Beyond Funding
Science Crowdfunding to…
Darie Research GroupClarkson University, Potsdam, New York
Raised funds to purchase software for mass spectrometry analysis to identify biomarkers for autism spectrum disorders.
http://www.elsevier.com/connect/how-to-use-crowdfunding-to-support-your-research
Purchase Software
Science Crowdfunding to…
Erica HermsenMaster's student, Antioch University, New Hampshire
Raised money that enabled her to increase the length of her study on cheetah conservation, essentially doubling her sample size.
http://www.elsevier.com/connect/how-to-use-crowdfunding-to-support-your-research
Supplement Existing Studies
Science Crowdfunding to…
Ethan Perlstein, PhDFounder of Perlstein Lab,formerly at Princeton University
Surpassed his crowdfunding goal of $25,000 and is using the funds for a series of experiments to identify where amphetamines act in the brain.
http://www.elsevier.com/connect/how-to-use-crowdfunding-to-support-your-research
Fund Experiments
Intellectual Property (IP) & Crowdfunding
Copyrights need to be secured for any pictures, copy, video or songs that are used
Protect IP before launching your rewards-based crowdfunding campaign
File a provisional patent application (if applicable) before making a public disclosure
Protect your brand (if applicable) with necessary trademarks or copyright
Popular Crowdfunding Platforms
Experiment, GoFundMe, GiveForwad, YouCaring, Kickstarter, Indiegogo, RocketHub, Razoo, Causes, CrowdRise, FundAnything, Fundrazr, CrowdCube, EarlyShares, Seedrs, Fundable, CauseVox, ….
Working with Experiment at USC
Develop your project content, target, and outreach plan
DevelopSubmit the Crowdfunding Approval Request Form for research compliance review and administrative processing
ApplyAfter receiving approval, post your campaign on Experiment
Fundraise
Notify your Department/Division Business Officer when you reach your target to set up a gift account and accept the funds
NotifyStart spending the funds
Start
Questions ? Katja Reuter, PhD [email protected]
Things to Keep in Mind…
“All or nothing” Experiment policy
Total Funds = Donations – 8% (Experiment + Processor Fee)
Donations do not constitute a “tax-deductible” gift to USC
Denny [email protected]
@dennyluan
What is Experiment?
What is Experiment?
Experiment is the largest platform for discovering, funding, and experiencing new scientific discoveries.
METRICS:
MetricsFounded: March 2012Total Funded: $1,127,189.50Projects Created: 3,235Projects Funded: 189Updates: 1,892PhD Dropout Rate: 66%
experiment.com/stats for more
Funders get to participate and be a part of the research process through crowdfunding.
1. Fund Projects
2. Share Progress
3. Publish Results
Over 150 research universities and institutions are represented.
Why Crowdfund your Science?
Community and awareness Preliminary data to scale Flexible to fit your research – not the other way around Virality and relevance Make your science go faster
Conversely… Can’t treat it like a grant Your mileage may vary It’s public
Outreach First
If you do the outreach, the funding will follow.
$20,529 raised
Do coal and diesel trains make for unhealthy air?
271 backers
$5,409 raised
How do Bobtail Squid choose their glowing bacterial partner?
187 backers
Let’s develop your science crowdfunding
campaign.
The Project
Putting together your first experiment
On Experiment Off Experiment Launch
Title Descriptio
n Video Budget Biography Content
Social Media Mailing lists Blogs and Outlets
Updated Content
Starting a New Project
experiment.com/start
The Title
Short and punchy 6-8 words, concise is key Avoid technical names or language
Be impactful
“The calf connection: California humpbacks in their Costa Rican nursery”
“Building a gel imager on a budget”
Azolla, a little fern with massive green potential”
Examples
“Chemically sterilizing mosquitoes to prevent malaria transmission”
The Video
Projects with videos are 50% more likely to succeed Introduce the characters, open up the story Get to the point If you get excited, it’s easy for others get excited 2-3 minutes is a good target
Powerful storytelling tools help you succeed
Video: Example 1
http://vimeo.com/85012495
Video: Example 2
http://vimeo.com/72688703
The Budget
Discrete amounts of science
Materials, travel, publishing fees, stipends, costs of science
Transparency + details go towards building trust
Why can’t – this – element of the project happen without them?
Define actions, not goals
Example: “How does communication training benefit scientists?” (raised $4345)
Distribution of Budget Size
The Biography
Can have many collaborators, lead who will carry out the work
Titles, appointments, positions, training
How did you get into this field?
What are your interests outside of science? *
Why this, why now, and why you?
Biography: ExampleWhy this, why now, and why you?
“I am a Professor at the University of Washington and an expert on air quality. My research team has published over 100 scientific papers and conducted dozens of air quality studies in the Pacific Northwest and around the globe with funding from NSF, NASA, NOAA, etc. I have participated on review and advisory panels for the NSF, NASA, EPA, NOAA and the National Academy of Sciences and my work is widely cited in the scientific literature. Learn more about my research here.”
Bachelor of Science, Chemistry, Massachusetts Institute of Technology, 1979. Master of Science, Chemistry, University of Washington, 1983.Ph.D. Chemistry, University of Washington, 1987.
Science Content
Backers want to see progress and results Share everything to fit the audience Social Media – Twitter, Facebook, Tumblr, blogs, forums
Share the process
After the campaign Progress and results Help people understand the results
During the campaign What you’ve done in the past The stuff you cant fit into the project page Depth
The LaunchPeople want to hear from scientists
Case Studies
Pet Visits Help Kids with Cancer
Case Studies
MyHealthEd
Case Studies
Gun Policy Research
Case Studies
Money per Backer
Case Studies
Money per Backer
92.7% of projects that go past 40% of their goal succeed their campaign.
Social Proof
64.6% of projects that go past 10% of their goal succeed their campaign.
79.8% of projects that go past 20% of their goal succeed their campaign.
Sample Strategies Use your institution (alumni office, departments,
marketing)
Press and journalists
Get outside the office (conferences, flyers, meet-ups, speaking opportunities)
Leveraging backer community
Ask for help not money – people love helping science!
Ask for advice, you’ll get money Ask for money, you’ll get nada
Common Questions
Where do backers come from?
What is the fee?
Can I have multiple campaigns?
All-or-nothing
What happens to IP
Who are the backers?
1st, 2nd degree networks
5% plus ~3% processing fees
Yes!
Must meet the goal
Standard rules apply
Scientists, friends, internet users
Contact UsSC CTSI | www.sc-ctsi.org Phone: (323) 442-4032 Email: [email protected] Twitter: @SoCalCTSI
Experiment | https://experiment.com Twitter: @lets_experiment