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An introduction to crowdfunding
- 1. An Introduction to Crowdfunding and its potential for mobilising support for your cause Michael Norton, Co-founder, Buzzbnk 2 October 2014
- 2. My own starting point
- 3. WHAT exactly is Crowdfunding? and WHY is it important? • More than “Just Giving” • Engagement of the crowd. The “Crowd” is more important than the “Funding” • Demonstrates public support for what you are doing • Fun and outgoing
- 4. Crowdfunding Basics • A set Target Amount to achieve a specific outcome • You raise the money within a specified Time Frame • Rewards based: you provide Benefits in Return • Pre-set Levels of Giving
- 5. More Crowdfunding Basics • All or Nothing: You only get money if you reach your target (or your first milestone) • Gift Aid is possible • Not just for giving, but also for “investment: Loans, Equity, Revenue Share are all possible
- 6. Rewards: what can you offer in return? • Things that people want • Experiences and opportunities • Customers in advance Low cost to deliver Benefits that seek to engage
- 7. Gateshead Citizens Advice: what could it offer?
- 8. hisBe, Brighton: what could it offer?
- 9. Understanding Crowdfunding: What it isn’t • “If you build it, they will come”. They won’t. You have to ask. The internet is only a platform for your fundraising. Remember that “If you don’t ask, you won’t get!” • Only those projects which actively fundraise will succeed. “If you get it, you get it!” • All the rules of fundraising apply. “Facebook isn’t for fundraising!”
- 10. Understanding Crowdfunding: Who are your supporters? • Those who know you. They give because you ask them. Family, friends, networks, colleagues at work, etc. • Those who are philanthropically minded. They want to help you achieve a social goal. • People looking for a financial return • Friends and contacts of your supporters who they ask. The second degree
- 14. Crowdfunding: Twelve Tips for Success 1. Short story, hard sell. 2 to 3 paragraphs 2. Create a short video. 2 minutes 3. Start with something. Get pledged support and bigger gifts before you launch 4. Compress the time scale – you don’t want to lose momentum. 2 months 5. Do something every day
- 15. Crowdfunding: Twelve Tips for Success 6. Share the fundraising with others. Create a team to get the money 7. Turn pledges into cash, and “Likes” into Supporters. Ask supporters to give again 8. Ask supporters to help raise money for you 9. Get publicity 10. Organise off-line events
- 16. Crowdfunding: Twelve Tips for Success 11. See if you can find someone prepared to put up match funding 12. Set yourself challenges to meet time-bound milestones along the way, and enlist your supporters to help you achieve this, with a big push at the end. The start and the finish are tow key periods.
- 17. Crowdfunding is all about co-venturing and reciprocity, about building a community of enthusiastic people, about doing things differently, about becoming more self-reliant “I truly believe that crowd-funding is going to change the way good causes are supported and I am very proud that my book is among the first of the projects to be promoted by Buzzbnk.” Martin Simon CEO, Timebanking UK “It’s such an exciting way to raise money. We wanted to create an active community of backers who would not only feel invested in our work, but also be rewarded for their contribution.” Eugenie Teasley, Founder, Spark+Mettle
- 18. “At Buzzbnk we believe it is as important to build the crowd as to raise the money to create a sustainable and successful future.”