“Crowdfunding is exactly what it says on the tin: it’s funding for great ideas from a crowd of people who back those ideas. There’s a specific time frame for funding targets to be reached, and everyone who givesreceives something in return”.
Theresa Burton, Ceo and Co-founder of Buzzbnk, the first UK crowdfunding platform for social entrepreneurs, - and Make a Wave Incubator fellow in 2011- gave an introduction to crowdfunding to the Make a Wave Bootcamp’s participants. In a couple of hours, participants designed a mock crowdfunding campaign page!
Jay Diamond going through a crowfunding campaign pitch exercise.
So here are a few crowdsourced tips, based on the learning gathered during the session…
If you have a milestone of e.g.: £1000 to raise in 3 months, work out how many pounds a day you need to make! (+/- £11 )
Are you clear about managing expectations?
For project based campaigns, you can include overheads (reasonable ones) in the overall milestones.
Your page on-line has 3.5 seconds to impress, statistically.
If you have a catchy video, people might stay another two minutes
Remember the more hits you have on your page, the more likely you will get donations/loans in.
Some people might not have money but they would make great volunteers. So how can you go about co-sourcing?
Visitors will probably come back a few times before converting into donors or lenders.
Not everybody who visits the page with donate, but they might talk about it. How can you help them do this?
Campaigns need to be planned upfront (even the last minute rush!)
Set aside for instance 30 minutes a day for an activity that will promote your campaign, a group session, a webinar, a phone call, social media calls, get volunteers in to relay your campaigns, write an article, a podcast or a blog, make a video.
One of your rewards might be to be part of a select network, that helps co-design products or services.
Campaigns don’t end when the money is in the bank.
Make sure the money is in before your release the rewards (or benefits)
How will you deliver the rewards your donors have bought?
How will you inform your donors about the outcomes of your campaigns, keep them on board and keep them engaged?