Theresa
Burton, Ceo and Co-founder of Fundit (Formerly 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.
“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 gives, receives something in return”.
During the workshop, participants designed a mock crowdfunding campaign page.
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? What crazy demands could you get?
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.
The secret is to secure donations before the page goes live… This is where you need to recruit/involve your friends and long term stakeholders. Let them be part of something special.
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. Make your page sticky.
Not everybody who visits the page will 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 private 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? Have you thought about the international donors and the cost of sending good to them?
How will you inform your donors about the outcomes of your campaign, keep them on board and keep them engaged?
Good luck!
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