A few tips if you are crowdfunding

Jay Diamond going through a crowfunding campaign pitch exercise.

Learning from #ImpactWomen

Participants on our Make a Wave Growth Readiness programme in Manchester,

asked themselves:

What is crowdfunding?

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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