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Building Vibrant Communities Patronicity [email protected]

Building Vibrant Communities Patronicity

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Crowdfunding: The Basics  Definition: Getting a crowd of people to come together online to fund projects  4 Types: Donation/reward based (Patronicity) Pre-sale Debt Equity

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Page 1: Building Vibrant Communities Patronicity

Building Vibrant Communities

Patronicity

[email protected]

Page 2: Building Vibrant Communities Patronicity

Our inspiration

We believe an engaged citizenry leads to

happier, healthier communities

Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has.

“” - Margaret Mead

Page 3: Building Vibrant Communities Patronicity

Crowdfunding: The Basics

◻ Definition: Getting a crowd of people to come together online to fund projects

◻ 4 Types:⬜Donation/reward based (Patronicity)⬜Pre-sale ⬜Debt⬜Equity

Page 4: Building Vibrant Communities Patronicity

Patronicity◻ Community-focused crowdfunding⬜Online & offline donations⬜Flexibility⬜Localized network effect⬜Personalized support

Page 5: Building Vibrant Communities Patronicity

Evolving crowdfunding by combining the power of crowdfunding with the resources of grantmaking organizations

CrowdGranting

Page 6: Building Vibrant Communities Patronicity

CrowdGrantingTraditional grant process

Granting Org

Black Box Process

Not Funded

Projects Apply

Projects Apply Project Funded

Granting Org

Transparent Process

Projects Funded!Crowdfunding

CrowdGranting

Page 7: Building Vibrant Communities Patronicity

CrowdGranting◻ Benefits⬜Hassle-free evaluation⬜Widespread publicity⬜Double the impact⬜Sustainability through community support

Page 8: Building Vibrant Communities Patronicity

A CrowdGranting partnership between the Michigan Economic Development Corporation (MEDC), Michigan State Housing Development Authority (MSHDA) & Patronicity

Patronicity.com/PureMichigan

Public Spaces, Community Places

Page 9: Building Vibrant Communities Patronicity

Public Spaces, Community Places

◻ First-ever Statewide crowdfunding partnership ◻ Support projects that activate public/community

space◻ Provide matching challenge grants IF goal reached

Page 10: Building Vibrant Communities Patronicity

Public Spaces, Community Places

◻ How it works

Apply• Projects apply through Patronicity.com• Patronicity ensures fit, creates compelling story

Review• MEDC/MSHDA approves or rejects through Patronicity• 72 hour limit

Live

• Patronicity polishes up, launches• Patronicity coaches through crowdfunding• If projects hits goal, they get the match

Page 11: Building Vibrant Communities Patronicity

Public Spaces, Community Places

◻ Engaged: Citizens given power to control grants◻ Innovative: Combining traditional grants

w/technology◻ Effective: MEDC/MSHDA spends less time

reviewing projects, more time supporting them◻ Impactful:97%

Success Rate$2,441,827Total Funds Allocated

500,000+Citizens reached

3.5FTE

2,807,133 Square Feet Activated

Page 12: Building Vibrant Communities Patronicity

Public Spaces, Community Places

I was hoping for a 50-percent success rate, the fact that we have 97 percent is crazy. With this project, we are trying to drive public spaces to be reactivated. The state is focusing on placemaking and we kind of left it up to the community to find what projects they want completed.

Katharine CzarneckiDirector of Community DevelopmentMichigan Economic Development Corp.

Page 13: Building Vibrant Communities Patronicity

Public Spaces, Community Places

In September 2015, MEDC created this video about the “Public Spaces, Community Places” partnership.

Page 14: Building Vibrant Communities Patronicity

How can Patronicity help activate your communities?

• Gateway cities?• Neighborhood businesses?• Redevelopment & restoration?• Community spaces?

We look to replicate our CrowdGranting model in other cities and states. Reach out to inquire how to set it up!

What’s Next?

[email protected]