Go Fund Yourself: A Primer on Crowdfunding
AFP Fundraising DayJune 5, 2013
Jason Shim, RHBPathways to Education Canada
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CROWDFUNDING
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HISTORY
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2007 was the perfect digital storm.
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3 million donors 6.5 million donations online$500 million. 6 million < $100
Average donation: $80
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Kickstarter
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Pebble
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Bearlove good, cancer bad
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Tesla Museum
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So what?
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Case Study: Economics Camp!
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$
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$?
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$?!
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1. Specific Goal
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1. Specific Goal2. Urgency
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1. Specific Goal2. Urgency3. Reward
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You're not asking for money.You’re providing an opportunity.
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Pop Quiz
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Marketing Crowdfunding
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Marketing? Without virality
Video
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Ask yourself: Is it likeable?
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If you want to share,make it square!
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Perks
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People don't care about stuff.People care about people.
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People don't care about stuff.People care about people.People care about how stuff
makes them feel.
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Perks
8 personalized emails @ $257 postcards @ $505 videos @ $100Perks: $1050
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Have a backup plan
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Sometimes the backup plan is having none.
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The Numbers
Visitors - 389 Views - 725 Funders - 39 (Avg donation of $51)Contributions - $2,000 Favorites - 28 Referrals* - 434 * Referrals is the number of visits that result from someone sharing your
campaign using widgets, facebook, twitter and emails
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Disbursements
$2000 raised
$1835 collected(8.25% in fees)
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Case Study: Carl Wagan
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Lessons learned:-Marketing-Perk delivery-Unintended benefits
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When to Use Crowdfunding
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When to use Crowdfunding
- limited timeframe
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When to use Crowdfunding
- limited timeframe
- highly personal cause
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When to use Crowdfunding
- limited timeframe
- highly personal cause
- project-based
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When to use Crowdfunding
- limited timeframe
- highly personal cause
- project-based
- untapped network of supporters
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When to use Crowdfunding
- limited timeframe
- highly personal cause
- project-based
- untapped network of supporters
- highly engaged staff
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When to use Crowdfunding
- limited timeframe
- highly personal cause
- project-based
- untapped network of supporters
- highly engaged staff
- good digital capacity
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When not to use Crowdfunding
- substitute for regular fundraising
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When not to use Crowdfunding
- substitute for regular fundraising
- for general operational funds
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When not to use Crowdfunding
- substitute for regular fundraising
- for general operational funds
- limited digital / marketing capacity
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When not to use Crowdfunding
- substitute for regular fundraising
- for general operational funds
- limited digital / marketing capacity
- limited network
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Questions received
What are preferred platforms?
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Questions received
What are preferred platforms?
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Questions received
What are preferred platforms?
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Questions received
What are preferred platforms?
How to not cannibalize donors willing to give more?
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Questions received
What are preferred platforms?
How to not cannibalize donors willing to give more?
How does this differ from a public capital campaign or micro monthly donations?
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Best Practices
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Dance Floor
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Dance Floor
The 30% rule
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Marketing based on milestones
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Perks rewarding your fundersIs it a good deal?
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Have a logistical plan for perks
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Videos bring in 114% more funding
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PLAN. PLAN. PLAN
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Communicate!
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Reality Check
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50% of projects succeed
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1. Specific Goal2. Urgency3. Reward
Crowdfunding Takeaways
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1. Specific Goal2. Urgency3. Reward
Crowdfunding Takeaways
Capture the Imagination
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Questions?
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