You may have used or heard of the term ‘crowdfunding’ in recent years.
What is crowdfunding?
You may have used or heard of the term ‘crowdfunding’ in recent years. You may have even run a crowdfunding campaign yourself! A recent study shows that crowdfunding has become a $300 billion industry in the last few years alone. But what does it mean exactly and how is it different from other forms of fundraising? Crowdfunding is essentially a crowdsourcing approach to fundraising which allows for many different individuals to commit money (and in many cases, smaller-scale donations) to a project, campaign, or organization. Instead of depending on a single source of funding, crowdfunding allows for funding to come from a variety of sources and people.
What are some of the benefits of crowdfunding?
Crowdfunding campaigns have the option of drawing a larger, more diverse pool of givers outside of repeated donors. It builds enthusiasm around a single, common goal that can be achieved by channeling the power of a community. Crowdfunding also appeals to the donor directly in a way that other fundraising may not. Donors also enjoy seeing exactly where there money is going, and the specific, targeted campaigns that crowdfunding fills this need.
What are tips for running a good crowdfunding campaign?
What is the object of your campaign? Before starting any campaign, it is helpful to develop a plan of action! How long will your campaign last? What are you aiming to achieve? How will you update your donors on progress?
It is also important to build consensus and a shared vision with your team; no vision can be executed unless everyone is on the same page.
In some cases, you may want to focus on participation over a monetary goal. Crowdfunding drives that aim for high participation rather than a dollar amount end up yielding 40% more funds.
And finally, make sure the object of your campaign is unique and special — what makes a donor feel inclined to give to this campaign in addition to regular donations?
How can I get started?
The good news is that we already have a crowdfunding tool created just for you! The Connected Classroom Initiative allows schools to take advantage of GiveCentral’s existing crowdfunding platform, while also helping schools create a roadmap for a targeted, measurable, fundraising campaign for technology in the classroom. Our goal is to help schools leverage the power of their community to raise funds needed for technology products and services. If you’d like to find out more, please click here and fill out the form at the bottom and we can help you.