Crowdfunding. How do I do it?
Crowd funding
Annie Fitzmaurice
Marguerita
Amalia
You-Ri
None of us have done a crowd funding campaign - but we have all given to other people’s crowd funding campaigns.
We all expressed some fear & dread about doing crowd funding. We both did and didn’t want to do it.
We started the session thinking none of us knew how to do it - but we found out that we already had quite a few clues, ideas, experiences and knowledge between us.
I found that listening to others express the reasons why they didn’t want to do it (but still did want to do it) helped me overcome my “urggghh” about crowd funding.
We talked about why we individually had previously given to others’ crowd funding projects
- Because it was our friends
- because it was an interesting/nice/beautiful project
- because we liked them
- because we liked the project
- because the subject or the area of work mattered to us
- in order to help
- because it was easy to do (just click and give)
- to make connections
- because we were asked directly or repeatedly to do it
Other answers suggested/guessed but not experienced)
FOMO
Others are doing it - who’s the 1st to support
Celebrity connection.
Causes you care about
To support the team.
Which platform ? There are lots of platforms to choose from, some stipulate you have to raise the whole amount others let you keep whatever is raised.
Amalia knew of a successful crowd funding campaign - £10,000 for a project - the topic that connected with influencers in the world of social media - and they elevated and amplified the campaign in return for being involved in the project.
Announcing a project.
What’s going to happen?
Why is it important?
What makes it special?
What is it exactly?
What’s in it for the funders? (the joy of giving & helping! and/or rewards)
Rewards could be
- providing tickets
- original materials
- meeting X
It’s helpful if it’s shared by someone and they create a buzz.
We talked about how it’s hard for us to ask:-
We thought it could be easier to ask people to share the campaign than to ask them to donate.
Someone said they found it more comfortable sharing information to sell tickets rather than asking for donations.
sharing helps to reach other networks.
Other ideas
- After an initial sharing of the project ask the audience to support the future life of the show
- Ask people to buy advanced tickets at a higher price
- ask people to donate things to sell or auction
Question from the group:-
should I pledge to share the income from a crowd funder with a charity? IE a show to raise money for X connected charity?
we discussed whether this would make a project more “worthwhile” donating to.
We thought this could confuse potential donors - it’s okay to raise money for an arts project.
Discussion:-
- It’s about trust.
- Being a charity encourages some people
- It’s good to get someone to film responses of supporters to tell people it’s a great project and to encourage other people to give money.
- Are donations tax deductible? (depends if registered charity)
- is it okay to ask for money for me and for art?
One of the biggest blocks is HOW to ask. Don’t want to upset/offend/?? create URGGH in others
And
Is it okay to ask?
People may give if they like you / like the project / want to make sure it happens / if they want to.
They can say no or ignore.
It’s not necessarily about being the most “worthy” project.
“Proof of concept” can be useful - for example using audience testimonials for a piece (already developed)
Why do we not like asking for money?
Fear (of what?)
Shame
Concern about responses/reactions
Not feeling entitled to ask /permission
They may say yes or they may say no if you believe in the project they might too.
Tell the story of the project and put it out there.
Be brave.
Experiment.
Try different things.
I realized I’d already done a version of a crowd funding campaign - by arranging a collection for the bin men at Christmas amongst my neighbours - at first suggesting it to just a handful of neighbours and when they responded enthusiastically, building it up over several years to eventually announcing it in the local Facebook group, putting a letter through every house in the road, getting a Xmas bin men PayPal account set up & getting other neighbours to message about it on the street WhatsApp group (the bin men were v happy!) This all felt easy because it was for someone else’s benefit.
Idea
- record yourself talking about the project with the natural enthusiasm we had when sharing with each other info about our projects - this is what we can share.
It’s easier to ask for others.
So
Can others ask for us?
Create urgency EG 3 days to go.
-Research others campaigns.
-Be careful that rewards offered can be delivered without compromising the project.
- Create content worth sharing.
- It might feel easier to ask for the community engagement and participation aspects of the project (something to
- List people who are most likely to donate and ask them to do it when you launch your campaign.