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In the past, it took an investor for a project to get a boost. Whether the project was for a quirky invention or a new gaming app, corporate backing was often needed to get them up and running. Those days are long gone, thanks in large part to crowdfunding.
In a Nutshell
In a nutshell, crowdfunding, also known as crowdsourcing, pertains to an initiative or a campaign designed to draw support, often financial, for a certain project. The campaign is directed toward the public in general with the aim of pinpointing individuals or groups willing to lend assistance to kickstart the project from the drawing room to reality. In turn, these donors get gifts or first dibs on new products upon the completion of the project.
No Limits
These days, crowdsourcing is no longer limited to inventions or apps. In fact, many non-profits and charitable groups, or even individuals advocating a certain cause, have found the internet and its billions of users as a viable alternative to seek much needed help and resources.
Targets
Crowdsourcing draws its beauty from the fact that it targets people who feel strongly about a certain cause, and who would otherwise not have the chance to know about the initiative were it not for the internet. It is essentially social media and philanthropy rolled into one.
Crowdfunding ABCs
Getting a charitable campaign up and running via crowdfunding is no rocket science. However, some considerations need to be taken into account to guarantee its success.
First of all, at the heart of any campaign should be a compelling cause. By compelling, it means one that tugs at the emotions of the target demographic.
Genuine
For netizens used to hoaxes and fake news, it is fairly easy to spot a campaign that runs on a superficial or hollow premise. This makes it imperative to create a crowdsourcing page that is genuine and sincere. The fact is that the drive to give money can only be made possible if there is a semblance of connection made between the advocacy or cause and the donor. Otherwise, the campaign’s message is bound to fall on deaf ears.
Technical Concerns
Certain technical concerns likewise need to be seriously considered. For instance, the success of a crowdfunding campaign is heavily reliant on the number of people who are able to view it. As such, emailing and sharing on social media networks are important to get the word out. It is critical that the campaign is heard by as many people as possible. The wider the audience is, the greater probability there is of getting pledges and donations.
Channel The Money
How the money will be channeled from the donor to the fund and eventually to the recipient or beneficiaries is likewise an important concern. How will credit card donations be made? Which bank will the funds be coursed through? How long will checks be cleared? There should be clear rules on these things.
And lastly, it is just as important to express gratitude to crowdsourcing donors who took the time out to give support. Whether it is in the form of a personalized thank you card or a gift, sending out love to donors is a great way of sealing a wonderful partnership.
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Source by Rob Hillman
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