In the past, an investor was needed for a project to gain momentum. Whether the project was for a quirky invention or a new gaming app, corporate backing was often needed to get them off the ground. Those days are behind us, thanks in large part to fundraising.
In one word
In a nutshell, crowdfunding, also known as crowdsourcing, refers to an initiative or campaign designed to gain support, often financial, for a certain project. The campaign is aimed at the general public with the aim of identifying people or groups willing to lend their help to drive the project from the classroom to reality. In turn, these donors get free gifts or first uses of new products at the end of the project.
These days, crowdsourcing is no longer limited to inventions or applications. In fact, many charities and non-profit organizations, or even individual advocates, have found the Internet and its billions of users to be a viable alternative to seeking much-needed help and resources.
Crowdsourcing draws its beauty from the fact that it targets people who feel strongly committed to a certain cause and who otherwise would not have had the opportunity to learn about the initiative were it not for the Internet. It’s essentially social media and philanthropy rolled into one.
ABC of crowdfunding
Starting a charity campaign through crowdfunding is not rocket science. However, it is necessary to take into account some considerations to guarantee its success.
First, at the heart of any campaign there must be a compelling cause. By compelling, it means one that appeals to the emotions of the target demographic.
For Internet users accustomed to hoaxes and fake news, it is quite easy to spot a campaign that is based 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 impulse to give money can only be possible if there is an appearance of connection between the defense or the cause and the donor. Otherwise, the campaign message will fall on deaf ears.
Certain technical concerns should also be seriously considered. For example, the success of a crowdfunding campaign depends largely on the number of people who can see it. As such, sending emails and sharing on social media is important to get the word out. It is essential that the campaign is heard by as many people as possible. The wider the audience, the greater the chance of getting pledges and donations.
funnel the money
How the money will be channeled from the donor to the fund and ultimately to the recipient(s) is also a major concern. How will donations be made by credit card? Through which bank will the funds be channeled? How long will it take for checks to clear? There should be clear rules about these things.
And lastly, it is just as important to express gratitude to the crowdsourcing donors who took the time to provide support. Whether in the form of a personalized thank you card or a gift, sending love to donors is a great way to seal a wonderful partnership.