# Crowdfunding Maths 101

Just viewed a small crowdfunding campaign that is possibly doomed to fail at launch!

Here’s the maths:

Assuming these four rewards are completely ‘sold out‘, there will be a shortfall of \$2,750.

The 5th and final reward is a \$25 postcard.  They will need 110 postcards ‘sold’ to cover the \$2,750 shortfall.

This is a small, last minute crowdfunding campaign with little publicity from a small business.  It is an interesting business and their brand fans are probably very loyal but with this reward offering, they are making it difficult for themselves to achieve their crowdfunding target and success.

Let’s hope they’re planning to introduce some additional rewards throughout the duration of their crowdfunding campaign.

Crowdfunding Tip:  do the basic maths before launching

# Crowdfunding for Schools

It takes a village to raise a child and Luci from Village Raised says that it takes a cyber village to raise many.

“Village Raised is a crowdfunding platform and community to raise funds for clearly specified activities that benefit children. It has been developed for parents, teachers, schools, day cares, sports clubs, and other kid related groups, to raise funds for items, projects, and experiences such as books, computers, sporting equipment, musical instruments, excursions and camp trips, building a playground, garden, or basketball court.”

Village Raised has a 100% success rate for school crowdfunding campaigns!

1. Help Darlo GO Digital was 124% funded with \$6,221 raised
2. Get Newton on the Net was 123% funded raising \$7,355
3. Who will be success number 3?

Many families have both parents working these days and struggling to find family time let alone time to volunteer on the sausage sizzle, a gala stall, or run around selling raffle tickets, chocolate bars, etc.

Schools want more funds to meet the education needs of children in a world that is changing rapidly and increasingly dependent on technology.  The government wants to cut education funding more and more.  This equals a funding gulf and a lack of time for traditional fundraising.

Luci is a member of her daughter Lani’s school P&C (Public & Citizen) Association and she set up the Village Raised crowdfunding website to help her daughter’s school with fundraising.  That campaign was successful and friends with children at other schools said they wanted to use the platform for their schools so Luci has opened up the website for anyone to use for schools and groups that benefit children globally.

So how does one go about running a crowdfunding campaign for a school project?

# A Basic Crowdfunding Plan for Schools

People – crowdfunding is a team sport!  Get some people involved.

• Project Manager – an organiser to manage the campaign throughout its duration
• Helpers – for promotion, reward creation and delivery, etc

Plan – make a very basic plan to schedule who does what and when

Project – clearly define the purpose for the funds e.g. 12 new computers for room 13

Target Amount – calculate the target amount e.g. the cost of the 12 computers + the cost of reward fulfilment + fees payable to Village Raised (5% of funds raised + PayPal transactions fees).  Plan a stretch goal or two to generate further funds once the initial project is funded e.g. the next \$x will be used to purchase x,y,z software to run on the 12 computers and after that, the next \$x will be used to purchase a video camera.  The maximum target amount allowed is \$90,000.

Village Raised uses the AoN (All or Nothing) crowdfunding payment model.  This means for the crowdfunding campaign to be a success and receive the funds raised, the target amount must be reached within the timeframe.  If it isn’t then no funds change hands.  This is why it may be a good idea to break your project up with the initial goal being the least amount required to complete the project and include stretch goals for further funding of the extra items that would be nice to have.

Time frame and a ‘GO LIVE’ date – chose the timeframe and ‘go live’ date. Most successful crowdfunding campaigns are live for 30 to 40 days.  However, the crowdfunding campaign starts before the GO LIVE date.  You need to have people primed ready to pledge the moment it goes live.  These first followers build momentum and encourage others to follow with their pledges.  And once the crowdfunding campaign ends successfully, the delivery of the rewards will need to be organised and supporters thanked.  Campaigns are able to run between 1 and 90 days on Village Raised.

Crowdfunding Campaign Page on Village Raised – requires a video, content and rewards

• Create a video and content for the crowdfunding campaign – an ideal opportunity for the children to be involved.
• Rewards – once again an opportunity for the children to be involved in suggesting ideas for rewards and creating some of the rewards.  Some parents may have items to donate for rewards e.g. a business service which could offer which will also benefit the business by the exposure it receives.  An ideal opportunity to send a note to parents requesting reward offers.

Publicity

• The more early communication, the more the crowdfunding campaign is in the mind of parents and they are hopefully telling others about the upcoming crowdfunding campaign for the computers in their child’s classroom.  Hopefully the children are getting excited about the upcoming crowdfunding campaign and the computers and are telling their friends and family about it.  This all builds momentum.
• Email templates can be created, perhaps by the children for them and their families to forward to everyone they know with a request for a funding pledge and to forward the email on to their network.
• Flyers can be created by the students for shops and public areas.
• Social media can be used for publicity and perhaps this is another task the students could undertake.
• Include a notice in the school newsletter.
• Hopefully the local community newspaper will run an article.
• Updates and thank yous to pledgers throughout the crowdfunding campaign can be provided by the children.
• Another email template to send out at the midway point when the pledging often drops off or plan to introduce some new rewards.  And then another planned publicity push in the last few days by way of an email template.  This is particularly useful if you haven’t quite reached your target or to gain extra dollars to meet the stretch goals.

Spend the funds raised – once your crowdfunding campaign has been a success, the funds will be received and the project funded e.g. computers purchased and because you were so successful, the software and the video camera purchased too!

Reward fulfilment – deliver the promised rewards to your supporters

Thank everyone involved – a group can run a maximum of 4 crowdfunding campaigns per year on Village Raised.  Remember to give thanks to all supporters – you may be needing them again!

The first time a crowdfunding campaign is run at the school, it will take a bit of extra work but if a plan and templates are created upfront, these tools can be used again in the future making subsequent campaigns easier.  Also take the time to update the plan at the end of the successful crowdfunding campaign to reflect the lessons learned so next time it is even easier and more successful!

The fundraising time involved for a family may be simply the time it takes to make a pledge and the time it takes to forward a few emails on to friends and family.

Can school fundraising get any easier than this for our time-poor families?

To find out more, visit Village Raised and hover over the Learn More tab to access more detailed information about terms and conditions, guidelines, FAQs, privacy policy and for contact details.

# Crowdfunding Reward Leads to Kidnapping

Did you know?

A sad, but a true story

As you know by now, the construction of the Sydney Opera House was financed through crowdfunding by way of a lottery.

Photos of the lucky winners would be published on the front pages of the newspapers along with their names.

Bazil Thorne and his family were one of those ‘lucky’ winners.  On 7 June 1960, his 8 year old son, Graeme was kidnapped walking to his Bondi school for a £25,000 ransom.  This was the first known kidnapping for ransom in Australia.  The police investigation lead to the conviction of his kidnapper and is regarded as a textbook example of forensic investigation.  Sadly, young Graeme was killed by his kidnapper.  More of the story on Wikipedia, of course!

The Sydney Opera House is a place of a thousand stories.

RELATED POSTS:

# Crowdfunding – No Platform

Did you know?

U can crowdfund successfully without using a crowdfunding platform!

The Sydney Opera House is doing it NOW with the OWN OUR HOUSE campaign – one tile at a time.

RELATED POSTS

# 11 idea to promote your crowdfunding campaign outside your followers, friends, fans, family!

I previously gave you 11 Ideas to Promote UR Crowdfunding Campaign without Annoying the HELL out of your FOLLOWERS, FRIENDS, FANS, FAMILY!  Now here are some tips to promote your crowdfunding campaign to a wider audience.

The first three ideas are not free.  Successful crowdfunding is more often than not DIY (Do-it-yourself) fundraising so why pay for help?  Weigh it up alongside your crowdfunding goals:

• If funds are your primary goal, you could calculate the ROI (Return on Investment) e.g. will the additional funds raised more than cover the costs of paying for marketing help?
• If more brand fans are your goal, would paid services increase the number of brand fans who will join you on your journey in the long term?
• If entry into a new country is your goal, will paid marketers increase awareness better than you could alone?
• Would a more professional look to your crowdfunding campaign materials, increase trust in your project?
1. ## Hire Marketing Professionals

Some social media specialists can spread the word like wildfire, help with SEO (search engine optimisation) of your campaign listing, create a slick video pitch, create an entire marketing plans around your crowdfunding goals, etc.

A word of caution about paying marketing professionals. I’ve seen marketing professionals fail in their own crowdfunding campaigns and I’ve seen marketing firms needing to radically change the crowdfunding campaign they have created for a client when the campaign initially bombs.  There is a difference between marketing a crowdfunding campaign and marketing a new product from Pepsi or promoting the services of the locksmith.  It’s important to find marketing professionals who ‘understand’ crowdfunding.

1. ## Paid Advertising

As with any advertising – identify your target audience, find out what they are viewing or reading and place an advert where they can find it.  Some examples include: a paid advert on a website, newspaper, special-interest magazine, the local school newsletter and Facebook paid ads.

1. ## Promotional Materials

Printed flyers to slide under doors or dropped in letterboxes and posters that can be stuck in shop windows or hung on the office noticeboard, etc.  A self-professed introvert had a successful crowdfunding campaign using flyers.  She found it easier to slide a flyer under her neighbour’s doors than personally ask them to support her crowdfunding campaign.

The remaining ideas take time rather than money …

1. ## Find a Superhero

Find a celebrity or expert who will publically support you.  In doing so they will lend creditability to your project, spread the word through their own network and maybe attract attention from the media.  Chef, Luke Nguyen came on board to support Street Food Australia during their crowdfunding campaign. Screenwest’s 3 to 1 campaign featured a promotion video with Hugh Jackman  .

Use matched-funding to add credibility to your project, provide additional funds and increase campaign awareness through the promotion the matched-funder undertakes.  Matched funding is when each dollar raised through successful crowdfunding is matched by a supporter.  The GPT Group matched the funds raised by STREAT’s crowdfunding up to \$40,000.  GPT Group’s financial support is like saying, “We trust STREAT so you can too”.

Ask others to provide some rewards – ideally people or organisations that fit with your project and who may want to be associated with you.  By providing rewards they will receive additional attention and you will receive additional visitors to your crowdfunding campaign through the promotion work they do.

1. ## Work with Other Crowdfunding Campaigners

Find crowdfunding campaigns that fit with yours and promote each other’s crowdfunding campaigns.  If your projects are similar your followers will probably be interested in both campaigns.  I’ve also seen previously successful crowdfunding campaigners promoting new campaigns for others through their network.  Crowdfunding creates a sharing community.

Jonai Farms recently ran their second successful crowdfunding campaign on Pozible.  In their campaign listing, they provided a link to Bundarra Farmstead who were running their own successful crowdfunding campaign at the same time.

1. ## Social Media

Start your own social media accounts well before your crowdfunding campaign so you are able to promote your campaign to your previously-prepared crowd.  You could offer to write a guest blog on a relevant site or approach those that are actively promoting crowdfunding campaigns on social media to promote yours.  There are plenty of promoters on Twitter.

1. ## Traditional Media

An article in a newspaper or magazine can add credibility to your crowdfunding campaign, you and your project.  It will hopefully lead people aka potential pledgers to your crowdfunding campaign listing.  Melanie Child is currently running a crowdfunding campaign on PledgeMe, Send Melanie Child to NZ Eco Fashion Week. The Otago Daily Times has published an article about her and her work.  Just remember to have a link to your crowdfunding campaign included in the article.

1. ## Start a Virus

There’s nothing like going viral on the internet but is more likely easier said than done. Perhaps a quirky reward, a crazy video pitch, a to-die-for reward, or a project itself that grabs the attention of the crowd like the Veronica Mars movie crowdfunding campaign.

1. ## Reviews, Trials and Test

Send out product prototypes and ask experts to review them.  You can publish their reviews on your crowdfunding campaign listing.  If the experts love it, hopefully they will spread the word about it too.  Third party endorsement adds cred.

## 10.  External Events

Market stall – If you run a regular market stall, remember to promote your crowdfunding campaign there.  Cookie Dough and Dark Nouveau both reached their off-line crowd this way.

Sum Wars ran tournaments for friends.

The John Freeman Story hosted a fashion event, Fashion Meets Film which included costumes from the film.

If you like public speaking, you may find an opportunity to give a talk and bring in a promotion for your crowdfunding campaign.

## 11.  Front Page Ranking

Find out what you need to do to have your crowdfunding campaign on the front page of your crowdfunding platform and get it there!

A few ideas to help you have a successful crowdfunding campaign.

Let me know how you get on.

Image by Marcus Jeffrey

# Crowdfunding Built the Sydney Opera House

Did you know?

Funds to finance the construction of the Sydney Opera House were raised through crowdfunding.

The Sydney Opera House Act 1960 was passed to establish and manage a lottery to finance construction of the Sydney Opera House.

In fact, gambling funded the construction of the Sydney Opera House!

## Sydney Opera House Lottery Facts

• The Opera House Lotteries began selling tickets on 25 November 1957
• Tickets were £5 each
• The first Lottery was drawn in January 1958
• The prize was £100,000
• In 1960, tickets were reduced to £3 and the prize became £200,000
• The Opera House Lotteries raised more than \$105 million
• The last lottery was drawn in September 1986
• The Sydney Opera House was opened on 20 October 1973

# Crowdfunding Filmmakers

“How far would you go to save the one you love?”

“Coming home from her daughter’s funeral, Isabella is approached by her husband’s brother.  A man lost in his own thoughts, he tries to forcefully convince Isabella that she is someone else, someone that loves him.

Right as things escalate, John comes home.  Seeing his wife in danger he instinctively pulls his revolver and shoots down his brother.”

Wondering what happens next?

This is an excerpt from the content page for the John Freeman Story, a crowdfunding campaign for a thriller, short film set in 1935.

If you’re a filmmaker wanting to raise funds for your next film project through crowdfunding, this campaign is worthy of your attention.

Here are some reason why I think this campaign is worth looking at …..

## Launch –

• kicked off with a launch party – involved their friends and family with a fun event that they will tell their friends and family about
• posted photos of the people at their launch party on their Facebook page – the people at the party will share those photos with their friends and family
• the power of the first followers – the photos from the launch party give a sense of assurance to potential backers who don’t know them – it says that others believe in them so I can too
• emailed everyone and anyone directly who may be able to promote their campaign
• posted a request for feedback on Kickstarter Forum for feedback on their video which in turn directed people to click on their Kickstarter campaign

## Kickstarter Content -

• Theme carried on throughout – heading fonts, reward names, updates
• Evidence (lots and lots of evidence) – the guys behind the camera and in front of it can do this and have done similar projects successfully in the past
• Test shots from the film
• Music from the film
• Story boards of the film

Yes, the film exists and the people involved are experienced and capable and this is what you can expect.

## Clarity –

• How the funds raised will be used
• What the film will be like – storyline, soundtrack, story boards, characters, actors, costumes ….

## Rewards –

• Great range
• Value for money
• International backers included (\$10 for international postage)
• Some personalised ones and some quirky ones like a time lapse digital video spelling your name out in bullets or gummy bears!

• Thanking their supporters personally in John Freeman style

## Events –

• Hosting an event Fashion Meets Film which includes work by the costumer for the John Freeman Story.

What are your thoughts?

P.S.  Kickstarter Forum is available for use for Kickstarter and Indiegogo crowdfunding campaigns and is independent of those crowdfunding platforms.

# Crowdfunding Platforms Downunder

After ten months beyond the reaches of the mobile connected world in the vast Western Australian wheatbelt, I’ve got speed wobbles on this fast internet connection and I am wondering what has happened in the crowdfunding world since I suddenly and unexpectedly lost contact…

Pozible has gone from strength to strength continually injecting fresh ideas.  I could spend the day just getting to know Pozible all over again.  Here are just a few of the things happening at Pozible …

• Bankmecu’s ‘You Vote, We Pledge” six month promotion whereby you like Bankmecu’s Facebook page and then vote for a Pozible crowdfunding campaign.  The campaign with the most votes wins a \$500 pledge from Mecubank.
• Subscription Crowdfunding “You can now offer Subscription-based rewards – where the funds are collected on a regular (weekly, monthly, annually) basis. Each of your rewards can be subscription-based or they can be a combination of subscription-based rewards or one-off standard rewards. For example, you can offer a \$5 per month reward alongside a one-off \$25 reward.
• Find out how you can score a free beer from Pozible’s co-founders.
• Read about new ways Pozible will help you to use social media tools Instagram, Twitter and more on your crowdfunding campaign.
• STAND UP, STAND OUT, a one-night only live pitching event on 31 May, The Rocks, Sydney as part of Vivid Ideas 2014. Check out Vivid Ideas 2014.  I can recommend the Sydney Opera House light show, Lighting of the Sails.

And there’s more but I will leave some things for you to discover for yourself at Pozible.

Just as Pozible was the first serious kid on the block in Australia, Pledgeme took crowdfunding mainstream in New Zealand. They’ve been involved in Start Up Weekend and always have good down-to-earth advice such as found in this blog post, ‘Why your Mother is the MOST Important Person to Your Crowdfunding Campaign’. More towards the end of this post about the exciting, BIG changes ahead for Pledgeme as a result of new legislation in New Zealand.

The two Australian sports-focused crowdfunding websites, Sportaroo and Team Bus launched around the same time and it is great to see they are both active and running successful crowdfunding campaigns.  Fanfuel, a third sports-focused crowdfunding platform has launched more recently.  New Zealand has its own sport-focused platform, Sportfunder and now its sister site, Healthfunder has launched.  And NZ based platform, Thrill Pledge focuses on sports and entertainment.

The music-focused crowdfunding platform, Zoshpit launched and is running successful crowdfunding campaigns. Whereas Start Music started and then stopped … Oops! Google Chrome could not find …..

I’ve been approached by people wanting me to launch a platform with them and they just think it’s as easy as creating a website and then sitting back to collect 5% of the funds raised on the way through.  Launching a crowdfunding platform, growing it and maintaining the momentum takes commitment – perhaps it could be said that launching a successful crowdfunding platform is the ultimate crowdfunding campaign!

Crowdfunding platforms that have decided not to launch as planned or have fallen by the way in Australia and New Zealand in the past year or so are testament to that … Project Powerup, Social BackingFillim hasn’t launched their funding arm as yet but it’s worth a visit to check out the films for viewing and Fundnz just disappeared.

iPledg is still around.  Sproutback has launched and has several campaigns currently running.  Jumpstartz  has started too.

Chip in has raised \$40,984 so far for Australia’s not-for-profits. Chuffed is supported by The Telstra Foundation in Australia to provide a fee-free crowdfunding platform for charities and not-for-profit campaigns. The Telecom Foundation supports New Zealand Crowdfunding website, Give a Little in the same way.

Village RaisedOnline fundraising for schools.  It takes a village to raise a child; and a cyber village to raise many.”  is a new crowdfunding website out of Sydney.

The Arts Foundation of NZ “established Boosted to build a new generation of art donors.” Some other niche crowdfunding platforms are Publishizer which is a pre-order platform for books and Stage Label for emerging fashion designers where “Designers post their new concepts and if you love the design you can pledge money to help fund the new piece.”  “They set a target number of designs they need to sell before it is viable for them to produce the design and a maximum number of sales to ensure uniqueness.”

Two of the biggest US crowdfunding platforms, Kickstarter and Indiegogo have hit the Australian crowdfunding scene. Australians ran successful crowdfunding campaigns on these two platforms before they came to Australia but previously it was difficult for non-US residents to launch a Kickstarter campaign.

Anna Maguire from Crowdfundit interviewed Indiegogo’s Australian representative, Tony Been.  Read Kickstarter’s blog post about their launch downunder if you missed it late last year.

And possibly the biggest news from New Zealand is regarding the FUNDS 4 EQUITY and FUNDS 4 DEBT crowdfunding models both of which are now possible under the new Financial Markets Conduct Bill  which came into effect on 1 April this year.  Did you know the new financial year in New Zealand starts on April Fool’s Day?!

Pledgeme has announced their intention of entering the FUNDS 4 EQUITY scene with a serious piece from the Otago Daily Times and a lighter approach from Anna Guenther, Pledge Me co-founder’s, blog post.  Snowball Effect looks set to launch into the FUNDS 4 EQUITY too. ASSOB has been operating in Australia for some time for investors with larger sums of money.

Lend it has been in the peer-to-peer lending scene for a while and will be interesting to follow now the new legislation has come into effect. Society One in Australia has also been involved in peer-to-peer lending for a while.

Micro financier, Good Return is Australian based and operates like the well-known international microfinance platform, Kiva. “Good Return combines microfinance and education to help the poor in the Asia Pacific change their own lives forever.”

That’s my round up of the crowdfunding platforms in Australia and New Zealand. If you know of any others or are about to launch, let me know so we can get the word out there.

Enjoy your weekend.  It’s nice to be back in the connected world.

Jane

# 11 Ideas to Promote UR Crowdfunding Campaign without Annoying the HELL out of your FOLLOWERS, FRIENDS, FANS, FAMILY!

Most of the people visiting your crowdfunding campaign will be lead there by U!  Many will not visit your crowdfunding campaign the first time you ask them to do so.  You may need to remind them a few times before they get around to viewing your campaign.  You may need to remind them another time or two before they get around to making a pledge.  You may need to remind them again to spread the word about your crowdfunding campaign to their own networks.  They may start to feel you are NAGGING and SWITCH OFF!

How can you promote your crowdfunding campaign without annoying the HELL out of everyone?  And find a way to have them spread the word about your crowdfunding campaign without lots of reminders.

1. Learn from others who have successfully gone before you – before you launch, follow a couple of crowdfunding campaigns that look as if they are going to be successful on all the social media tools they are using.  Also view their older posts to see what they did pre-launch to encourage pledging.
2. Make your crowdfunding campaign page so amazing that people want to share itUlule, a crowdfunding platform based in France puts it nicely, “A successful project is one that makes people want to be a part of it.  Be generous! Large pictures, nice videos, clear and ordered presentation. Basically, show what you want!  A project that is great to discover will be shared more willingly.”
3. Provide project updates (these are not crowdfunding campaign updates) – while you are running your crowdfunding campaign hopefully you will still have time to work on your actual project.  Tammi Jonas is crowdfunding for an On-Farm Butchery at Jonai Farms and tells us what is happening down on the farm on their blog, The Hedonist Life and on Facebook and Twitter.
4. Let people know what you are doing – this could provide further evidence of your passion for your project, your ability and may act like a third party endorsement e.g. if you’re a musician crowdfunding for an album; post updates about your gigs which shows you’re making music that other people want to come listen to.  Nicola is posting her Pozible, Newspaper to NEWpaper campaign updates on her Facebook page among her posts about the other things she is doing.
5. Provide interesting facts / info related to your project subjectSum Wars  are crowdfunding their maths game and posting interesting maths related posts on their Facebook page
6. Give a ‘call to action’ when you do ask for support on your crowdfunding campaign – a clear call to action encourages action by removing confusion. People are more likely to act if they know ‘what to do’, ‘why to do it’ and ‘how to do it’.
7. Promote your rewardspromote each reward individually because people may find a particular reward so enticing they will pledge even if they aren’t so interested in your actual project. A \$20 pledge on Adam Wilson’s Triathlon World Champs crowdfunding campaign, will put you in the draw for a 1 in 100 chance of winning the ultimate Queenstown adventure weekend valued at \$2400!  That is tweetable!  Let people know why someone pledged for a particular reward – Will posted this update for his crowdfunding campaign, Circus – a Graphic Novel on his Facebook page One of our pledgers named Sarah got the Performer Pack (the one where you get to be in the comic) as a birthday present for her husband Andrew aka Cooky. Extra cool because they are both circus performers themselves, like…real life ones. Pretty neat. http://www.circosis.com.au/
8. Answer questions – answer questions through updates to everyone as well as directly to the individual who asked because there is a good chance others had the same question in mind but didn’t bother to ask it.  Zac is using the updates on his Pozible campaign page for his Beerend campaign to answer questions.
9. Find interesting ways to present campaign updates – perhaps be a bit cheeky as Zac Martin often is with his tweets for his Beerend crowdfunding campaign, “9 days until I stop annoying y’all about my crowd funding campaign. http://pozible.com/beerend” Willem updated Fuuki’s Facebook cover photo with campaign stats such as amount left to raise and days remaining several times throughout his crowdfunding campaign.
10. Tell everyone what others are saying about you – when a blogger, local newspaper, magazine posts an article about you, your crowdfunding campaign or reviews your product share the article with your supporters.  The Techjet team updated their campaign page with the many accolades and reviews they received throughout their crowdfunding campaign for the robot dragonfly.
11. Thank supporters throughout your campaign (as well as when your campaign ends). Champion sickline kayaker, Rosalyn Lawrence posted a thankyou update on Sportaroo and also let her supporters know what she is up to.  Helen Highwater says thankyou with a wee video at the end of her successful crowdfunding campaign, Dark Nouveau on Pozible.

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REMEMBER to provide regular updates on your crowdfunding page (as well as in social media) because many people will only visit this page and will not be following you on Twitter or Facebook or other social media.  It is important, so says crowdfunding platforms:  Indiegogo, Kickstarter and Community Funded -

Indigogo from one of their blog posts, “Campaign owners that provide an update at least once every 5 days raise 218% as much money as campaign owners that update less often.”   …..   “In fact, campaigns which send out updates daily reach, on average, more than 100% their target goal.”

Kickstarter analysed the successful crowdfunding campaigns on their platform that had surpassed \$1 million.  From their infographic “What Makes a Million Dollar Project” comes the following quote, “post updates every couple of days (on average, one update every 1.78 days)”

From Community Funded’s Roadmap to a Successful Project, “Updates can be used to say thank you, to keep your audience engaged with your work, or to present new perk offerings. Previous funders may share your campaign with others and people who have been considering funding may finally pull the trigger.” This document also provides a useful timeline for posting video updates in the last week of a crowdfunding campaign including a sample script.

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Updates keep your crowdfunding campaign fresh in the minds of your supporters.  If supporters are interested enough to pledge on your campaign; they do want to be engaged and follow your progress.  Also your friends and family are interested in the progress of your crowdfunding campaign and project.  Engagement is one of the reasons people get involved with crowdfunding.

The trick is to find the fine line between providing the engagement people crave and reminding them to support your crowdfunding campaign without annoying the HELL out of them!

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Have you any other ideas to add to the list?  Click ‘Leave a reply’ below to add to the conversation or post it on my Facebook page.

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RELATED POSTS

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# KIDS can Crowdfund Successfully TOO

They just need a bit of help from their family!

Kids are expensive creatures.  It has been said that it takes a whole village to raise a child.  Perhaps crowdfunding is then the perfect fit for some of those more expensive opportunities that your children are offered.

New Zealand crowdfunding platform PledgeMe stipulates, like most crowdfunding platforms, that project creators must be over 18 years.  Some crowdfunding platforms allow younger people to launch a crowdfunding campaign with written authorisation from a parent.  Alternatively a parent (or grandparent) can launch a crowdfunding campaign on behalf of their child.

2 crowdfunding campaigns for children have caught my eye on PledgeMe recently.  Both these campaigns demonstrate that kids can offer rewards that truly show their appreciation to their supporters.  And this is important because …

7 Reasons Why Crowdfunding Campaigns FAIL Reason #4 = LOUSY or OVERPRICED REWARDS!

Sometimes we see crowdfunding campaigns offering rewards such as: \$50 for a thank you on Facebook, \$70 for a signed photo of xyz (and the crowd is wondering WHO IS xyz and what would I do with a photo of xyz even if it is signed!), \$100 for a postcard from wherever, etc. “Yeah right!  I’ve got better things to do with my money.”  (Do you think that’s a slogan worthy of a Tui beer sign?).

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But back to the rewards on these 2 crowdfunding campaigns for KIDS…

Kaleb and his Mum ran a successful crowdfunding campaign, Kaleb Rongokea, to transport him to the World Speed Stacking Competition in the USA to represent New Zealand.  This campaign reminded me of the days of my childhood when we used to do odd jobs such as lawn mowing, selling buckets of horse poo to gardeners, babysitting, etc. to supplement our pocket money.  Kaleb offered 2 hours of work around the home and garden for a reward of \$200.  Odd job rates have increased considerably since I was a kid in NZ!  Here is an 11 year old, offering the rewards he can – his labour and to pass on his speed stacking skills through lessons.  Mum helped out and offered some baking rewards.

Rewards show your respect towards your supporters or potential supporters.  Keeping the concept of koha in mind is useful when choosing the rewards you will offer.

For those unfamilar with koha ….. koha is a Maori word without an exact one-for-one English word translation. Here is a modern day example to try and explain koha.  I offer to talk about crowdfunding at an event without payment and instead I ask for koha.  The koha given to me (usually money) by each person attending would reflect their means to give as well as demonstrating their respect for me and their gratitude for my offering to them (my time and knowledge).  Because koha reflects a person’s means, it is perfectly acceptable for someone to attend for free and simply offer a sincere thank you.  There may also be someone attending who has great means and gives \$200 but the majority attending will offer something in between reflecting a fair exchange.

Rewards are a very important component of a crowdfunding campaign.  There are so many things people can spend their money.  You need to give pledgers a reason to spend their money on your crowdfunding campaign.  Granted, some people will support generously because they believe in your project and aren’t looking for a reward of equivalent value.  Obviously Grandma and Grandad will support you and they would probably be happy with a kiss and hug in return but it is enticing rewards that give strangers a reason to support your crowdfunding campaign.

Talking about Grandma and hugs brings me to this crowdfunding campaign on PledgeMe, Red Hot Cheer by Grandma Elaine and Charlotte.  It is the first time I have seen a grandmother and grandchild working together on a crowdfunding campaign.

I asked Grandma Elaine how long she had known about crowdfunding:

“I have known about crowdfunding for some time. I work with gifted children and was looking for funding opportunities to support creative endeavours about three years ago. At the time there was nothing outside the USA but I kept an eye on it because it had definite possibilities and I was sure someone would take up the challenge. LOL.”

I asked Grandma Elaine whose idea it was to use crowdfunding:

“I told her about the idea of crowdfunding then Charlotte and I discussed how we could go about it together and we talked it over with her mum and dad too so that they knew what we were thinking of doing. We planned the film to put on Youtube. Our difficulties lay in the fact that she uses a Mac platform at intermediate and I use windows so there was quite a bit of learning went on to get everything up and running. We planned the rewards together to ensure that we both had an input but that she would take responsibility for thanking pledgers.  We have had a blog together before and were surprised at how many people read it.”

Once again they are offering worthwhile rewards – HUGS!  There can never be too many hugs in the world!  The advantage of this campaign is that the hugs can be posted overseas so supporters can come from a wider geographic area.  Wondering how a hug can be posted?  Satisfy your curiosity and check out Red Hot Cheer.  Elaine and Charlotte have 22 days remaining so if you are in need of a hug; make a pledge!

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Recently in the USA, Piggybackra crowdfunding platform solely for children to run their own crowdfunding campaigns has launched.  Children outside of the US cannot use this crowdfunding platform because it is for US residents only.  But that doesn’t matter because …

KIDS DOWNUNDER ARE CROWDFUNDING SUCCESSFULLY

(with a bit of help from their families)

Ka kite ano (until I see you again, bye)

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