Freitag, 19. April 2013

Any Substance In Crowdfunding?

So what exactly do we mean by crowdfunding? In the spirit of crowdsourcing it seems only right that we should use Wikipedia’s definition:

Crowdfunding describes the collective effort of individuals who network and pool their resources... to support efforts initiated by other people or organisations

You could be forgiven for thinking this is what charities have been doing for years through, for instance, their community fundraising teams. And it’s these obvious connections with existing expertise that make it such an interesting prospect for charities.
But despite the persistent hype there are still unanswered questions about the potential for charities and how best to realise it. For every success story there are thousands more failures. As this fundraiser demonstrates on the Indiegogo blog “My campaign has been up for weeks, yet to date has only raised $20 despite the campaign having received national publicity.” Of course, you could argue that these failures are inevitable and that we should be using their failure to learn. One thing we do know is that successful campaigns start with word of mouth and focus on telling a great story that engages a broad audience. Again, similar to what community fundraisers have been doing for years.

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