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Crowdfunding for a cause

Crowdfunding for a cause. How broad based funding models are changing traditional philanthropy. Garrett Goldberg Idaho NonProfit Center – 10 th annual conference September 27, 2013. Quick Crowdfunding overview.

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Crowdfunding for a cause

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  1. Crowdfunding for a cause How broad based funding models are changing traditional philanthropy Garrett Goldberg Idaho NonProfit Center – 10th annual conference September 27, 2013

  2. Quick Crowdfunding overview • CF is a method of soliciting small amounts of investment from a large group of people (micropatronage) • Sometimes equity and sometimes for goods or services • Companies can more openly advertise for funding as SEC has lifted the general solicitation ban • How new generation is starting to (and will) support its favorite causes – including charities

  3. Program related investments [pri] • CF is consistent with PRIs: • Sometimes equity and sometimes for goods or services • Furthers mission and expects accountability • Foundations have more leeway (and less penalty) to make investments • How new generation is starting to (and will) support its favorite causes – including charities

  4. Case study • Trey McIntyre Project • http://www.kickstarter.com/projects/treymcintyreproject/ma-maison-a-documentary

  5. Quick Crowdfunding Facts • 536: estimated number of crowdfunding sites [2012] • $2.7B: estimated volume of funds raised on crowdfunding sites • [2012] • $5.1B: estimated volume of funds raised on crowdfunding sites • [2013] • Donation based crowdfunding increased by 43% in 2012, representing 29% of the market share. • SOCIAL CAUSES was the most active crowdfunding category in 2012, with almost 30% of the activity • The average successful crowdfunding campaign is $7000 and last for 9 weeks source: www.startingtrends.com

  6. Developing a thesis • Concepts vs. Projects [new PRI rules] • Crowdfunding inherently helps nonprofits define project scopes and goals, thereby increasing accountability to the donors; consistent with PRI • Joint Conversation on Accountability • Given the changing landscape of funding models (both for profit and nonprofit), this is an opportunity for a joint discussion to shape path forward • Group Thoughts?

  7. Key aspects to a crowdfunding campaign • Tell Your Story • Provide Value for Value • Introduce Scarcity • Create a Marketing Event • Highlight Examples of Social Proof • Build Credibility and Legitimacy • Interact with your Supporters

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