Date post: | 14-Jul-2015 |
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I’m Bret Conkin of FundRazr We are the biggest crowdfunding startup in Canada and and fundraise well over a million dollars per month. We’ve helped over 30,000 projects, like the Tiger Woods FoundaEon and Pussy Riot Legal Defense Fund, raise money so far OK, that’s cool – so what is crowdfunding?
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Our definiEon: Crowdfunding – your supporters working to raise money with or for you Crowdfunding = electronic pass the hat Not you – your friends – begging Goes way back – for example, Statue of Liberty pedestal – Pulitzer raised $102,000 from 120,000 donors. InnovaEon: infuse social fundraising into crowdfunding A recent innovaEon is tying social fundraising and crowdfunding together to reach deeper into the social networks of your supporters and make it easier for them to help you raise money.
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Four broad categories of companies providing crowdfunding systems There have been over 500 new startups in the crowdfunding space in the last two years and we are only just geZng started. Gi[: 49% Rewards: 11% Debt: 22% Equity: 18% What’s the biggest myth around crowdfunding?
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The biggest myth is people think that once you start a crowdfunding project, the heavens open up and money starts raining down on you. You’d be AMAZED at how many people actually think this is true!
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The truth is CF is kind of like daEng. It requires eEquefe + properly managed expectaEons. If you shout at everyone you meet, it is hard to have a conversaEon and even harder to get them to like you. Same for social media-‐ you are just being annoying “real” conversaEons = deeper connecEons When people have a deeper connecEon, they are more interested and moEvated to help you. Most crowdfunding requires real conversaEons and real connecEons to be successful.
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Working with The Voice Project a US non-‐profit that uses Music to raise money for Social JusEce Projects. TVP uses covers of other arEsts like the examples here in a viral chain to draw afenEon and social sharing to their cause. An example of how we’re achieving deeper connecEons is giving The Voice Project a cool way to turn Facebook fans into fundraisers. We enable every Fan to add a tab on their page for the PR cause to achieve a much deeper connecEon.
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Let’s look local for another example of deep connecEon. 63 restaurant owners, waiters, bartenders, cooks are working together to raise money for a boxing school For disadvantaged youth on Vancouver’s downtown east side Healthy gang instead of a street gang Owner reEred They needed some rescue funds. Everyone who is supporEng this cause is a volunteer – there are NO staff to make anything happen.
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They have created a ‘main event’ in the summer and enrolled a bunch of people to parEcipate. A bunch of them have NEVER boxed before. Each one of them customized their FundRazr campaign created by the organizer and added their own photo, text and someEmes their own video message. The campaign organizer used our tools to create a ‘badge’ for each boxer’s campaign and arranged them on a grid on a page on their site. This took us about an hour to create. When someone hovers over a badge, the endorsement message of the boxer shows in a popup along with their Facebook avatar. Clicking on the link opens the campaign page in a lightbox over top of the blog.
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Featured boxers – one every three days Future Shop donated a TV – not a big gi[ BUT – it will help move the needle on keeping the boxers engaged in raising money beyond the $2000 target Takeaway: Volunteers can do AMAZING things for you when you trust them
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We don’t have Eme for detail but key takeaways are: Takeaway: Fans will do AMAZING things for you when you trust them Takeaway: Be willing to experiment – the crowd will forgive you if you operate in good faith and tell them what you are doing.
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Crowdfunding is a huge wave of innovaEon rolling over the financial world. It is not just about collecEng donaEons for chariEes. It is changing the way we fund community capital projects and arts projects. And pay for services, buy things, borrow money, sell Eckets, and collect fees. And fund startups.
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