Final - Crowdfunding Research - KULeuven 20 Oct 2017 · 2017. 10. 27. · Microsoft PowerPoint - Final - Crowdfunding Research - KULeuven 20 Oct 2017 Author: u0032395 Created Date:

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Crowdfunding for Research

Why consider it and how to do it well?

2017

Marlies Kimpe, PhD

Growth Manager at Chuffed.org

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"People in academia are chain grant writing — they're submitting one grant and making sure the next one is ready to go. If you don't have private funds coming in, you have to be grant writing almost every second of the day.”- Dr. Jeanne GarbarinoDirector of Science Outreach at Rockefeller University,

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Opportunities

Crowdfunding is great for:

• Supplementing existing studies

• Purchasing software

• Funding (part of) specific experiments

• Raising awareness

Raising 3,000-15,000 Euro

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Today’s Session

1. Intro to crowdfunding

2. Case studies and Examples

3. How to run a successful campaign

4. Opportunities and challenges

5. Discussion and Q&A

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What is Crowdfunding?

Why Crowdfunding ?

Money New audiences Awareness Unlocking

more fundsEngaging supporters

Building community

Marketing / PR

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Different Crowdfunding Models

About Chuffed.org

10M+ Euro 5,000 120,000 27

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A. The cause / project

B. The campaign page (videos and rewards)

C. The promotion strategy

D. The platform

What’s most important for Crowdfunding Success?

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Step 1: Find your crowd

Step 2: Tell a specific, inspiring story

Step 3: Set an achievable target

Step 4: Build early momentum

Step 5: Have a (promotion) plan

5 Steps to a Successful Crowdfunding Campaign

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Step 1

Figure out your core audience

(to reach new audiences)

You

Find your crowd:

The influencers

Everybody else

True believers

You

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Find your crowd:

Figure out your audiencesAudience Why they would support your

campaign

The True Believers

Influencers

Everyone else

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Step 2

Tell a specific, inspiring story that your audience cares about

Specific not general

Inspiring not earnest

Story not figures

Tell a story that is…

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EXAMPLE Story

Example stories

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Step 3

Set an achievable target (so you can blast through it)

Target depends on

Cost of the project

Existing audience

Time / resource available

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Rule of thumb

<3,000 Euro

3,000 - 20,000 Euro

20,000+ Euro

Own network, 1 day/wk*

1k+ emails, 2-5 days/wk*

3k+ emails, 5+ days/wk*

* During the campaign plus 4 weeks beforehand

Target Audience, time required

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Different ways to hit your target

(30% in 3 days)(30% in 3 days)

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Step 4

Build early momentum(create a team)

$0

$10 000

$20 000

$30 000

$40 000

$50 000

$60 000

24/09 01/10 08/10 15/10 22/10

$0

$2 000

$4 000

$6 000

$8 000

$10 000

$12 000

24/09 13:06 25/09 13:06 26/09 13:06

30% in 3 days

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How to build early momentum

1. Recruit a campaign team

“Multiply yourself. Allow other people to own your campaign. Don’t just ask people to donate, ask people to treat the campaign as their own and have them raise funds for you. The more ownership they have the more money they will raise."

Building a team

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Credit: Jeffrey Effendi from Draw History http://drawhistory.com/

Building a team

1. Recruit

2. Engage

3. Ask for help

4. Update

How to build a team

Potential team members:

• People involved in the project

• The super keen-beans

• General recruitment

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How to build early momentum

1. Recruit a campaign team

2. Send out semi-personalised emails to your audiences

3. Thank every donor privately and publicly

4. Use pre-launch

5. Use early-bird discounts / exclusive perks

Step 5

Have a (Promotion) Plan

“The campaign is won or lost before it begins. It is all about the four weeks prior to the campaign and how you launch. If you don’t launch hard, you won’t make it.”

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$0

$10 000

$20 000

$30 000

$40 000

$50 000

$60 000

24/09 01/10 08/10 15/10 22/10

New perks and rewards

Open Day

Launch party

Launch-week Mid-campaign lag Count-down

How to create your promotion plan

1. Figure out your audience groups (true believers,

influencers, everyone else)

2. Define the key message for each group

3. Decide on the channels that you're going to use to

get in touch with them

4. Write out your promotion plan: who, what, when

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Promotion Plan – Touch Points

1. Pre-launch

2. Launch day

3. End of week 1 update

4. Mid-campaign update / celebrations

5. Final week Count-down

6. Thank you

7. Follow-up

Promotion Plan

Pre-launch

Launch End of week 1

Mid-campaign

Count-down

Thank you

Update

TrueBelievers

Influencers

Everybody Else

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Exercise

1. Choose a project and (realistic) target

2. Write down your core audiences (true

believers, influencers, everybody else)

3. What’s your story (specific and inspiring)

4. Discuss with your neighbor

Creating your page

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Chuffed.org/start

Chuffed.org/start

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Your Crowdfunding Page

Title

Target

Pitch

Image

Rewards and Impact Levels

1. Pre-release products or services

2. Unique experiences

3. Special recognition

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Potential challenges

Be aware that crowdfunding is:

• Time consuming

• Not for everyone

• Not a magic bullet for raising millions

But it has additional benefits and is great for

developing transferable skills

You

You

You

You

Competition?

You

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Step 1: Find your crowd

Step 2: Tell a specific, inspiring story

Step 3: Set an achievable target

Step 4: Build early momentum

Step 5: Have a (promotion) plan

5 Steps to a Successful Crowdfunding Campaign

Next steps

1. Find your crowd

2. Build a team

3. Make (a first draft of) your page

4. Create a promotion plan

5. Launch!

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About Chuffed.org

0% fees to campaigners

Donors pay credit card fees/charges

+ optional donation to Chuffed

FreeSocial

CausesSupport

Only for social causes

No campaigns for someone’s

holiday

Free mentoring

And case studies, videos, blog posts, …

We’re here to help

1. Book a free Crowdfunding Mentoring Session at chuffed.org/office-hours

2. Check out the Chuffed Crowdfunding Academy chuffed.org/academy

3. Email [email protected] for help

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"There's no doubt that crowdfunding is shaping a new economy, and there's no reason why scientists and researchers in general shouldn't just hop on that bandwagon. Just go for it.”- Dr. Jeanne GarbarinoDirector of Science Outreach at Rockefeller University,