What is Crowdfunding?
Crowdfunding is becoming an increasingly common method of fundraising, it’s time to spread the word about it! So what is crowdfunding? It’s a type of fundraising which usually takes place through the internet on secure websites. It allows for citizens (anywhere in the world) to donate whatever amount they would like if they like the project.
There are many examples of projects that have been fully sponsored by this type of fundraising. Gateway Green, a public works project, fully funded a $100,000 project through crowdfunding. And, Michigan State University raised over $15,000 for its Extreme Makeover: Sparty Edition crowdfunding initiative.
Crowdfunding is a great way to start fundraising for a new gymnasium floor for your basketball, volleyball, and other athletes.
How do I know when it’s a good project?
So, you have a project in mind, but is it the right one? It’s important to pick a project that resonates with people – those people are going to be the ones that push your project to the next level and help it become a reality. Crowdfunding makes it easier for people to market their passions and gain a following.
A new gymnasium floor for a high school basketball team, for example, not only benefits the school, but the students playing on it. Parents, community members, and students have a reason to back a new floor that could benefit everyone.
For a funding goal, start small. These passionate people want to see how they are contributing, and from then on, your crowdfunding can grow.
How do I choose a crowdfunding site?
There are so many crowdfunding websites, how do you know which one to use?Some sites are tailored to one type of project or another.
Kickstarter, Indiegogo, and Crowdfunder are all well-known crowdfunding sites. RallyMe, NLAB, and Sportyfunder are a few sites that are built to support the funding of athletes, teams, or other sports initiatives, like a new gymnasium floor.
- Does your project fit into the site requirements?
- Does the site charge a fee?
- Is the fee dependent on your project’s success?
- Will you still receive the donations if your goal is not met?
- What other tools does the site offer to help promote your project?
What do I do once it’s on a crowdfunding site?
Once the site is up, it’s like any other fundraising campaign: promote and spread it! Use word of mouth, social media, local media, press releases, and get the people close to it pumped about it.
It is like other fundraising campaigns – and it may fail in reaching the goal in the allotted time. But, don’t let that discourage you. It could be your best way in finding out what your supporters really want and help future initiatives.
You won’t know until you start; so, go out there and try!
For more in-depth information, check out Mass Appeal in Athletic Business.