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Crowd Funding: What All Nonprofit Organizations Should Know

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Crowd Funding: What All Nonprofit Organizations Should Know Crowd Funding: What All Nonprofit Organizations Should Know Winter 2015 Authors Bridget Hartnett, CPA, PSA Ron Matan, CPA, CGMA, PSA Synopsis This white paper is intended to help educate nonprofit leaders, both staff and volunteers, in the benefits of crowd‐funding campaigns for their organizaons. It will begin with a definion of crowd funding and a brief history of the concept before exploring the elements of a successful campaign. An example of a nonprofit that has integrated crowd funding into their development mix will be cited. Crowd Funding: What All Nonprofit Organizations Should Know Page 2 Table of Contents 1. What Is Crowd Funding? 2. What Are the Characteriscs of a Successful Campaign? 3. What Does a Nonprofit Organizaon Need to Know? 4. Example of a Successful Campaign: Introducing The Wave Set 5. Conclusion 6. References, Citaons and Resources 7. About the Authors 8. About Sobel & Co. Page 3 Crowd Funding: What All Nonprofit Organizations Should Know 1. What is Crowd Funding? This white paper begins with the definion, and the historical evoluon, of crowd funding. Technology has drascally influenced emerging new trends as the landscape for giving and invesng has changed and the old formulas are being altered or replaced. Unl recently, funds and investments were generated in both the corporate and nonprofit communies by asking a small number of people for large sums of money. Today, crowd funding is creang a dominant presence by embracing a reverse process, so that funding a for‐profit venture or a charitable project is done by raising smaller amounts of money (starng as low as $1) from a larger number of people, typically via the Internet. Given the downward trend in philanthropic giving based on the negave influence of the 2008 recession, crowd funding provides a unique chance for individuals to be involved at a monetary level that is comfortable while sll feeling like they are making a difference and having a stake, in the success of the nonprofit’s mission. As a result, this funding innovaon has sparked the imaginaon of the nonprofit world, just as it has in the for‐profit sector. It has quickly become a global phenomenon, enabling thousands of people to have a financial impact on an organizaon in a way that was previously available only to the very wealthy. Historical Perspecve on Crowd Funding Crowd funding, however, is not quite as new a concept as one might think. In fact, the case can be made that in some form or another it has been around for hundreds of years. In the 17th century, collecve fundraising was used to finance publicaons that were planned, but not yet published. More currently, in 1949, iconic comedian Milton Berle hosted the first telethon for the Damon Runyon Research Foundaon raising over $100,000 in 16 hours– which would be the equivalent of about one million dollars today. In essence Berle’s iniave was a nonprofit crowd‐funding venture. So it is that today’s modern noon of crowd funding has deep roots in the age‐old business model that nonprofits have always relied on, generang funds through micro‐donaons to achieve a parcular goal or mission. The term, crowd funding, was actually coined by Michael Sullivan in August 2006 when he launched fundavlog, a failed aempt at creang an incubator for videoblog‐related projects and events including a simple funding funconality. This scheme was “based on reciprocity, transparency, shared interests, and, above all, funding from the crowd.” However, it really began to be used in earnest a few years later when Kickstarter adopted it in 2009. Crowd Funding: What All Nonprofit Organizations Should Know Page 4 But it was the 2003 launch of ArstShare that marks the actual birth of the modern crowd‐funding plaorm, as it is known now. Between 2003 and 2011, more sites popped up, helping raise $89 million worldwide in 2010, $1.47 billion in 2011, $2.66 billion in 2012 and $5.1 billion in 2013 and, according to “Cracking the Fundraising Code,” 30% of the $5 billion that was crowd‐funded went to social causes. Interesng data published by the UK’s Crowd Funding Centre indicates that more than $60,000 was raised on an hourly basis via global crowd‐funding iniaves during the month of March 2014 and 442 crowd‐funding campaigns were launched daily during that same month! The numbers speak for themselves. But the novelty and wild success of today’s crowd ‐funding pracce lies, not in the concept that many small donaons can make a big impression, but rather in the Internet technologies and a cung edge mindset that are giving it new momentum. How Crowd Funding Actually Works Crowd‐funding projects range across a wide spectrum from community‐based (nonprofit) projects that offer no financial gain to sophiscated corporate campaigns that promise monetary payback for investors. Recognizing all the alternaves that crowd funding makes possible, the nonprofit sector is most interested in what’s called Donaon, or Charity, crowd funding. This opon invites people to invest in a project because they have a passion for the mission and goals of the nonprofit organizaon and/or the people involved. Unlike a for‐profit campaign, the return on investment in a charitable campaign is intangible. It is not based on a monetary reward but on the personal sasfacon that comes from being dedicated to ‘doing good’ in the community. Crowd funding can help nonprofits, but the key is to remember that it is not meant to be an ongoing campaign and it is definitely not intended to take the place of other channels like galas and luncheons, golf oungs, web donaons, direct mail, 5K races, and personal solicitaons. It is a short‐term tool that should be integrated into a balanced mix of funding opportunies, generang immediate interest in a fun and novel fashion but not replacing other more tradional avenues. For example, crowd funding is an excellent way to raise funds for a specific objecve, such as: pay for a new piece of equipment, make improvements on a facility, launch a new service, or even fund a cool video for the organizaon’s website. With an end date and a dollar amount established, and genuine excitement around a tangible, meaningful goal, it is fairly easy to engage the support of exisng loyal followers and encourage them to tell their friends. Through the power of social media and personal interacon, the crowd grows exponenally–even among those who know lile about the organizaon but who are inclined to pitch in. Most oen funders are movated Page 5 Crowd Funding: What All Nonprofit Organizations Should Know by having a connecon to a cause with a greater purpose, inspired not only by what the organizaon does, but by why it does it and who it helps. Crowd funding can be a great way to supplement the exisng fundraising efforts of a nonprofit organizaon. But like every great idea, it requires a strategic plan to implement it effecvely. Geng a Strong Start The first thing to do is write a descripon of the project, outlining exactly how it will benefit both the organizaon and, ulmately, the community it serves. This is the official ‘pitch’ that will be used to substanate and promote the crowd‐funding campaign. Next, idenfy the audience that is most likely to support the campaign. To be most effecve and efficient, it is important to understand the community that comprises the main focus of the campaign. The needs, expectaons, and values of the target ‘crowd’ play a key role in a crowd‐funding campaign, which is always dependent on the passion and enthusiasm of the funders. Thirdly, decide what types of rewards will be offered to ence funders. This ‘incenves’ component is integral to any crowd funding–especially for nonprofits that are not offering any financial gain but, rather, providing personal graficaon for supporters. The cost of the reward is not significant. In fact, recent studies reinforce the noon that supporters of a charitable crowd‐funding campaign neither want nor ancipate a gi in return for their generosity. They just want something that helps them feel connected to the community they are supporng. Be sure to ask if they want to be listed on the organizaon’s website, because even a lile bit of public acknowledgement can go a long way. In addion to a thank ‐you note or other sincere show of gratude, items like a leer of appreciaon from a client who is a recipient of the nonprofit’s services can provide an emoonal impact. Small items having an imprint of the nonprofit’s name and logo on them, such as headbands or bracelets, work well as a reward–as does having the opportunity to meet the leaders of the nonprofit, taking a tour of the facility, or engaging in some disncve experience connected to the group or the community it serves. Being creave is a central pillar for a crowd‐funding campaign. Out‐of‐the‐box thinking is encouraged, so every opon should be considered. This may even mean developing an affiliaon with a local arst who can design something relevant and disncve as a perk for campaign supporters, or forging a strategic alliance with a high‐profile individual or group in the community that can build interest with followers. Every successful online campaign relies on visual elements to tell the story and capture the imaginaon and emoons of donors. Crowd funding is no excepon. Short but powerful videos are essenal for success, along with plenty of pictures that strengthen a powerful connecon between the nonprofit and its supporters.
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