"KICKSTART THE CLASSROOM" – ACADEMIC POTENTIAL OF CROWDFUNDING TOOLS: A

DISCUSSIONLARA OLSON—WINONA STATE UNIVERSITY

OUTLINE

• Personal story with Kickstarter (music related)

• Compare three big crowdfunding platforms

• Introduce my Kickstarter project: Insights in how to run a Crowdfunding campaign successfully

• Connection with education

• Discussion

• Wrap up

BACKGROUND: MY STORY WITH KICKSTARTER

• Plan: release a CD in spring 2015, go an tour

• Questions:

• How can I promote my music so I can grow my audience?

• How can I get people excited for my project?

• How can I get money?

• “I’m going to crowdfund my project”

CROWDFUNDING

• Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, today often performed via internet-mediated registries […] Crowdfunding is a form of alternative finance, which has emerged outside of the traditional financial system.[2]

• The crowdfunding model is based on three types of actors: the project initiator who proposes the idea and/or project to be funded; individuals or groups who support the idea; and a moderating organization (the "platform") that brings the parties together to launch the idea .[3]

• In 2013, the crowdfunding industry raised over $5.1 billion worldwide.[4]

PLATFORMS: KICKSTARTER VS. INDIEGOGO VS. GOFUNDME

KICKSTARTER INDIEGOGO GOFUNDME

Set a monetary goal yes Yes, but you don’t have to raise goal amount

Yes, but you don’t have to raise goal amount

special Most popular, more art oriented

Middle ground Business and personal

Education category No Yes Yes

Flexibility All or nothing approach All or nothing or flexible All or nothing or flexible

Rewards for backers Yes Yes No

Project duration 30-60 days Up to 40 days No deadline until you choose all or nothing approach

EXAMPLE OF GOFUNDME PROJECT: WAREHOUSE LA CROSSE• https://www.gofundme.com/allages

HOW TO RUN A CROWDFUNDING CAMPAIGN SUCCESSFULLY• High media and social media presence

• Connection with YOUR community

• Realistic goal

• Catchy video as attention getter

• Explain your budget clearly

• Have fun rewards that seem interesting for your community

• Step 1: Assemble Your Team

• Step 2: Identify Your School’s Needs and Determine the Funding Timeline

• Step 3: Identify Your Network

• Step 4: Choose a Crowdfunding Platform

• Step 5: Write a Project Description and Tell Your Story

• Step 6: Craft a Project Video or Slideshow

• Step 7: Brainstorm Perks/Rewards

• Step 8: Kick Off Your Launch with a Bang and Keep Charging

• Step 9: Update Your Network

• Step 10: Celebrate and Debrief Your Campaign

PERSONAL EXPERIENCE: CROWDFUNDED CD

• https://www.kickstarter.com/projects/1861919953/shen-tehs-debut-ep-alter-ego

UNIVERSITY CROWDFUNDING VS. TRADITIONAL DONATION SYSTEM

• http://www.scalefunder.com/

• University crowdfunding set up by Scalefunder: University of Maryland:

• https://www.launch.umd.edu/g/pastprojects

CROWDFUNDING AT UNIVERSITY IN BOULDER

• https://www.colorado.edu/crowdfunding/

ESL CLASSES IN OAKLAND

• http://startsomegood.com/Venture/english_works/Campaigns/Show/bring_back_adult_esl_classes_to_oakland

OTHER PLATFORMS• Useed (crowdfunding from alumni):

• Addressing the problem of getting millenials who are highly in debt, to donate

• Research: The Millennial Impact Report states that, in 2014, 73% of millennials gave to a non-profit.

• The solution: Millennials want to give to causes, not institutions. Crowdfunding for universities and colleges solves this problem project-based funding.

• http://useed.org/why-crowdfunding-for-universities-and-colleges/?__hstc=125127765.5b1f81ac9eb8a0cbb91c8e3d06c809d0.1446607127618.1446607127618.1446607127618.1&__hssc=125127765.4.1446607127618&__hsfp=2885857034

• Rockethub

• https://www.rockethub.com/

EXAMPLES

• https://www.gofundme.com/Fraugrossi

• https://www.gofundme.com/Jfritz

• https://www.gofundme.com/OmanDoc

• https://www.indiegogo.com/projects/heathwood-press-a-call-for-solidarity#/

• https://www.indiegogo.com/projects/empower-syria-s-refugees-project-amal-ou-salam--3#/

• https://www.indiegogo.com/projects/poetry-rhyme-fall-2015#/

REFERENCES AND USEFUL LINKS• https://www.kickstarter.com/discover?ref=nav

• https://en.wikipedia.org/wiki/Crowdfunding

• http://monetizepros.com/features/crowdfunding-platforms-compared/

• https://www.gofundme.com/allages

• https://www.kickstarter.com/projects/1861919953/shen-tehs-debut-ep-alter-ego/description

• http://useedco.wpengine.com/why-crowdfunding-for-universities-and-colleges/

• http://www.educationworld.com/a_admin/crowdfunding-fundraising-schools-tips-best-practices.shtml

• http://www.edutopia.org/crowdfunding-fundraising-resource-guide

• http://www.slideshare.net/EverTrue/the-20-best-highered-crowdfunding-campaigns

• https://www.case.org/Publications_and_Products/2013/MayJune_2013/Crowd_Around.html

THANK YOU!