ACUP Crowd Funding
Seychelles Islands Foundation.
Crowdfunding
Crowdfunding is a relatively new way of funding projects, the goal being to inspire individuals to want to help you achieve the project goals by donating to the project budget. There are several online crowdfunding platforms that work in different ways, some of which require a fee whilst others are free. We used a site that requires us to meet a set amount of our budget before funds were extracted from donors, if we didn’t reach that amount then the project would not go ahead. The crowdfunding site was easy to set up but requires you to write project details into sections. This should be easy because of already writing the project proposals and pitch packs. We were also able to embed the campaign video into this site. Once the site was set-up we shared it on all our social media sites and through our personal networks.
It is extremely straightforward to achieve this step, once the necessary research and preparations are in place. It is a matter of 'just do it'. Once the crowdfunding begins, and gains momentum, it creeaetes a sense of excitement and energy among project team members and contributors alike, as we watch targets being met and the portfolio of supporters grow. Access to the totals and ability to track contributions is an important enabling factor.
The important lesson we learnt during the crowdfunding stage is that it is better to set up the crowdfunding page for a smaller portion of your project budget and therefore better to wait to see if your receive any cooperate sponsors before initiating this phase. It was also useful that SIF had committed £20,000 pounds to the project. This encouraged public and corporate sponsorship as it was used to match the first £20,000 that was raised. People are also more likely to sponsor a project target that looks achievable especially bearing in mind these will be smaller donations. The crowdfunding page must also portray the project clearly and appeal to a wide variety of people. It is therefore important to set up the reward system for donations, ranging from small rewards to substantial rewards for large donations. For example, we rewarded small donations with a high quality digital photograph by a wildlife photographer who spent time on Aldabra and large donations with an invitation to the post-expedition events, hosted in Queen’s College.