“Crowdfunding” might seem like an intimidating boardroom buzzword, but in reality, it’s exactly what it sounds like: “the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet.”
This definition comes from Tanya Prive, co-founder of crowdfunding platform RockThePost. Prive recently shared several valuable insights about the crowdfunding industry with Forbes.
PHOTO: Rock the Post
— On how crowdfunding works:
“While each site offers their unique spin, the general concept is the same across the board: project creators can create a profile typically containing a short video, an introduction to their project, a list of rewards per donation, and some images to elaborate. Each campaign is set for a goal amount of money and a fixed number of days. Once the project is launched, each day will be counted down and the money raised will be tallied up for visitors to follow its success.”
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— On branding a crowdfunding campaign:
“By focusing on a bigger purpose, the driving force behind a brand, project creators will be able to cultivate a unique community of likeminded individuals… The idea is to create a compelling message that readers will be drawn towards.”
— On strategies to generate publicity:
“There is a huge misconception that creating a successful crowdfunding campaign is as simple as hitting ‘submit’ and waiting for it to go viral. While this has happened to many brands, the vast majority of projects will require a decent amount of effort on the part of the project creator. *Utilizing social media, creating email distribution lists before the project launches, contacting local media, are all necessary steps to take if you are serious about your goal.”
*If you’re a PR pro, that last sentence should sound pretty familiar!
Who are key players in crowdfunding now?
Here are the top ten based on web traffic:
GoFundMe
Kickstarter
Indiegogo
YouCaring.com
Causes
GiveForward
CrowdRise
Fundly
Fundrazr
FirstGiving
As any PR pro knows, the unique ideas are the ones that capture people’s hearts and minds (and in this case, their wallets). Here are a few campaigns that hit it big:
Panono:
“The Panono is a throwable ball camera that takes 360 x 360 degree photos from the air. It’s as simple as throwing the device in the air – then you get a whopping 108-megapixel panorama of the surroundings, which is great for events like parties or group photos at weddings.” – Translation: ultimate group selfies.
Pebble Watch:
“A watch connected to your smartphone that is able to show notifications.”
The future is upon us! We all knew a phone/watch hybrid was coming – even if we won’t be able to afford one for a while.
Veronica Mars Movie Project:
The devoted Veronica Mars fandom raised $5.7 million for their beloved TV show to earn a movie sequel. Personally, as much as I love Kristen Bell, I’m holding out for the Entourage movie. Is it June 2015 yet?
Wish I Was Here Movie Project:
Keep an eye out for Zach Braff’s broody follow-up to Garden State.Remember, you don’t have to be a tech guru or celebrity to use crowdfunding. If you have a unique idea and you work hard to convey its value, it will come to life – after all, that’s what Relevé PR is all about!
Here’s to making a difference,
Callie
@callierose36
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