7 Crowdfunding Tips for Scientists
Posted by Jai Ranganathan on September 29, 2011
Quick note by Jai Ranganathan:
this post is byBrian Meece,the CEO and co-
founder of the crowdfunding platform RocketHub.Also, registration for the
#SciFund Challenge closes on October 1
–
sosign up now!With that, on with the
post.
Crowdfunding = a new way to gather financial support for science projects.
For the first time in human history, science
has the ability to be funded by “the people,”
not by endowments, wealthy patrons, or thegovernment.
With ever-increasing access to modern socialnetworking (e.g. platforms such as Facebook,Twitter, LinkedIn, etc.), and a growing habitof building a newsletter list, scientists aremore connected to an extended network of supporters than ever before.As a Co-Founder of RocketHub, one of the
world’s largest crowdfunding platforms, I
have seen thousands of projects raise fundsand awareness via this new form of micro-patronage. Crowdfunding platforms can offerthe credibility and infrastructure necessary tosuccessfully harness the financial power of the crowd, but because crowdfunding is a newtrend, many misunderstand how to effectivelyleverage the tools available to them.
When undertaking a crowdfunding project of your own, be sure to avoid thesecommon pitfalls:
Setti
ng unrealistic fundraising goals: “Internet Angels” (wealthy strangers
trolling the internet looking to give away large sums of money) are theexception, not the rule.
Underestimating the importance of marketing your project: The assumption
that “If You Build It, They Will Come” (simply posting to a crowdfunding
platform and expecting contributions) is a conviction best left to KevinCostner movies.Crowdfunding is WORK, but it is smart work.Based on extensive experience and persp
ective with crowdfunding patterns, we’ve
developed
7 Tips for Crowdfunding Success
:
1. Define Crowdfunding
Crowdfunding is an online event with a beginning, middle, and end. It is afundraising process with a deadline. Crowdfunding is trade, not aid
–
wheretangible goods and services are offered in return for financial contributions. It isnot charity or financial investment. Be clear and precise. Make sure that yournetwork of potential supporters knows what crowdfunding is and how it works.Embrace the f
act that you’re pioneering a new way to fund science.
2. Identify Your Allies
Crowdfunding is a team sport. Success will require help from your friends, family,and wider network. Make a list of your teammates, including direct collaborators,high impact financial contributors, and broadcasters (press contacts and socialleaders) who can spread your project to wider circles.
3. Create a Great Project
Make sure that your project is worthy of your time and other people’s attention.
Why
is your project important to you? If your answer is powerful enough, it will
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