This has opened up an incredible opportunity for social entrepreneurs to raise the funds they need to launch companies which create a better future for their communities.
While the world’s most publicised crowdfunding campaigns can only be described as addressing ‘first world problems’ a newer generation of crowdfunding platforms is allowing Not for Profits and social entrepreneurs an opportunity to raise the funds to create a better future for their communities. Entrepreneur, Tom Dawkins from StartSomeGood explains.
Over the last few years Crowdfunding has become increasingly popular, and depending on your definition is expected to raise as much as $5 billion globally by next year. Many of the most prominent campaigns can only be described as solving “first-world problems”, from Hollywood celebrities who want to retain full control of their projects to watches which save you reaching into your pocket for your text messages.
Beyond the hype however crowdfunding has fundamentally democratised cultural production, connecting artists and creators directly with fans and consumers. This direct connection has replaced the need for permission from record labels and radio stations for many musicians, allowing them to build careers on the back of the core group of people who love their music rather than relying on the traditional gatekeepers to validate them.
For Not for Profits none of this is new. Online fundraising platforms including Facebook Causes, Razoo and Jolkona allow Not for Profits to leverage the power of online networks to assist their fundraising goals. But these platforms are limited to organisations with an American 501(c)3 charity registration. In Australia sites like Everyday Hero are similarly for the exclusive use of tax-deductible charities.
This newer generation of crowdfunding platforms however, including StartSomeGood, Kickstarter, IndieGoGo and Pozible, allow fundraising by all kinds of groups: charity, Not for Profit , for profit and unincorporated. This has opened up an incredible opportunity for social entrepreneurs to raise the funds they need to launch companies which create a better future for their communities.
These platforms can give social entrepreneurs a better option for early-stage funding of their idea. Rather than hoping for a government grant, a bank loan or a friendly impact investor, all of which are extremely scarce, a committed entrepreneur with an idea for a social enterprise can, much like the musicians discussed above, turn directly to their community and ask for the help they need to launch, grow or evolve.
Social enterprises are just as capable as Not for Profits in painting an inspiring picture of the impact they are creating in the world, but they combine this with a product or service which people value in the marketplace. The combination of these two elements creates the most engaging, sharable and successful crowdfunding campaigns.
Over the past two years hundreds of entrepreneurs (and organisations) launching initiatives to create a better world have used crowdfunding as a tool to help them achieve their goals. Success stories include Jennifer Windrum, who launched SMAC: Sock Monkey’s Against Cancer with the support of $35,000 raised from 400 supporters. With a moving personal story and incredible passion for her cause she rallied a community behind her vision of a buy-one-give-one toy company which supports cancer patients and funds cancer research.
Closer to home Food Connect Sydney raised funds on StartSomeGood to launch local farm tours. So rather than just bringing to the farm to the city in the form of food deliveries they are taking city-dwellers out to the farm to learn more about where their food is coming from. One Can Grow launched their entrepreneurship courses for high school students with a crowdfunding campaign and Sydney-based entrepreneur Mikey Leung put his money where his mouth was and crowdfunded his crowdsourced travel publishing company with two campaigns totalling $25,000. And over the coming months we’ll be launching social enterprises as diverse as toilet paper, sleepwear and food trucks.
And proving that trend truly isn’t just about first world problems, we’ve worked with many social enterprises in the developing world, including Kinyei, a café and bike tour operator in Cambodia, who raised funds to support their transition to an entirely local-owned and run operation, as well as projects in Nepal, Mexico, Nigeria and twenty other countries so far.
Crowdfunding has several unique advantages as a fundraising mechanism.
The Latest Bing News on:
- T4L, Inc. Announces The Launch of Their Equity Crowdfunding Campaign on WeFunderon November 27, 2020 at 3:05 pm
T4L, Inc. today announced that it is raising funds through an equity crowdfunding campaign on WeFunder.com/T4L to continue ...
- Crowdfunding campaign opens to help keep Orlando's own Will's Pub openon November 27, 2020 at 3:02 am
Even though reopening is in effect, the attendance at live shows hasn’t exactly been a stampede, which is personally understandable. But as much as ...
- Beer Dabbler Launches New Website, Crowdfunding Campaignon November 26, 2020 at 3:11 am
Beer Dabbler, Minnesota's premier craft beer festival company, has launched an all-new website and crowdfunding campaign to support its new mission of bringing the beer community with the latest ...
- Hele Fitness launches crowdfunding campaignon November 25, 2020 at 9:28 am
Hele Fitness was honored as PBN's fastest growing company this year, and the momentum of that growth has not slowed down, with year-to-date profits having already exceeded 2019 revenue.
- Nicholas Actuarial Solutions Equity Crowdfundingon November 25, 2020 at 12:03 am
Nicholas Actuarial Solutions Sdn Bhd, the top actuarial firm in Asia, has launched an equity crowdfunding campaign to raise up to MYR 10 million. This campaign is launched via pitchIN, a leading ...
- Saucy Brew Works pushes crowdfunding campaign deadline to Januaryon November 24, 2020 at 10:19 am
Still short of its $1 million goal, Saucy Brew Works again has extended its crowdfunding campaign, this time setting a deadline of Jan. 22. The Cleveland-based craft brewer launched the campaign this ...
- Crowdfunding Market Latest Advancements, Developments and Scope 2020 to 2026on November 24, 2020 at 3:54 am
The report discusses many vital industry facets that influence the Global Crowdfunding Market industry acutely which includes extensive study of competitive edge latest advancements region wise ...
- Red Lake Nation uses crowdfunding to bet big on solar energyon November 20, 2020 at 10:05 pm
The Red Lake Nation is betting big on solar energy. The Chippewa Indian reservation in northern Minnesota will soon be home to one of the region's largest solar arrays, a 240-kilowatt installation ...
- Designed to Help Restore Freedom During the Pandemic, Gabriel3 Protective Hoodies Quickly Quadruple Crowdfunding Goal as Virus Numbers Riseon November 20, 2020 at 4:25 pm
USD in its first week on Kickstarter, offering 30 features including a hidden detachable visor and face mask, plus a ‘click ...
- Republic launches startup crowdfunding community in Dallason November 20, 2020 at 11:11 am
Creating a community to invest in the community – that was the theme of the night at Republic Cities’ launch in North Texas during Global Entrepreneurship Week Fort Worth. The early-stage startup ...
The Latest Google Headlines on:
The Latest Bing News on:
- Mirror Entrepreneur Sold Her Fitness Startup to Lululemon. Letting Go Meant Sticking Around.on November 27, 2020 at 3:21 pm
When Brynn Putnam sold her company for $500 million, she couldn’t walk away from what she created. She joins a list of prominent entrepreneurs who cashed in without checking out.
- 8 women entrepreneurs under 30 to watch in 2021, according to investors, CEOs, and executiveson November 27, 2020 at 6:05 am
Meet eight women industry experts chose to highlight for their business acumen, tenaciousness, and potential coming into the new year.
- 4 Strategic Business Lessons From Entrepreneurs Who Run Their Business Completely Onlineon November 26, 2020 at 10:22 pm
As an entrepreneur, you will have to constantly reframe your understanding of what’s happening in the business world and be willing to adapt ...
- Ashraf Patel named social entrepreneur of the yearon November 26, 2020 at 7:22 pm
Two organizations that train the youth for leadership roles, Pravah and ComMutiny, on Thursday won the Social Entrepreneur of the Year (SEOY) award instituted by the Schwab Foundation and Jubilant ...
- Smriti Irani gives away the Social Entrepreneur of the Year award to Pravah and ComMutinyon November 26, 2020 at 8:50 am
The finalists were picked from among 100 entries and applications from 23 cities across India.Established in 1993, Pravah has been facilitating the development of a generation of empathetic, sensitive ...
- Social impact entrepreneurs: Funding available for food access solutions in Chicago and Atlantaon November 25, 2020 at 6:10 pm
Businesses and nonprofits that are working to sustainably address food insecurity in Chicago and Atlanta may be eligible for more than $4.5 million in social impact funding through the American Heart ...
- How A Brazilian Social Entrepreneur Will Train 2 Million Women For The Digital Economyon November 23, 2020 at 10:02 am
The Women Entrepreneurs Social Network is expanding into a model that includes digital literacy, content, acceleration, mentoring and capital for female entrepreneurs.
- Meet Abdullah Taleb: The Entrepreneur Who Pioneered Social Media Marketingon November 19, 2020 at 8:20 am
LOS ANGELES, CA / ACCESSWIRE / November 19, 2020 / In today's digital world, it's no secret that social media marketing has become an ...
- Angela Jerabek Receives Social Entrepreneur Of The Year Awardon November 19, 2020 at 4:00 am
BARR Center announced today that its Founder and Executive Director, Angela Jerabek, is the recipient of the 10th annual Donald McNeely ...
- 'In the DNA': How social entrepreneurs are getting creative in pandemicon November 19, 2020 at 12:02 am
As COVID-19 forces businesses worldwide to reinvent themselves, social entrepreneurs are getting creative to help communities hit hard by the pandemic - from a Ugandan medicine-on-wheels service to ...