Using Crowd Funding for Big Ticket Projects
Conventional wisdom tells us that the best (in fact, only) way for a charity to get the bulk of its funding is from large ticket, often corporate, donations. While those Big Check donations are certainly welcome, it is possible to generate equivalent funds with much less work, and often at a much lower investment. How?
Ronn Torossian, CEO of 5WPR and Founder of the Ronn Torossian Foundation, says there is an answer to be found in the relatively recent internet phenomenon known as crowd funding.
Simply put, crowd funding uses the internet to “make the ask” to a much larger pool of potential donors. Because of the scope involved, more people can get involved for smaller sums, making them part of a much larger picture like never before.
Plus, when you set up a crowd funded opportunity for a local non profit, it’s not like sending a set amount of money to some anonymous international cause, however worthy. Donors can see the impact their donations are making in real time. They can actually VISIT their money at work. This is a huge benefit of locally-based crowd funding.
To be effective, though, crowd funding must be SPECIFIC. People want to know what they are donating to. Moreover, most crowd funding applications demand very specific causes, and very pointed marketing and promotional campaigns.
Meet this standard and you have an almost limitless, relatively inexpensive advertising and marketing opportunity like no other before.
And that’s not hyperbole. Crowd funding has always existed in one form or another, but there has always been substantial up front cost involved in both the development of the campaign and the distribution of campaign materials. The internet practically eliminates this second cost. This benefit is one no non-profit should ignore.