Indiegogo - Fund What Matters; US Institute of Peace
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Danae Ringelmann speaks about crowdfunding at the US Institute of Peace's Media that Moves Millions event in Feb 2013. Presentation covers the basics, case studies for peacebuilding and tips for success.
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Indiegogo - Fund What Matters; US Institute of Peace
- 1. Fund What Matters Danae Ringelmann, CFA, Founder, Indiegogo danae@indiegogo.com @gogodanae
- 2. Fortunate Sons DrinkSavvy Beat Making Lab Documentary Film Rape Drug Indicator Cup UNC Curriculum to Congo Common?
- 3. Fortunate Sons DrinkSavvy Beat Making Lab Documentary Film Rape Drug Indicator Cup UNC Curriculum to Congo $13,273 raised $52,089 raised $5,211 raised 153 funders 2,582 funders 78 funders Crowdfunding
- 4. A Bit of History Who, What, Where, How, Why Crowdfunding’s Emerging Role in PeaceBuildin Keys to Success A Wish
- 8. Est. 2008
- 9. What is Crowdfunding? Crowdfunding is people-powered finance.
- 10. Emmy’s Organics t
- 11. Emmy’s Organics
- 12. What is Crowdfunding…. really. Crowdfunding is people-powered finance. t Multiplication, not pooling Empowerment, not begging Relational, not transactional
- 13. Where?
- 14. Who? Causes Artists Entrepreneurs Protest Emmy hero $48,806 raised $341,121 raised $15,326 raised 509 funders 8360 funders 102 funders
- 15. How It Works
- 16. How It Works
- 17. How It Works
- 18. How It Works
- 19. How It Works
- 20. Why Now?
- 21. Why People Fund Passion Participation & Pride Perks
- 22. Role in Global Peacebuilding Empowering communities to fund what matters Voting with one’s dollar is far more effective in activation and engagement than a like
- 43. 4 Keys to Success Engaging Pitch Attainable Goal Unique Perks Proactive Communication
- 44. 4 Keys to Success: #1 Engaging Pitch Honesty, transparency & authenticity Who: are you? What: are you raising money for? When: will you project take place? Where: will you project take place? Why: does the world need your project to exist? How: can people get involved? Make it personal! More tips: http://support.indiegogo.com/entries/20353061-create-a-great-pitch
- 45. 4 Keys to Success: #1 Engaging Pitch Make an personal video! Data Insight: Campaigns with videos raise 114% more! Image Video
- 46. 4 Keys to Success: #2 Attainable Goal Higher goal doesn’t always mean more money! 87% of campaigns that reach their goal exceed it, by an average of 32% Expect to raise 20-30% of your goal from within your own network (friends & family) The probability a campaign will reach its goal quadruples (4x) once it reaches 10% of its goal.
- 47. 4 Keys to Success: #2 Attainable Goal Break down large goals into smaller chunks!
- 48. 4 Keys to Success: #3 Unique Perks Offer unique, creative, personal & non-copyable! You can have more than 1 perk at a same amount You can change/add perks throughout campaign (display up to 12 at one time) You can limit the # available
- 49. 4 Keys to Success: #3 Unique Perks 5-8 perks is the sweet spot! 5 – 8 perks
- 50. 4 Keys to Success: #3 Unique Perks Offer an amazing $25 perk. It’s the most popular! $25
- 51. 4 Keys to Success: #3 Unique Perks Some creative ideas! Join the conversation Personal thank you notes or phone call Offer early access to products/services Donated perks from local businesses Throw a party for funders Artistic engagement/credit Teach a class or host a tour Offer unique, limited edition items Free entry or membership discounts Share insider secrets
- 52. 4 Keys to Success: #4 Proactive Communication Engage inner circle first! Soft launch Creating an “Action Team" at the beginning of your campaign. Share with friends & family immediately – email everyone you know! • Personalized emails result in highest contribution rate Update your email signature Once you gain traction, engage in a broader media push 20-30% of early funds should come from inner circle
- 53. 4 Keys to Success: #4 Proactive Communication Have a weekly/monthly marketing plan SUN MON TUES WED THURS FRI SAT 1 2 3 4 5 6 7 *Campaign *Twitter *Re-tweets *Campaign *Blog *Outreach to Launch! post *FB updates update on posting Twitter *FB/Twitter/ IGG influencers Blog *Press announceme Release after nt campaign has *Personal gained friends and momentum family Email
- 54. 4 Keys to Success: #4 Proactive Communication Use “Indiegogo update” regularly to keep funders informed The Basics • Sent at the end of the day to all funders and “favorites” • Send 1-2 a week • Treat it like a blog • Engage your community
- 55. 4 Keys to Success: #4 Proactive Communication Use “Indiegogo update” regularly to keep funders informed What to Talk About • Specific perks (details, new additions) • Campaign developments/milestones • Media coverage • Organizational developments • Add new content • Make funders feel like they’re special, part of an exclusive community
- 56. 4 Keys to Success: #4 Proactive Communication Campaigns with 1-5 updates raise on average 100% more Percentage of Funding Raised vs Overall Average Number of Updates
- 57. 4 Keys to Success: #4 Proactive Communication Use social media to engage • Ask questions • Recognize and thank contributors • Do polls • Always include your campaign link • Use hashtags • Ask for retweets • Whole team should tweet
- 58. 4 Keys to Success: #4 Proactive Communication Win the middle game More tips: http://www.indiegogo.com/blog/2012/07/indiegogo-insight-winning-the-middle-game.html
- 59. 4 Keys to Success: #4 Proactive Communication Identify, thank and incent influencers “Johnny Apple drove 139 referrals that resulted in $3,570 Thank you, Johnny!” More tips: http://support.indiegogo.com/entries/20491853-track-your-campaign-progress-with-analytics
- 60. 4 Keys to Success: #4 Proactive Communication Earn gogofactor promotion, Indiegogo’s algorithm that measures the activity of a campaign Gogofactor- Gogofactor determines: combination of many factors that measure • Featured spots in our newsletter or blo overall activity of • Placement on the site your campaign and • Search rankings your audiences • Inclusion in our press outreach response to that activity Meritocracy in Action: Everyone has equal chance of success More tips: http://support.indiegogo.com/entries/20589776-the-gogofactor
- 61. We’re here to help you succeed Our Customer Happiness Team is here for you Blog: for insights, tips and ideas: https://www.indiegogo.com/blog/ Help Center: for answers to specific questions: http://support.indiegogo.com/forums Indiegogo.com: to view other successful campaigns: http://indiegogo.com Campaigner Happiness: page to learn the basics: http://www.indiegogo.com/happiness/campaigner
- 62. Are you next?
- 63. Thank you! Danae Ringelmann, Co-founder, Indiegogo danae@indiegogo.com @gogodanae
Editor's Notes
- What does a documentary about 70 year old women playing basketball from RaleighA mobile device organizer designed in Asheville and A UNC Chapel Hill beatmaking music class curriculum traveling to the Congo to teach kids how to make beatsAll have in common?
- CrowdfundingAll of them were financed by the people… the fans, the customers and the supporters all wanting to see these projects come to life.
- My name is DanaeRingelmannOne of the founders of Indiegogo, the largest global crowdfunding platform in the world. We launched in Jan 2008, and now we’re distributing $millions every week to entrepreneurs, artists and causes like the ones you just saw from across the world. We host campaigns in nearly 200 countries, 4 currencies and 3 languagesSince our launch in 2008, hundreds more platforms have come about. In fact when we started, the word crowdfunding didn’t even exist. So while we’re 5 years young and still feel like we’re just getting started; we’re still the oldest which is why I’m up here today to talk about crowdfunding.How its changing the worldAnd specifically manufacturing.To give a clue as to where we’re going today, I’m going to speak with you about:Who is using crowdfundingHow it actually worksWhy it works and Why now – why has crowdfunding has taken the world by storm (and this will touch on a little of what Chris Anderson was speaking about earlier, and how crowdfunding is part of the Rise of Indie Capitalism)What does this mean for the future?I’ll leave you with a few wishes…
- Indiegogo was founded in 2008
- My name is DanaeRingelmannOne of the founders of Indiegogo, the largest global crowdfunding platform in the world. We launched in Jan 2008, and now we’re distributing $millions every week to entrepreneurs, artists and causes like the ones you just saw from across the world. We host campaigns in nearly 200 countries, 4 currencies and 3 languagesSince our launch in 2008, hundreds more platforms have come about. In fact when we started, the word crowdfunding didn’t even exist. So while we’re 5 years young and still feel like we’re just getting started; we’re still the oldest which is why I’m up here today to talk about crowdfunding.How its changing the worldAnd specifically manufacturing.To give a clue as to where we’re going today, I’m going to speak with you about:Who is using crowdfundingHow it actually worksWhy it works and Why now – why has crowdfunding has taken the world by storm (and this will touch on a little of what Chris Anderson was speaking about earlier, and how crowdfunding is part of the Rise of Indie Capitalism)What does this mean for the future?I’ll leave you with a few wishes…
- People-powered finance – people coming together to vote with their dollar.
- Everyone is doing itOnIndiegogo, we have everyone from designers in Hong Kong to photographers in Europe to philanthropists in Canada raising money from the people to power their ideasEven babies
- The way it works.
- By selling 1500 luminaid lights in 25 countries in just a few short weeks, Luminaid validated that there was market demand for this product. Serendipity…board members, partners, investors, …one time film-maker was doing documentary and the great grandchildren of his subject found out about it and actually reached out to him…lots of things can happen if get out there…
- By selling 1500 luminaid lights in 25 countries in just a few short weeks, Luminaid validated that there was market demand for this product. Serendipity…board members, partners, investors, …one time film-maker was doing documentary and the great grandchildren of his subject found out about it and actually reached out to him…lots of things can happen if get out there…
- By selling 1500 luminaid lights in 25 countries in just a few short weeks, Luminaid validated that there was market demand for this product. Serendipity…board members, partners, investors, …one time film-maker was doing documentary and the great grandchildren of his subject found out about it and actually reached out to him…lots of things can happen if get out there…
- By selling 1500 luminaid lights in 25 countries in just a few short weeks, Luminaid validated that there was market demand for this product. Serendipity…board members, partners, investors, …one time film-maker was doing documentary and the great grandchildren of his subject found out about it and actually reached out to him…lots of things can happen if get out there…
- Raising money is nothing new. It’s existed since the beginning of time. A gret example is the statue of libertySo what is new – is how crowdfunding has made raising money far more efficient, effective and accessible. Now anyone can do it. What’s enabling this is a series of irreversible tectonic shifts in technology.With the rise of the the internet, Social media and the sharing culture – it’s never been easier to find, connect and build relationships with like-minded people who share your passions.With the growing ubiquity of online payments – people can fund an idea with a click of a buttonYou don’t have to be a newspaper baron, with a team to go knock on doors to collect funds, asking them to tell all their friends via word of mouth. You can have a crowdfunding campaign connected with facebook, twitter and paypal – to serve as the magnet for people passionate about your idea to come fund and share with others passionate too. Everyone can spur their own mini-movement. On a platform like Indiegogo – where there’s a growing ecosystem of funders – can find new funders too.
- But underlying all of this are a universal / evergreen human behaviors at play. Or rather getting unlocked by crowdfunding:People want to have meaning in their lives. They like to support the things they care about, and they like to participate in opportunities bigger than themselves. They like to create the reality around themselves, versus waiting to let it happen. When you make it easy for folks to help, engage and determine what ideas come to life, they do.And if they could get a token of thanks in return, all the better. It’s the law of reciprocity. That’s why Indiegogo pioneered the perk-based model.
- Funding is benefit…. But power of crowdfunding is less about money, and more about engagement! When people vote with a dollar, they’re far more engaged than clicking a “like” button. How are activists, causes, artists and entrepreneurs activating their communities to get involved in peacebuilding efforts through crowdfunding? Let’s take a look.
- For people to bring together coutnries. People-powered, movement by the people for the people.
- For organizations to bring together groups – frats and transgender
- For people to fund people. To fund a person who’s fighting for peace and opportunity.
- For people to fund projects
- For people to fund a movement. Peacekeeping not just across borders, but inside schools too.
- For non-profits and organizations to fund projects. - non-profit to go on tour with Vans Warped Tour – rock festival in UK
- For people to fund non-profits and their efforts (best perk – get a recipe from a woman in one of these refugee camps)
- For people to fund volunteering
- For people to fund education. These guy to go to a Peace Insitute
- For people to fund films that lead movements and build awareness
- For people to fund artists to get their work out.
- For artists to fund what matters to them.
- For organizations to fund action networks.
- For people to fund products that lead a movement
- For people to fund
- For people to fund businesses that empower people
- -Tell your story-Be honest, transparent about why you’re raising and where funds are going-Let personality shine through-People contribute to people, not products/services
- -Tell your story-Be honest, transparent about why you’re raising and where funds are going-Let personality shine through-People contribute to people, not products/services
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- -Goal should be smallest amount possible to still move project forward and fulfill perks-Set a conservative goal (20-30% raised from friends and family, raise immediately)-Padding the tip jar (strangers want to see chance for success)-GREEN BAR EFFECT
- Go fund what matters to you.