Crowdfunding: 10 tips on how to take control and do it yourself

More and more students find that crowdfunding – an alternative to traditional fundraising – can eliminate some of the disadvantages that are usually associated with scholarships or grants.

Crowdfunding is a much faster opportunity, where you can take the lead and involve friends, family and other stakeholders in collecting money for your project. It is easily accessible and you can, if nothing else, pass the time with a crowdfunding attempt while waiting for answers for your scholarship applications.

Here are 10 general tips that can help get your project off the ground. There is loads of ​​great advice out there, but it’s not certain that all the advice works equally well for all kinds of research.

#1 The project must be inspiring – and make a difference to others

If others are to support your project and help spread the message, it is important that they are thrilled with the idea. Others must be able to understand why it is important and why you need their money to do something about it.

# 2 You and your project’s credibility are crucial

It is important that you and your project appear credible. If others are to support the project, it should be easy for them to understand what it’s all about and how to help you further. The project description must be so convincing that they want to support your project without knowing you already. Describe why you are particularly qualified to complete the project.

# 3 Show what you are seeking support for

Show exactly what it is you are looking for support for, and how the money will be used. You can make a draft budget so everyone can see exactly what the money goes to. If you are looking for money for specific, itemized expenses, people will usually be more willing to donate.

# 4 Offer special rewards

It’s important to make the incentives for supporting the project as appealing as possible. Here is an opportunity to offer something that only you can deliver . A creative reward can almost get as much attention as the project itself.

# 5 Explain how crowdfunding works

Crowdfunding may be new to many people, but if you explain crowdfunding as a kind of pre-order rather than a donation, most people can better relate to it.

# 6 Get people in on it from the start

Get your friends and family (and any fans you may have) to support the project right from the start so there is momentum in the collection when those you don’t know visit the page for the first time.

# 7 Keep the buzz going

It is not enough to set up a crowdfunding campaign and believe that people will find it themselves. It’s hard work to show that the campaign is still running. Use a newsletter, social media, press coverage or events to talk about the status of the campaign. Send out  sweeteners to keep people interested.

# 8 Remind people to donate

Even those who really want to support your project need to be reminded of it over and over again before they get it done. It may feel pushy or like you are spamming people, but it takes a lot of time to get the money out of people’s pockets.

# 9 Follow up

In the end, crowdfunding is about relationships. You build up a relationship with all who have supported your project and who have shown you trust. Do not spam them, but be sure to tell them how the project has evolved and thank them for their support.

# 10 It’s about more than money

You can learn a lot about your project by seeing what others emphasize when they recommend others to support your project. At the same time, there are good chances that those who cannot support you with money, will support you instead with help and know-how.

William Cotton and Pierre-Ami Maudouw collected DKK 18,000 for their thesis research. If you want to read about how they achieved success with crowdfunding, you can read more here.