What is crowd funding?
Crowd funding is a way to raise money during a specific period of time, from individuals, in return for rewards. Money is raised online, using a website like Crowd Funder, Kick Starter or Podium Partners (which specifically raises funding for sport). This approach to raising funds works best for creating or launching a new product or service or when raising money for something that will benefit a local community, such as a new tennis court, or a refurbished cycle path.
Why is it important to sport in London?
Crowd funding can help people to raise vital funds for physical activity and sport in London and often benefiting the local community. We tested it ourselves in 2016 with the #MostActiveCity Crowd Funder pilot, providing eight projects, ranging from new gymnastics equipment through to outdoor exploring sessions for children, with access to a dedicated campaign platform. Six out of eight projects reached their funding target and we are now exploring more crowd funding opportunities to offer our partners in the future.
Is crowd funding for you?
This approach isn’t for everyone. To get the best results, you need to explore what your offer is to those donating and how you’re going to talk about the project. Here are some simple questions to answer before you consider crowd funding.
- Are you trying to raise less than £25,000?
- Do you have a range of rewards to offer those donating?
- Do you have images and film to explain what you’re raising funds for?
- Could you raise your target within 28 days?
- Do you have members or individuals you can promote your project to?
If you answered yes to some of these questions, crowd funding might be a great way for you to secure more funds for your work.
Get in touch
Want to discuss more? Get in touch with Melanie Antao, our Specialist Advisor for Funding – firstname.lastname@example.org