Understanding the Impact of Crowdfunding

Transcription

1 Understanding the Impact of Crowdfunding September September

2 Humboldt Park Help Us to Survive a Wisconsin Winter 2

3 3

4 4

5 December December Confirmation 5

6 Share Two Days Later 6

7 April 29,

8 The Envelope The Notes 8

9 3/27/2014 9

10 3/27/

11

12 5.6 million Donors 5.6 million Donors PLEDGED OVER $977 million 56,157 Projects SUCCESSFUL 12

13 56,157 Projects SUCCESSFUL 56 Projects $1 million+ 44% Success Rate 13

14 WARNING: WARNING: THIS IS NOT A FAD 14

15 WARNING: THIS IS NOT A FAD 2013: WARNING: THIS IS NOT A FAD 2013: $1.4 billion The Challenge 15

16 The Challenge Millennial Donors Millennial Donors Give Online 16

17 Millennial Donors Give Online Compelling Causes Millennial Donors Give Online Compelling Causes Personal Asks Millennial Donors Give Online Compelling Causes Personal Asks Direct Impact 17

18 EXPLORE 18

19 EXPLORE ADAPT EXPLORE ADAPT EXPERIMENT 19

20 Cornell Crowdfunding Pilot: August 2013 December campaigns $114,584 raised 1,302 donors $88 = Average Gift BOOST PARTICIPATION RATE 20

21 Participation Funding Culture of Philanthropy 21

22 Engagement Strategy Volunteer Opportunity Volunteer Opportunity TIME TALENT TREASURE 22

23 3/27/2014 Volunteer Opportunity NETWORKS Pipeline Pipeline REMAIN RELEVANT 23

24 Pipeline REMAIN RELEVANT REMOVE GUESSWORK Are you currently conducting experiments with crowdfunding? 24

25 The Donors Primary questions Who would give to these projects? Would it work to bring in new donors? Would it work to engage young alumni? Would we end up with lots of $5 gifts? Will this help or hurt the Annual Fund? The Who by constituent type % 89 7% 87 7% % alumni corporation/foundation faculty/staff friend parent student 64 5% 9 1% 25

26 The Who by giving behavior All donors Alumni only 68% 22% 10% Past donor Lapsed Non-donor 34% 20% 46% Past donor Lapsed Non-donor The Who by class year s 1960s 1970s 1980s 1990s 2000s 2010s Breakdown by gift size 350 $ $ $ $ $20 $5 50 $150 $300 $500 $200 $250 $1,000 0 $5 $25 $40 $75 $215 $400 $750 26

27 Will this help or hurt the Annual Fund? Non-donors Past donors 12% 15% 88% 85% AF Upsell Project only AF Upsell Project only Building a Home Latina/o Studies Program Sponsored by Marti Dense and Juliette Ramírez Corazón, College of Arts & Sciences and Cornell University, Alumni Affairs & Development $10,000 goal 148% of goal $14,811 raised 187 supporters total supporters Alumni Alumni, non-degreed Corporation Faculty Friend Non-alum, spouse of alumni Parent Pers., family foundation friend Staff Student 65% alumni supporters 43% first-time supporters % of total funded Week 1 Week 2 Week 3 Week 4 Thirst Quencher AguaClara Sponsored by Monroe Weber-Shirk, Senior Lecturer, Civil & Environmental Engineering and Cornell University, Alumni Affairs & Development $30,000 goal 108% of goal $32,365 raised 310 supporters total supporters Alumni Alumni, non-degreed Corporation Faculty Friend Non-alum, spouse of alumni Parent Pers., family foundation friend Staff Student 31% alumni supporters 75% first-time supporters 100 % of total funded Week 1 Week 2 Week 3 Week 4 27

28 What next? What happens later this year? What happens next year? Communications 28

29 It has to be personal. If it s not personal, it s not philanthropy, it s a transaction. --Martin Shell, VP for Development Stanford University Great Fundraising Communication Authentic Targeted Timely Concrete Sticky 29

30 The Communicators Sponsor (campus) Champion (alumnus) Team lead (student) Team members (students) Their networks Authentic Targeted Timely Concrete Sticky 30

31 31

32 32

33 They composed a story together By the way Some tempting fears... 33

34 Fears... Message/brand control Donor experience Quality control Conflicting priorities Scalability Fears... Message/brand control = Organic proliferation Donor experience = Deeply meaningful Quality control = Manageable with training Detract from priorities = Complement and learn Scalability 34

35 Gains Solid gold content Organic positive buzz Audience empowerment New audiences, ambassadors, donors Fresh research Safe place to innovate Scalability Thank You Andrew Gossen: Jen Kwiatkowski: Jennifer Campbell: 35