Is Crowdfunding Right for You?
by Erin Swietlik and Gwen Doyle (Academic Impressions) In our introduction to crowdfunding published this past fall (“Higher-Ed Crowdfunding: What Is It and Why Does It Matter?“), we outlined what crowdfunding is and what distinguishes it from other fundraising and donor acquisition tools that are gaining popularity across higher-ed fundraising shops. In this article, we will examine: The pros and cons of employing a crowdfunding model to attract new donors and increase annual fund giving. How to account for the dollars raised via a crowdfunding initiative. How to measure the success of a crowdfunding initiative. As crowdfunding continues to be a key buzzword across college campuses, institutions are leveraging crowdfunding platforms to fund a variety of initiatives, including: faculty or student research (including efforts at the University of Virginia and the University of Utah), student organizations and projects (see Cornell University), and other assorted institutional initiatives (such as the University of California system’s “Promise for Education” campaign). In our research into crowdfunding initiatives, we interviewed a variety of advancement and alumni relations professionals in higher education and providers of crowdfunding tools; these experts had differing perspectives, and here are some of the insights they provided. To help you decide if […]
