With the advent of social media, crowdfunding became a hot topic in charitable industries. But many advancement officers found themselves hesitant, unsure if crowdfunding could make an impact in higher education.
It did. We recently updated our work on Disruptive Innovations in University Fundraising with recently released data from the 2015CF Crowdfunding Industry Report, and the numbers are staggering. Dollars raised from crowdfunding have seen a projected increase of $18.2 billion from 2014 to 2015 alone. Although these totals do include a variety of crowdfunding categories like microfinance, peer-to-peer lending, and equity-based investments, donation-based crowdfunding itself has still seen rapid increases, with a 95% increase since 2012.
One member's foray into crowdfunding
- Year one: Raised $507,371 from 3,255 unique donors
- Year two: Raised $672,757 from 3,281 unique donors
Disruptive Innovations in University Fundraising profiles a number of successful crowdfunding initiatives such as the one-day giving campaign at Miami University.
Miami was hesitant to implement one, but after seeing EAB's presentation at a national meeting they developed the #MoveInMiami campaign to increase alumni participation. Occurring on the day students first arrive on campus, #MoveInMaimi's dedicated campaign website counted down 24 hours of giving and encouraged alumni to share their memories on social media to much success.
Use EAB experts and research to help guide your new programming
Crowdfunding initiatives are successful because of their power to convert non-donors who may never have considered supporting their alma maters. The campaigns illuminate direct impact and make even small donors feel essential to the success of the project. While the total dollars might be smaller, crowdfunding creates a good first impression with donors and a foundation that advancement staff can build upon to cultivate continuous support.
Key Components of Crowdfunding Campaigns
Next, Check Out
The Strategic Alumni Relations Enterprise