How to Raise $4,000,000+ in 35 Days Via Crowdfunding
By Ambrose Moses, III
OhioMBE – July 1, 2014
In late May, LeVar Burton and The Reading Rainbow launched a crowdfund campaign on kickstarter.com with a goal of raising $1,000,000 to help in his mission “to bring Reading Rainbow back for every child, everywhere”. After 30 days, he had raised more than $4,500,000 from 91,000 backers from all across the United States, including Ohio.
LeVar’s campaign is an example of how crowdfunding can be used to garner support for a worthwhile activity. Of course, LeVar Burton and his Reading Rainbow program have a “crowd”that consists of millions of fans and viewers. Now, the typical crowdfund campaign does not have as many backers as LeVar’s or raise millions of dollars. But, it still provides a model that one might use in designing her own crowdfund campaign for a more local initiative.
It is important for the business owner, nonprofit organizer, or individual to have 1) a worthwhile and noteworthy project, 2) a community of people and groups that cares (i.e. a crowd), and 3) a way of communicating with her crowd (i.e. email list, Facebook, & Twitter). Obviously, she must also select an appropriate crowdfunding portal or host the crowdfund campaign on her organizations’s own website.
Developing and executing a successful crowdfunding campaign takes a lot of work. But it could be a viable way for a business, nonprofit, or individual to access needed capital for a worthwhile endeavor.
For information on crowdfunding, contact the Ohio Business Development Center at www.OhioBDC.com or call 614-285-6234.