How to increase the awareness and skills of crowdfunding fundraisers?
Research and innovation projects are not easy to understand and in order for the general public to understand them, they need to be well communicated.
According to the crowdfunding4innovation.eu study, what determines the success of a crowdfunding project is mostly related to how well the project is communicated; how well-described the purpose of the project is and how available project updates are.
To that end; the use of video and graphical material crucial. Existing research shows that thorough preparation and extensive communication (also through social media) is a key prerequisite of a successful campaign. Thorough and professional preparation are not only important to convince funders, but they also signal professionalism of the proponents (Mollick 2014). Accordingly, nearly half of surveyed fundraisers rated the inclusion of video material in their campaign as as “very important”
On the other hand, fundraisers highlight the creation of a business plan and the development of presentations and videos as important potential obstacles discouraging them from listing on a platform. Adding to the lack of communication skills, lack of resources is potential entry barrier for fundraisers as both the preparation of the CF campaign (e.g. video materials, launch of campaigns on social networks) and entry fees to platforms demand a significant effort and economic resources.
On top of that, lack of specific know how and information on the functioning of CF is highlighted as an entry barriers when listing on a CF platform. Understanding how CF may apply to specific innovation and research projects is crucial for listing successfully on a platform. Adding that a lack of knowledge or understanding of the economic mechanisms behind a platform can represent a limit/barrier for fundraisers. About one-third the survey respondents of users considers lack of information as an important barrier.
How can the EU help in increasing the awareness and skills of crowdfunding fundraisers?
One of the ideas is that the Commission could play a proactive role in raising awareness about the opportunities offered by crowdfunding platforms for R&I through:
How about an easy bottom-up approach? Establishing micro-grants on national or even European level to support campaign preparation might solve the issue of psychological and economical barrier.
Which solutions would you recommend?
Add your thoughts and ideas below or send an email to email@example.com(link sends e-mail) (link sends e-mail).