A recent online phenomenon is crowd funding. The idea is simple: lots of individuals donate small amounts towards a project they find interesting. If you find enough people willing to donate Â£10 then even large projects can generate the capital they require to get them off the ground. It is low risk for the investor for the project must raise 100% of the money required or else it gets nothing.
What do the investors get out of this? Three things:
- The warm glow of philanthropy
- Seeing a project they find interesting actually happen
- Investors are offered a scaled series of incentives in return for their donation.
I had planned to crowd fund the printing of my last book, but ran out of time to do so in the end. It would have enabled me to afford a higher quality print run, produce hard back books and so on. I would like to crowd fund the production of the short film from my next expedition. Investors will receive incentives such as DVD’s, even their name in the film’s credits, and I will generate the capital required to get the project off the ground in the first place. And I am also exploring various possibilities for crowd funding a future expedition.
If done transparently and thoughtfully, crowd funding can be an exciting, mutually beneficial exchange. It generates funds, publicity and a “buzz” for the project. And it provides the donors with a film / book / product that they will enjoy and enjoy being involved in.
The only purpose of this blog is to flag up the idea of crowd funding to people who may not have come across it before because on November 1st Kickstarter, the world’s largest funding platform for creative projects, opens in the UK. Keep an eye out then for early adopters in the UK expedition community.