What is crowdfunding?
Crowdfunding is a way of funding a project or venture by asking a large number of people each for a small amount of money, typically via the internet.
People are increasingly bypassing more traditional funding routes such as bank loans or grants and turning instead to the people around them and in their community to support their venture. It's been around for centuries but the internet makes it possible to reach much bigger audiences than before.
Is it right for your idea?
In a word, yes. Crowdfunder projects come in all shapes and sizes. Wigan Council work in partnership with Crowdfunder UK who have helped over 80,000 individuals, charities, businesses and community projects to raise over £70 million for great ideas.
- Become self-sustainable by gaining the support of your local community
- It raises awareness of your group and the project
- It’s a faster way to raise funds, side-tracking the traditional, time consuming route of bid writing
- By pitching your project online your gaining valuable marketing and media attention
- It allows the crowd to validate your idea. Sharing the project online can often help groups get feedback and expert guidance on how to improve it
- It’s a good way to test the public’s reaction to the project idea - if people are keen to invest it is a good sign that your idea could work well in the community.
How to start Crowdfunding
Before you start Crowdfunding, you have to make sure you have everything lined up and ready to go. To do this, we strongly recommend you read the following 3 guides to help you plan, create and run your Crowdfunding project:
Now that you've done the hard bit and put together a plan, you will need to:
Promoting your Crowdfunding project
Once you've made your plan and created your page, you need to think about how to promote it to your supporters - the running your project guide will help you with this.
There are a number of ways to shout about what you're doing from word of mouth to social media. Start with the people closest to you and work your way out to your community and beyond. Be patient though because spamming simply won't work.
Extra funding opportunities
Crowdfunder UK have created a unique funding model with a pot of more than £5 million of extra funding from a selection of national and regional partners including the public and private sector for projects, depending on what you're doing and where you're doing it.
They also have crowdfunding experts that are the best in the industry and are on hand to help you every step of the way. It’s simple! You add your project on Crowdfunder and our clever matchmaker will ensure that your project is shown to our panel of extra funders. We’ll take it from there.
- Wigan Council match funding offer (external link) - match funding innovative projects that help the people of Wigan borough and solve some of our biggest social problems
- Back Her Business video (external link) - Supporting women to start their own businesses on Crowdfunder
- Aviva Community Fund (external link) - Delivers funding and support to those at the forefront of community progress
- Get up to £5,000 from M&S Energy - There’s up to £5,000 in match-funding on offer from a pot of £40k from M&S Energy. All competition crowdfunding projects will receive one-to-one coaching from Crowdfunder, as well as online help and support.
Want to know more? Join our Crowdfunding workshop!
Like most things in life, the more you put into your Crowdfunder project the more you'll get out of it. Crowdfunding is no different and although it has its challenges, we're here to help.
For any other crowdfunding queries, you can contact the deal for communities team.