Wikinomics – Crowdfunding as collective collaboration
Consider this definition
Crowdfunding is the collective cooperation by people who network and pool their money together to make a venture happen
Crowdfunding is different to other widespread online donation or investment models (e.g. Just Giving or online share sites) because of the collective collaboration model. Traditional fundraising does not necessarily rely on collaboration between donor and fundraiser or investor and business.
Wikinomics: how mass collaboration changes everything (the ground breaking bestseller by Tapscott and Williams) explored how Web 2.0 was bringing about new models of production based on community, collaboration and self-organisation rather than hierarchy and control.
“Billions of connected individuals can now actively participate in innovation, wealth creation, and social development in ways we once only dreamed of. And when these masses of people collaborate they collectively can advance the arts, culture, science, education, government, and the economy in surprising but ultimately profitable ways”.
How does collective collaboration happen
- you tell your friends
- you persuade your friends to support
- peer pressure – if your friends are donating so will you
- you join with others to initiate a means of support
As the initiator of the project the best way you can help your campaign succeeed to to build a community around the project
Principles of Wikinomics
- being open
- acting global
How can we relate these principles to crowdfunding?
Being open: engage with your social networks – be transparent about everything from aims to budget, be human as well as professional
be open about (for instance)
- the business and financials
- challenges including competitors
Peering: the campaign should be non-hierarchical – invite involvement and ownership within the team, allies and your supporters. Engender a sense of ownership – not just contribution to a good thing.
encourage (i.e. not allow)
- bring key supporters into the process before and during the launch
- suggestions on the product and campaign – and act on good ideas
- supporters to run with ideas
- develop relationships and encourage networking amongst supporters
Sharing – not just the mission and campaign but the product itself
- what you can of your ideas and process without compromising your IPR
- tell your story – share your passion
- help supporters buy into the mission and vision
- give good creative rewards or perks
Acting globally – interact in a manner that bring people in outside your close social networks
- what’s in it for your supporters
- how your campaign sounds to people outside of your sector (e.g. don’t use jargon)
- how does your product or service contribute to solving pressing issues of the time – what’s the environmental impact? how will you create jobs?
Join me on an introduction to crowdfunding workshop
Rochdale 26 June 09.30-13.00
Workshop in partnership with CVS Rochdale
Venue: CVS Rochdale, Partnership House, Sparrow Hill, Rochdale OL16 1QT
Crewe 3 July 10.00 – 15.30
Workshop in partnership with CVS Cheshire East
Venue:The Exercise Studio, Belong, Brookhouse Drive, Crewe