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Live Chat with Crowdfunder – Friday 17 July

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Viewing 15 posts - 1 through 15 (of 32 total)
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  • #11148
    Profile photo of Gemma
    Gemma
    Member

    Hello Everyone,

    Just to let you know that this Friday 17 July we’ll be chatting live to Crowdfunder!

    Joining us will be Simon Walker, Partnerships Manager and Dave Boyle, Founder of Community Shares Company. Dave is a leading expert in the field and has consulted on dozens of community share issues.

    They’ll be here to chat about community shares and answer any questions you have on the topic, so make sure you’re online and ready to get involved with this very exciting opportunity!

    You can read all about community shares here and all about the first project here

    The chat starts at 12.30pm and will last for an hour.

    See you Friday!

    Gemma

    #11161
    Profile photo of Gemma
    Gemma
    Member

    Good Morning Everyone,

    Just a quick reminder that we’ve got two experts from Crowdfunder here to tell us all about Community Shares and answer any questions you might have at 12.30pm!

    If you’d like to find out more ahead of the chat have a look here

    See you all in a couple of hours!

    Gemma

    #11162
    Profile photo of Gemma
    Gemma
    Member

    Welcome to the live chat with Crowdfunder and Community Shares Company!

    Dave and Simon, welcome to the Just Act Forum.

    Say hello when you’re online and we’ll get started..

    #11163
    Profile photo of daveboyle
    daveboyle
    Participant

    Hi all – Dave Boyle here from the Community Shares Company

    #11164
    Profile photo of Gemma
    Gemma
    Member

    Hi Dave, thanks for joining us.

    Just to get us started, could you introduce yourself and tell everyone what you do?

    #11165
    Profile photo of Si
    Si
    Participant

    And Si Walker from Crowdfunder

    #11166
    Profile photo of Gemma
    Gemma
    Member

    Hi Si, good to have you here.

    Could you also just tell everyone quickly a bit about Crowdfunder and what you do?

    #11167
    Profile photo of daveboyle
    daveboyle
    Participant

    Sure Gemma. We help groups of people raise significant sums of money from their supporters to fund projects that make a difference.

    It’s not fundraising, where you give money and that’s that, but investment, where people are buying a stake in you and what you do. That transforms what they are prepared to give, raising it between 5-10 times what they’d be prepared to just donate (and being able to get a tax break in most cases helps too).

    I work with groups who want to go down this route – that can involve helping them get the write legal structure, or building a business plan, or writing the material that persuades people to invest, and the marketing plan that goes alongside that. We’ve helped groups raise over £1.5 in the last 18 months.

    Crowdfunder have started offering community shares on their platform and they provide the expertise on that side, and I check over the share offers that people want to host on the platform to check everything’s present and correct before making the offer go live.

    Our first successful offer together was for Positive News, who raised £263,000 from 1525 people.

    #11168
    Profile photo of Gemma
    Gemma
    Member

    Wow, that’s an amazing result for Positive News- congratulations!

    So, there will be lots of community projects reading this who will be wondering how they can get started and whether this is for them.

    Is this something that projects of all sizes can get involved in?

    #11169
    Profile photo of Amber
    Amber
    Participant

    hello this is Amber, programme officer for the Our Place programme. Our Place involves people writing plans on how to develop their approach to helping people within an area (often by getting services to work more closely together). Ideally they will be able to draw down budgets from these services such as police, community commissioning groups etc as their work will save statutory services money.
    One group is interested in restorative justice principles at a neighbour level, giving people conflict management skills.

    Do you think there would be appetite for crowdfunding for this?

    Do you have a targeting marketing? e.g. people interested in conflict management / psychology?

    #11170
    Profile photo of daveboyle
    daveboyle
    Participant

    That’s a good question!

    To get started, we say you need to be:
    – clear that there’s a costed project which needs money to make it happen
    – in touch with a crowd to want to invest to help that project happen
    – cool about being owned by that crowd

    For most community projects, all three are easily met. There’s usually a project at the heart of why the group has come together, be that to save a local pub, or keep a community centre open etc. The community are self-defining: the people who live locally and who care and who’s lives will be impacted by the project, and finally, for these types of project, the idea of anyone else owning them seems daft.

    The issue to me is about how big our project’s capital need is, and how many people are in your crowd.

    If you want to raise £10,000, and you have a 1000 people signed up to your facebook group, or mailing list, then raising that through ‘normal’ crowdfunding might be easier and it’s an average of a tenner each.

    But if you need to raise £100,000, that’s a tall order and you need a hundred quid, and so ‘normal’ crowdfunding might not get you there.

    So, my rules of thumb are that I’d think it difficult to do a share issue all told for less than £20,000, and I’d think it works best for sums over that, and where the average you need from your supporters is above the £50 mark that is the maximum average for donation-based fundraising.

    #11171
    Profile photo of Si
    Si
    Participant

    Good question – the average community share issue is £150,00, although issues can range from £50,000 up into the millions. It really depends on the value of what is being purchased.

    If a community group are looking to raise between £500 and £50,000, a rewards based crowdfunding project (also supported on Crowdfunder) might be more suitable

    #11172
    Profile photo of daveboyle
    daveboyle
    Participant

    hello this is Amber, programme officer for the Our Place programme. Our Place involves people writing plans on how to develop their approach to helping people within an area (often by getting services to work more closely together). Ideally they will be able to draw down budgets from these services such as police, community commissioning groups etc as their work will save statutory services money.
    One group is interested in restorative justice principles at a neighbour level, giving people conflict management skills.

    Do you think there would be appetite for crowdfunding for this?

    Do you have a targeting marketing? e.g. people interested in conflict management / psychology?

    Regardless of whether it was community shares or normal crowdfunding, the issue is the same – are there people who we can persuade that this isn’t just a good idea in general, but who we can convince to make it happen. There’s lots of good ideas that never happen because they’re just not quite ‘salient’ enough to get people to actually roll their sleeves up and make it happen.

    So before crowdfunding, you have to have the crowd. Restorative justice projects have beneficiaries in the community, so they’d be one starting point, or perhaps outside a particular community, people who believe in restorative justice and want to see it put into practice and are prepared to support that belief with their own money.

    #11173
    Profile photo of Gemma
    Gemma
    Member

    Ok, so there seems to be quite an important distinction here between Community Shares and Crowdfuning, which is probably good to know!

    Can you tell us perhaps what the common pitfalls are when people are looking at setting up both of these types of fund raising projects?

    And maybe your top tips for success?

    #11174
    Profile photo of Amber
    Amber
    Participant

    Thank you all. Am i right in understanding that the project would need to ‘find the crowd’?

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