CrowdfundingFrom Wikipedia, the free encyclopedia
Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people. Crowdfunding is a form of crowdsourcing and of alternative finance. In 2015, it was estimated that worldwide over US$34 billion was raised this way.
Although the concept can also be executed through mail-order subscriptions, benefit events, and other methods, it is now often performed via Internet-mediated registries. This modern crowdfunding model is generally based on three types of actors: the project initiator who proposes the idea and/or project to be funded, individuals or groups who support the idea, and a moderating organization (the "platform") that brings the parties together to launch the idea.
Crowdfunding has been used to fund a wide range for-profit entrepreneurial ventures such as artistic and creative projects, medical expenses, travel, or community-oriented social entrepreneurship projects.
Crowdfunding at Alfred State
Crowdfunding at Alfred State is a fairly new concept from the organized standpoint, although student groups and organizations have been fundraising to support their efforts for as long as they have existed! Now in addition to the normal raffles, chicken bbqs and candy sales, student groups can organize and solicit their friends and family for direct support of their efforts. Often times it is family and friends of the individual group members that feel connected to the cause and want to support their loved one in their fundraising effort...and crowdfunding can capitalize on that audience, by offering the groups a channel to advertise, solicit, and steward those relationships.
We are hoping to support this effort through the Office of Institutional Advancement at Alfred State, by helping plan, build and launch each groups crowdfuding effort to set them on the right path. Ultimately though, it will be up to the individual club or organization to follow through with the plan and reach out to it's constituents driving a successful campaign.
Crowdfunding campaigns are generally short in time span, and can evolve around a particular need, trip, or cause that is urgent at the time! We ideally like to keep campaigns limited to 4-12 weeks at a time, although there will be some exceptions to that rule.
For more information about crowdfunding at Alfred State please contact us at 607-587-3931 or email the Director of Annual Giving at firstname.lastname@example.org