Crowdfunding allows you to fund your project through an online fundraising platform. The basic idea is the opposite of the usual funding schemes: instead of asking for large amounts of money from a small number of people, you ask for small amounts from a large number of people.

You do this by publishing a proposal (sometimes this is a short film or press release) about the project and uploading one of the growing number of websites that are springing up in the field.  People who donate money are often rewarded with small gifts depending on how much they give - someone donating a small amount might get a T-shirt or DVD of a finished film, and someone donating more might get a credit in a film or to meet the artist, or help with production.

Bear in mind the following and get the most out of crowdfunding:

Network - crowdfunding is greatly helped by spreading the word through your network, and since payments take place online, linking to your project from Facebook, Twitter, your blog and website, mailing list and other digital networking sites will make it more successful. It is down to you to spread the news about your project and to ask for money, even though the most popular sites have their own independent audience.  The real power of crowdfunding is that people you know can donate you money - like if you were doing a sponsored walk for charity. 

Be realistic - make a budget and explain in your proposal exactly what you will do with the money you raise. It might fund your whole project or only part or it, but if you keep the amounts quite low (up to £2000) the target will seem reachable to your funders. If you need a great deal of money it might be better to split the projects into different phases, and fundraise for them at different stages (for example, start fundraising for research, then move on to production). 

All or Nothing - Remember that most Crowd Funding sites will not let you access the money if the pledged amount is not reached within the set date. If unsuccessful all money will be returned to the Funders (the public). 

Present your project in a way that's compelling and simple to understand - a short video seems to be the preferred medium to present the projects, but a video will only be engaging if it's well done. If you don't have the technical expertise or equipment, and can't find a friend to help you, you could use a blog to allow people to feel involved in your project and find out more. 

Pick your platform - familiarize yourself with crowdfunding sites before deciding which one to use. Some are more established in certain fields (such as film or visual arts) and by studying successful (and unsuccessful) bids you'll be able to pick up useful tips.  Learn from the mistakes of others.

•   11 November WeDidThis
  website

  http://www.peoplefund.it/arts/

  WeDidThis is now the Arts art of the bigger Crowdfunding platform People Fund. Fees are 5%, plus 3% transaction fees (GoCardless’ transaction charge); all money is returned if the project is not fully funded.

•   11 November Kickstarter
  website

  http://www.kickstarter.com/

  Kickstarter is the most successful site at present and has a huge audience. They charge 5% fees when your project is successful and Amazon (their payment system) will apply credit card processing fees, which work out to roughly 3-5%. Pledges accepted from anywhere in the world, but you can start a campaign only if US based (with a US bank account) at present; you can find some projects based in the UK, but one of the artists taking part must have a US bank account.

•   11 November IndieGoGo
  website

  http://www.indiegogo.com/

  International site, well established. IndieGoGo charges a 4% fee on the money you raise when you meet your funding goal. (The fee is 9% if you do not meet your funding goal, but it will allow to keep the rest.) Third party payment processors charge an additional fee of about 3%.
  Start your campaign from any country in the world as long as you have a valid bank account.
   

•   11 November We Fund
  website

  http://www.wefund.com/

  UK based, projects are clearly divided in different disciplines. WEFUND charges the project creator a 5% fee, and each backer a 50 pence transaction fee. If the funding target is not met, no pledges are taken and there are no fees.
   

•   11 November Sponsume
  website

  http://www.sponsume.com/

  They take 4% of the raised amount if the bid is successful, if you don't meet your funding goal, Sponsume charges a 9% fee on campaigns with unmet funding goals.
   

•   11 November Crowdfunder
  website

  http://www.crowdfunder.co.uk/

  Dedicated to the creative industries in the UK but does not seem to be as popular as the other sites; if the target is not raised no money changes hands. The site deducts 5%.
   

•   31 January Please Fund Us
  website

  http://www.pleasefund.us/help/set-your-goal

  Risk free way for people to raise money to fund their creative projects and ideas.  Project creators can showcase their ideas to a wider audience, generate interest and garner the support of the “crowd” – the online community.

   

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