I’m excited to share my new crowdfunding calculator which lets you predict how much your organization can raise in the first year of running your own crowdfunding program.
The calculator uses data you enter about your institution, makes a number of assumptions based on the performances of other universities’ first year programs, and calculates a potential goal for you.
At Hubbub, we’ve helped many universities and schools to create institution-wide crowdfunding programs. I’ve combined data from these and other established programs, and analyzed this data to identify a few key factors that determine how much a university program raises. The most significant (and measurable) factors include:
No two crowdfunding programs are the same, so the calculator predicts an “average” or “standard” program – whatever that is! In practice, some schools prefer to publish many smaller projects, e.g. The University of Essex, whereas some prefer to focus on a smaller number of larger projects, e.g. Somerville College, University of Oxford.
The oldest, and arguably most successful program, at Middlebury College, integrated crowdfunding into the school’s enterprise courses, thereby generating many high quality, well prepared projects which focused on social good. If you’re willing to go further, it’s very possible to do much better than the calculator predicts!
There’s great variety here. Some universities raise roughly the same amount, and some aim to double their fundraising – and are successful.
There are many factors which affect the success of a crowdfunding program, so the analysis was performed focusing on a few key variables, with a limited data set.