This is not my area of expertise, but I've had some discussion with a professional with experience in crowd funding. The main take-home message that I got from our conversation is this:
If you're going to launch a crowd funding campaign, be ready and be ready to keep driving.
What he meant was that the two things that most frequently kill crowd funding campaigns are starting one prematurely before having a complete plan in place, and not dedicating (or having) the resources to maintain the campaign throughout the duration once it has begun.
For the plan, consider questions like:
What is the overall target amount to be raised? What are some milestone goals, and what does that timeline look like? (Many campaigns last only 30 days, so this is crucial.) How will we spread the word? Can we realistically offer any rewards we might promise on time?
Make sure you're ready to finish what you start (keep driving). Be prepared to make the campaign your (or someone's) full-time job. Just posting it on the internet and waiting doesn't work, and it's important to be responsive and adapt to any feedback that comes in. If they can't find you, they won't donate to you, so you essentially need a social media manager to drive and maintain interest, which means lots of frequent engagement. It's tough to build a second campaign from the ashes of a first one that crashed and burned, so it's worth taking the time to get it right.
Hope this helps,
Michael
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Michael Holland
Principal/Owner
Michael Holland Productions
Bozeman MT
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Original Message:
Sent: 08-15-2017 09:40 AM
From: Meredith Peruzzi
Subject: Crowd Funding
Although I have no evidence-based data to answer the original questions, I do want to note that reputations do not seem to be harmed by the use of crowdfunding. Two Smithsonian museums (NASM and NMAH), as well as the US Holocaust Memorial Museum, have conducted successful crowdfunding campaigns on Kickstarter. As a backer for each of these, I have felt more connected with the museum, like I'm making a specific difference, rather than just paying them my usual annual membership fee and not seeing a direct result. Both the rewards associated with the crowdfunding, and the fact that specific projects were benefited, make me feel proud of having contributed to such venerated institutions.
I would think this would work on a local level as well - it gives donors a greater sense of buy-in to a beloved local museum.
Again, no evidence-based data, just anecdotes on my experiences as a crowdfunding donor for museums.
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Meredith Peruzzi
Manager
Gallaudet University Museum
Washington DC
Original Message:
Sent: 08-14-2017 04:06 PM
From: Stuart Chase
Subject: Crowd Funding
Any feedback or important views to share on crowd-funding at museums? Updates? Thanks
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Stuart Chase
Director
Monterey Museum of Art
Monterey CA
Original Message:
Sent: 10-12-2016 02:59 PM
From: Lizzy Moriarty
Subject: Crowd Funding
Hi there,
Does anyone have experience of running a Crowd Funding initiative for a museum and if so,
What type of project gets a good response?
What type of project does not get a good response?
How time consuming is it?
What are the pitfalls and things to avoid?
Is it an effective fundraising tool?
What are the reputation issues for a museum?
I'd be really interested to hear of any useful tips and experience!
Many thanks,
Lizzy
Lizzy Moriarty
T: +44 (0)798 097 3266
Skype: lizzymoriarty