Steps in crowdfunding for research

Public
Engagement

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Pre-Campaign

Gather stories from end users and local communties

Identify networks interested

During Campaign

Speak at Public Events
(Digital, In-person)

Share details with local communities

Post-Campaign

Give back to backers
(Updates, gifts)

Disseminate findings

Foster new relationships

Crowdfunding

Pre-Campaign

Informs pitch with quotes, images and video

Informs promotion plan

 

During Campaign

Drives micro donors

Spreads awareness of the research project

 

Post-Campaign

Expands network

Creates base for next campaign

 

Pre-campaign

Organizer

External

(Online-based private platform)

Advantages

Ease of campaign organization: funds are collected from donors through the platform.

Transparency: all the required information is clearly displayed on a well-designed online page.

Platforms may increase a campaign’s exposure,  especially if the platform is dedicated to health research.

Advertising: improved ability to link the campaign to social media and gain media attention.

All-or-nothing models protect researchers if they are unable to reach their targets.

Disadvantages

High organizer fees (can range from 5 to 9% of the final amount raised).

Payment processing fees (usually around 3% of each donation).

Freedom to organize and advertise the campaign is limited to the platform and website layout.

Difficult to incorporate cash donations and involve individuals offline.

The campaign is published amongst many other campaigns on the platform, which could distract funders away from the research.

Organizer

Internal

(University or other institution)

Advantages

Most universities that offer researchers to crowdfund their projects are all-or-nothing, meaning there is a higher guarantee that the research will come to fruition.

Institutional backing can improve funders’ trust in the researchers and their projects.

Ease of communicating with backers and advertising the campaign through a recognized online page.

Disadvantages

Only university-registered researchers can apply to raise funds.

Institutions also have processing fees and administrative charges.

Funding targets tend to be very high and unsuitable for smaller pilot projects.

Difficult to incorporate cash donations and involve individuals offline.

Maybe more difficult to engage backers that are not affiliated to the institution.

Organizer

Hybrid platform

(online+institution/others)

Advantages

Higher credibility for the campaign.

Both monetary and non-monetary
support such as providing access to contacts and media outlets outside the platform reach.

Higher promotion and prestige for the institution as a result of engagement in research advocacy.

Ability to collect funds through various modalities (international transfer, cash donations, online transfers) with the support of the institutional departments.

Disadvantages

The researcher has a stake of institutional reputation and therefore must display the campaign information and targets in an accessible and transparent way.

No standardized way to regularly communicate and share results with backers received from two different channels.

Difficult to track the identity of offline backers.

During the campaign

Post campaign