Crowdfunding The Young Gallery Project
(5 pages of text)
The Glasgow-based charity, Impact Arts, was looking for alternative funding streams for its Young Gallery project. As a result, it undertook its first crowdfunding campaign on the Indiegogo platform. The project did not achieve its stated target of £15,000 in the six week campaign period. Instead, only £4,715 (31 per cent of the total) was raised. While the charity did not achieve its goal, the campaign left the chief executive officer and her team feeling motivated and enthusiastic about crowdfunding as a possible complementary revenue source. However, they recognized that they needed to learn from this experience in order to make future campaigns more effective with respect to pitch (the proposition made to would-be donors) and its delivery.
The case is intended to facilitate an understanding of how crowdsourced funding operates and the key factors organizations need to consider when they contemplate this as a source of financing. The case illustrates the focus of the different platforms and their requirements. It also points out the importance of the pitch decision made by project proposers, which can be broken down into substance and presentational related factors. The case focuses on a third-sector (charity) organization, demonstrating the wide applicability of crowdsourced financing. The case can be used in marketing and entrepreneurship classes. It contains links to videos, articles and a database, making the possibility for student interaction high.
Arts, Entertainment, Sports and Recreation
United Kingdom, Small, 2013
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