CDFA // BNY MELLON DE DEVELOPMENT FI FINANCE WEBCAST SE SERIES Crowdfunding Small Business Development The Broadcast will Begin at 1:00pm Eastern Submit your questions in advance using the GoToWebinar control panel View previous webcast recordings online at www.cdfa.net WWW.CDFA.NET // WWW.BNYMELLON.COM
Hello! Welcome to the webcast. Cayla Matsumoto Director, Education Council of Development Finance Agencies Columbus, OH Are you a CDFA Member? Members receive exclusive access to thousands of resources in the CDFA Online Resource Database. Create your unique login today at www.cdfa.net WWW.CDFA.NET // WWW.BNYMELLON.COM
Join the Conversation Listen through the telephone for best audio quality. Submit your questions to the panelists here. WWW.CDFA.NET // WWW.BNYMELLON.COM
Crowdfunding Small Business Development Panelists Seth Se th Cr Cron one, , Mod oderator Trey She Sherw rwood Vice President of Client & Business Executive Director Development Laramie Main Street Alliance The Bank of New York Mellon Di Diane Wolv olverton Katharine Cz Czarn arnecki Co-Creator and Chief Executive Officer Senior Vice President, Community The Local Crowd, LLC Development Michigan Economic Development Corporation (MEDC) Kim Vin Kim Vincent CDFA Training Institute Co-Founder and Chief Operating Officer 16 courses in development finance The Local Crowd, LLC designed for all skill levels. Learn more and register today at www.cdfa.net WWW.CDFA.NET // WWW.BNYMELLON.COM
Crowdfunding Small Business Development Seth Crone Vice President of Client & Business Development The Bank of New York Mellon Houston, TX What are you reading? Your development finance toolbox isn’t complete without a set of CDFA reference guides. Members save 15% on every purchase. Order today at www.cdfa.net. WWW.CDFA.NET // WWW.BNYMELLON.COM
Crowdfunding Small Business Development Diane Wolverton Co-Creator and Chief Executive Officer The Local Crowd, LLC Laramie, WY CDFA Training Institute 16 courses in development finance designed for all skill levels. Learn more and register today at www.cdfa.net WWW.CDFA.NET // WWW.BNYMELLON.COM
Crowdfunding Small Business Development Kim Vincent Co-Founder and Chief Operating Officer The Local Crowd, LLC Laramie, WY Are you a CDFA Member? Members receive exclusive access to thousands of resources in the CDFA Online Resource Database. Create your unique login today at www.cdfa.net WWW.CDFA.NET // WWW.BNYMELLON.COM
Crowdfunding Small Business Development Trey Sherwood Executive Director Laramie Main Street Alliance Laramie, WY What are you reading? Your development finance toolbox isn’t complete without a set of CDFA reference guides. Members save 15% on every purchase. Order today at www.cdfa.net. WWW.CDFA.NET // WWW.BNYMELLON.COM
… to support the wellbeing of rural families by catalyzing entrepreneurial ecosystems through the introduction of a localized crowdfunding tool.
Teaching Best Practices Creating User Success Videos raise 105% more. Day to Day marketing plans raise 180% more. Regular updates raise 126% more. Teams raise 38% more. Best campaigns last 20-40 days. Once you reach your goal, you are 78% more likely to exceed it. People are 22% more likely to give once Personal email is Best way to connect. the project has reached 40% of its goal. Best descriptions are 300-500 words. – Massolutions Crowdfunding Industry Report
How Can CDFA Clients Use This Technology?
Built from ground up with local in mind with • Local features • Local teams • Education • Creating an ecosystem of mutual support
3 rd Tier 2 nd Tier 2 nd Tier 1 st Tier 1 st Tier 80% of funds raised come from activities of the Campaign Creator and his or her team. In the TLC model, the Community becomes the team, increasing the success factor exponentially.
What if we could put an end to the gender gap women entrepreneurs face when raising capital? How would the lives of women and families be changed? Women-led campaigns reach their goals more often than men.
Crowdfund Fallacy It takes Time You need a Team Use the Tools Tenacity
T -90 T -60 T -30
“Start with Why” “ When you start with WHY, those who believe what you believe are drawn to you for very personal reasons. It is those who share your values and beliefs, not the quality of your products, that will cause the system to tip .” — Simon Sinek “If you know the why, you can live any how.” — Friedrich Nietzsche
Teams raise 3 times more funds than individuals. 3 rd Tier 2 nd Tier 2 nd Tier 1 st Tier 1 st Tier Campaign Team
Who else will benefit from this campaign? Who cares about you and this campaign enough to be a champion? Who will give money to this campaign & why? ALL team members should complete these exercises. CCPA Pages 6-8
Prepare list of ALL budget items Develop projections for campaign If your projection is over $10,000, think about lowering goal Set stretch goals KEY : Launch with 30% of goal already committed by your supporters
Once upon a time … The cast of characters : Who is making this happen? Setting : Where are you? Plot: What is happening? Timeline: Beginning, Middle, End Conflict : What is standing in your way? What problem are you solving? Resolution: How will that be fixed? … and they all lived happily ever after.
What makes a reward irresistible? A sense of appropriate exchange. New, innovative product Cool technology A unique experience Events Vanity Opportunities and Sponsorship Redirecting dollars: offer things people are planning to buy anyway.
Show AND Tell Appropriate Tone – Who are you talking to? A hook within the first 15 seconds A face (and personality) to the name Concise and Quick – Write a script High quality sound and visuals
Make a marketing PLAN Create a marketing CALENDAR Employ your social media TOOLS Keep the big picture in mind. Pre-Launch Launch Day Campaign Duration Post- Launch Then, pencil in the details.
Make the ask — Many times, Many ways Personal ask is always best — personal emails out perform all social media. Ask to fund, share, ask to fund again, ask to buy rewards Share details from the campaign. What are the rewards? Who are offering them? What is it raising funds for specifically? Share details. Who runs the business/organization? Share a quick video or bio about them. What amazing things does the community have to say about them? Share their testimonials. Read Amanda Palmer’s The Art of Asking “Asking is not begging, it’s connecting.” — Amanda Palmer
42% of funds are raised in the first and last three days of a campaign.
The Two-Humped (Bactrian) Camel Early Social Proof Creates Confidence in You and Your Campaign
Regular gatherings for peer-to-peer support
TheLocalCrowd.com diane@thelocalcrowd.com kim@thelocalcrowd.com Downtownlaramie@gmail.com
Crowdfunding Small Business Development Katharine Czarnecki Senior Vice President, Community Development Michigan Economic Development Corporation Lansing, MI CDFA Training Institute 16 courses in development finance designed for all skill levels. Learn more and register today at www.cdfa.net WWW.CDFA.NET // WWW.BNYMELLON.COM
Katharine Czarnecki Michigan Economic Development Corporation Winter 2017 COMMUNITY DEVELOPMENT
COMMUNITY DEVELOPMENT
Our Thinking… 1) How can we empower communities to support and invest in developing community/public spaces during difficult economic times? 2) And how can we support communities so they can be an attractive place to live, work and play? COMMUNITY DEVELOPMENT
COMMUNITY DEVELOPMENT
Placemaking & Public Space “The art and science of developing public spaces that attract people, build community by bringing people together, and create local identity” -Project for Public Spaces COMMUNITY DEVELOPMENT
Our Solution 1) A simple and innovative way to raise donations to revitalize or create public spaces 2) Engages public participation and community pride COMMUNITY DEVELOPMENT
The Program • MEDC partnership with Patronicity and the MML • Communities and non-profits can submit projects by applying to Patronicity for an online crowdfunding campaign. • Patronicity handles Project Administration (10%) www.patronicity.com/puremichigan COMMUNITY DEVELOPMENT
How it Works • Projects that meet fundraising goal can receive a matching grant from MEDC of up to $50,000. • For supporting, patrons receive unique rewards specific to each project. COMMUNITY DEVELOPMENT
Eligible Applicants • Located in Michigan communities which contain a traditional downtown • Submitted by local communities and non-profit entities COMMUNITY DEVELOPMENT
Recommend
More recommend
