Online fundraising can allow exceeded goals
June 25, 2013
There have been numerous stories in the media of everyone from company owners to charity administrators to celebrities using crowdfunding websites to raise money for their respective aims. But a number of these instances have resulted in spectacular failures, perhaps because this is no longer a revolutionary strategy.
Take Zosia and Clara Mamet's recent Kickstarter campaign to raise $32,000 to produce a music video for their band Cabin Sister's latest single. International Business Times reported that within the first four days, which tend to bring massive success which then peters off as the campaign continues, the sisters only brought in $584. Many people were turned off by the fact that Zosia is a well-known actress on "Girls," and the two are the daughters of highly successful playwright David Mamet, suggesting that they likely have the money to fund the venture themselves.
Other times, though, crowdfunding has been known to allow companies and nonprofits to exceed their initial goal. For instance, Boston-based food truck Mei Mei Street Kitchen was recently able to raise $35,000 on Kickstarter, though the company listed a goal of $28,000, Metro reported. With this money, the owners will open a brick and mortar location in Boston in August.
As foundations tap into emerging digital channels to raise funds online, they can benefit from nonprofit fundraising software that tracks incoming donations and quantitatively measures the success of their efforts.