Importance Of Crowdfunding For Social Businesses
Innovation and creativity are necessary for social enterprise and profit. Crowdfunding is a way that provides socially focused organizations with a fun way to create a new revenue stream for a specific program or initiative. Crowdfunding involves raising funds for a project from a large number of individuals, typically via the Internet. You can also look for coopcrowd to get the best crowdfunding solutions online.
Image Source: Google
Crowdfunding offers opportunities besides money, which social enterprises and nonprofits should keep in mind. One of the clearest benefits besides raising money for a particular project is to increase brand awareness.
Implementing a crowdfunding campaign provides a chance for your organization to communicate a compelling story. By telling your story, people hear about who you are, the work you do and, most importantly, the societal impact you are making in your community.
This type of fundraising also gives your organization the benefit of growing your supporter base. Keep in mind the aforementioned Mobile Cause findings where 28 percent of new donors obtained through crowdfunding make an additional donation to the cause.
For example, if your social enterprise or nonprofit is international, perhaps give a piece of art or high-quality photography related to those who are actually benefiting. If your organization is a school, a drawing from a student is something that many donors would be pleased to receive in acknowledgment for their donation.
Nonprofits and social enterprise entities need financial support in order to accomplish their work. In order to accomplish this in today's environment, organizations need to consider creative and out of the box ways to raise revenue, especially leveraging the power of the Internet.