Choosing the Best Crowdfunding Platform
The Council of Nonprofits recently projected that crowdfunding will become a $90-$96 billion dollar industry by 2025 and will be a valuable tool for nonprofit fundraising.
Could this be the best medium for your nonprofit to solicit donations to fund your next project? Crowdfunding could help your nonprofit share its story with a new audience and tap into a wider donor pool.
Types of Platforms
There are different types of crowdfunding platforms for different purposes. Of those, donation crowdfunding is when donors fund projects to support worthy causes and is the platform that most nonprofits would benefit from. This platform is a good medium for nonprofits to solicit funds for a good cause and is geared towards socially conscious donors.
Do Your Research
What site would be best to use for your crowdfunding activity? An article published in Consumer Affairs discusses the top 10 best rated crowdfunding sites. You will need to choose a platform that supports your project type, as some sites exist only to support one type of campaign and others have limitations on the minimum that can be raised in order to collect. Make sure you understand any fees or charges that the platform imposes and review the security features of the platform to ensure that you protect your nonprofit and your donors.
Once you have completed your research and reached a decision on which platform best fits your needs, it’s time for action. The upfront research and decision making are the most time-consuming aspects of crowdfunding. Once that phase is complete, you can take a step back and watch your message travel through cyberspace. Ready, set, go!
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