It’s safe to say that crowdfunding has experienced huge growth over the past several years. According to marketwired.com the market grew by 167% in 2014. And in 2015 the global market is expected to reach $34.4 billion.
The idea behind crowd fundraisers is to reach out to a large volume of people and ask them to donate to a specific cause using the internet. Social media is incorporated in order to get the word out and help drive crowd funding campaigns.
Companies like signupgenius.com attempt to sell their easy to set up platforms; however achieving success by reaching one’s financial goals is an entirely different matter altogether. One estimate showed that only about 10% ultimately receive the funding they initially seek.
The bottom line is that primary schools looking to raise money, are better off using a more conventional and proven method. Here are 2 reasons why:
Primary School Fundraisers Lack a Unique Purpose
Crowd fundraising works best when money is being raised for projects that stand out. People respond to emotional causes that compel them to give. One example might be a family with a young child with cancer who can’t afford their ongoing medical expenses.
Rather, most elementary schools are raising money for their ‘general fund’ which won’t necessarily move people to give. Schools have been pleading with parents to simply write checks in lieu of fundraising for years with little to modest success.
Crowd fundraisers appear to work best for more specialized projects or needs.
Crowdfunding Doesn’t Offer Student Incentives to Fundraise
In order to achieve the best possible primary school fundraiser results, students need to be motivated extrinsically. Campaigns that offer prize incentive programs encourage students to get parents and other family members involved in selling so they can win prizes. This is the main engine that drives a typical school fundraising campaign. Crowdfunding simply can’t offer the needed incentives.