Crowdfunding site uses milestones to energize support for social projects
While Brickstarter – the Finnish crowdfunding concept that aimed to get communities involved in bringing to life civic projects that the local government couldn’t afford to implement – hasn’t yet been adapted as a working tool, a new platform called SocialProject.PH is now hoping to rally the masses to support social good initiatives through milestone-based funding campaigns.
Sites such as Kickstarter have provided a popular and effective way for creative projects to get off the ground through its all-or-nothing approach – ideas either get fully funded or they don’t. Where social projects – often run by nonprofits and NGOs on shoestring budgets – are concerned, however, an unsuccessful campaign can feel like a wasted effort of time and resources. When users upload their initiative to SocialProject.PH, they set up milestones to indicate what different levels of support will get them, much like Kickstarter’s unofficial ‘stretch goals‘. By creating incremental funding targets, potential backers are given extra incentive to donate, and those who help organizations reach their first milestone may feel more inclined to give again towards the next milestone. Project creators have extra news items with which to promote their schemes as they reach each milestone and are guaranteed at least a portion of their original target even if the project isn’t entirely successful.
The platform takes a five percent cut of any funding received, after PayPal fees. Could this kind of crowdfunding work in your part of the world?