What is crowdfunding?
Oxford Dictionary defines crowdfunding as the “practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the internet”. This new kind of fundraising relies heavily on social media to get results – and it works!
Community Legal Centres Queensland is working with LawFunder to enable CLCs to create crowdfunding campaigns for either:
- General CLC funding; or
- Individual campaigns specific to the people you are helping.
This adds a level of transparency and tangibility to your campaigns which research suggests promotes a higher rate of contribution.
You can enable weekly, monthly or annual subscription payments - or just one off donations. A further option exists where you can enable ‘100% threshold’ donations, whereby money will be pledged by contributors only if your target amount gets reached. The choice is yours.
Your donation progress is updated in real time which the public can see immediately after they contribute. You can even offer tangible goods (such as raffle tickets) in exchange for contributions to further encourage donations – but this is optional.
As a CLC, you also gain the ability to submit blog articles on the LawFunder website which increases your online presence and gives you another platform to tell your story.
How does LawFunder work?
LawFunder is currently setup and owned by a Trust. Donations are held in a bank account with the NAB on behalf of CLCs with active campaigns.
Upon completion of a crowdfunding effort, monies are transferred directly to the CLC, less credit card merchant fees (currently around 2.5% or 3.5% for PayPal).
LawFunder recognises the tremendous work that the CLCs do for our community and the severe financial constraints within which they do so. For this reason, our crowdfunding platform is offered to all registered CLCs without any charge or commission by LawFunder.
LawFunder recently completed its first crowdfunding campaign for a CLC based in Western Australia which was hugely successful, raising 100% of the goal amount in just 6 days. They are currently in the process of writing a case study about this experience for other CLCs to learn from.
To find out how to set up a crowd funding platform and promote it to the people who might like to donate LawFunder has put together the following blog posts
To sign up for a free account, visit LawFunder.