Click was established in November 2015 as a way of supporting students and other university members. Since then Click has helped more than 200 brilliant ideas to become a reality and has raised more than £210,000. These numbers prove that with just a little support our Essex students can make all their dreams come true.
Below are 5 top reasons why Crowdfunding is useful for students.
1.Teaches employability skills
When using crowdfunding, students learn how to pitch their ideas. Also, they learn helpful tips about budgeting and breakdown of costs. Another useful skill that students develop via crowdfunding which they could also apply in their future careers is marketing and promotion. According to Fundable, social media is a critical component in crowdfunding success. For instance, your probability for success increases to 40 percent if your number of Facebook friends increases by 1,000. What is more, scheduling posts and utilising different social media channels helps crowdfunders get used to useful tools that experts use.
2. Helps reaching a wider audience
When building the promotion plan for their crowdfunding campaign, students can identify and get to know their target audience better. This is particularly important for startups as it will almost guarantee their success. Moreover, with normal fundraising, time and resources are limited. According to Indiegogo, an average crowdfunding campaign reaches more than 150 countries and territories around the world. Students could end up with a diverse crowd of funders who can provide support from different parts of the world. With the right crowdfunding campaign, every project could go global before it even goes public.
3. Gets instant funding
Crowdfunding has been proved to be the quickest and most efficient way of securing funds. It only takes 5 weeks and lots of hard work for every project leader to get their money in. Take a look at one of the most successful crowdfunding projects – Pebble Time. The smartwatch maker raised $20,338,986 and reached a staggering 4,068 percent of its goal. Whether that’s an anomaly or not, those kinds of figures don’t come from traditional funding. For a comparison, getting angel funding is a difficult, time-consuming process that can take months to secure and finalise. Securing a business loan can be equally daunting, with applicants frequently facing high interest rates and plenty of rejections.
4. Builds teams and communities with common interest
Although we allow on Click both individual and group projects, crowdfunding is a very good way of building teams and creating large communities of people with shared interests. We do know that working in a group might be sometimes difficult, but imagine how much your friends and family could help you to spread the word. An average Facebook user has about 400 friends. This means that if you could get 5 team members to work with you on your crowdfunding campaign, you will be able to reach more than 2,000 people with one click. Also, crowdfunding can quickly streamline the process of connecting you with an eager fan base. You will never know how many people might get as passionate as you are about your idea or project.
5. Giving means love
We at the University of Essex are trying to spread philanthropy everywhere! We work hard to teach students what giving means and that every small effort could make a difference to the world.
We know that people feel good when they help other people. It doesn’t matter whether they give money, time, or advice — it’s the giving that counts. Brain scans using MRI show the act of giving releases dopamine ( same hormone that we realise when we feel love) — a powerful neurotransmitter — into the body of the donor. Dopamine controls the brain’s pleasure and reward centres. Giving literally makes you feel good!