While browsing for some options in how to raise funds in a fun and reliable way, that would allow for me to mix sports and marketing as well, led me to face this crowdfunding platform “GoFundMe”. For those of you unfamiliar with the notion of crowdfunding, it is the action of raising capital from many people through an online platform, which offers little opportunity for careful due diligence and involves not only friends and family but also many strangers from near and far to help (A. Agrawal & all, 2013).
Subsequently, I started my own campaign http://www.gofundme.com/cortirun with the goal of raising €1000. Through GoFundMe, I demand people to raise some funds to help me run the 42km Marathon of Rotterdam, and provide the money to two different foundations for charity. Alone, I cannot raise a lot. Letting the crowd do the talking, I can reach more.
In a nutshell, I mixed three things at once: Marketing, Sports and Charity, three things I am most passionate about. Yet, to increment the theoretical knowledge about crowdfunding, I wanted to read more about it. Hence, the theory that I relate to the practical action of crowdfunding comes from the article “Some Simple Economics of Crowdfunding”. Specifically, 6 out of 7 key-points found in this article were confirmed during my practical assessment of fundraising (it is safe to say, I solved a research paper by connecting the theory to an analysis and draw experimental results):
- Funding is not geographically constrained: It is not indeed. I have received funds from different worldwide locations
- Funding propensity increases with accumulated capital and may lead to herding: I have noticed an increase in fund frequency the moment I reached €200 euros in the fundraise campaign.
- Friends and family funding plays a key role in the early stages of fundraising: The first funders were only coming from family members.
- Funding follows existing agglomeration: I have not indeed received randomised location funds. Most of them were coming from the same location of where I previously lived or visited before-hand where I possess a strong network.
- Funders and creators are initially overoptimistic about outcomes: My goal is to reach €1000, but I do believe maybe I am overestimating my existing reach.
- Crowdfunding capital may substitute for traditional sources of financing
I believe a 7th point to my list could be added: Higher funding frequency closer to deadline. By experience, delayers exist. The closer the due date, the more people get reminded of funding.
So far, €401 euros were raised in 18 days, and I am not stopping here. A video promotion used primarily for the sake of amusing myself and others has been place to increase my own reach. Moreover, organisations, university faculties and lecturers have used my page to illustrate crowdfunding, or promote me. Hence, something right is being done: applying theory into practice.
When faced with the decision of doing sports or not, if you are doubting try to mix it with something fun that actually gives you a purpose while simultaneously augmenting your academic knowledge.