How can the typical unruliness of a crowd lead to your Organization’s financial success? With proper implementation of crowdfunding, it can. Our TBC nonprofit service team meets monthly to discuss emerging industry topics and recently reviewed the basics of crowdfunding.
As defined by the National Council of Nonprofits, crowdfunding is a term that refers to any effort to raise money with donations from a large number of people. Finding the right type of crowd can help attract small donations for a nonprofit, similar to how the term was first used by entrepreneurs as a way to attract small sized investments for their emerging businesses.
Before you start crowdfunding, you should familiarize yourself with the common websites used for this, such as GoFundMe or Kickstart, as well as applicable processing fees, and the laws that regulate online fundraising. Check out the National Council of Nonprofits website for further information and more resources to help you understand the dynamics of crowdfunding before you begin.