Way back in June, we introduced you to Pozible, a newish online platform sharing the crowd-funding love with Australia’s arts industry.
Just five wee months later, founders Rick Chen and Alan Crabbe have reached a cool $1 million in pledges.
Since the site’s launch in May 2010, it’s claimed a number of wins including hosting the largest crowd funding project ever held in Australia – raising $175,838 from approximately 1,200 donors to re-launch independent news portal New Matilda.
Pozible has also become a firm festival favourite, collaborating with over 20 creative bods throughout the country including the Sydney and Melbourne Fringe Festivals, the Australian Network for Art and Technology, and Youth Arts Queensland.
Projects promoted via Pozible receive donations if they reach their full target in 90 days. In return, the platform takes a 5-7.5% cut. Currently a little over 40% of projects reach their goal – up from 33.3% just five months ago.
“We want to say a big thank you to any and all the people who have supported Pozible and the projects along the way,” said Chen, in a media statement. “Seeing just how much people get behind projects is a truly wonderful experience.”
According to Crabbe Pozible’s fave achievements to date – other than the million milestone – are just the same as any of the companies who’ve posted projects on the platform.
“The dream of doing something you love and becoming financially sustainable is by far the greatest achievement. Pozible is no different.”
So what’s next for the intrepid Pozible peeps?
“We are growing very quickly at the moment and our first objective is to bring in new members to the team and provide further advise and support to our showcase of projects,” Crabbe says.
“As creatives ourselves, we have loads of ideas for the platform and we are already planning to rollout new services for established creative organisations.”
Pozible’s 11 tips to crowd-funding success
1. Plan your project and set yourself a goal
It’s important to set yourself a realistic and achievable funding target. As most crowd-funding platforms apply a time limit to raise your dosh, Pozible recommend you set your goal at the minimum you need to kick-start your project.
2. Invite people to be a part something
Don’t be shy. There ain’t no shame in asking someone to support your creative project or idea. You’re crowd-funding, not begging. Get people involved in something great.
3. Embrace collaboration
The crowd-funding process isn’t just about financial support. It’s also an opportunity to find like-minded individuals or organisations to lend their creative skills or expertise to your project, giving it the greatest chance of success.
4. Know your influencers
People love a good trend to follow. If your project is endorsed by a celebrity, respected industry leader or publisher be sure to big up the connection. Endorsements for your project build credibility and should be a key focus.
5. Learn from others
Crowd-funding has become a point of discussion online – read the articles and advice from people who’ve been successful. More importantly, learn from those who’ve been unsuccessful.
6. Be Sociable
Take every opportunity to tell people about your project – even if it means stepping outside your comfort zone. Learn about upcoming events, festivals and local community activities that may equal opportunities to spread the word.
7. Share and connect online
Crowd-funding platforms, like Pozible, have been built with social media integration front and centre. Whether it’s Facebook, Twitter or MySpace, be active on your personal page. Give regular updates and encourage friends to share your project. But try not to sound too needy.
8. Another day, another dollar
Raising cash for your project won’t be easy. It takes passion and commitment to be successful. Realistic expectations from the outset will help to build momentum. People will appreciate your dedication and will be more likely to spread the word about your efforts.
9. Say thank you
An obvious one, but still worth a mention. A personal message of thanks and recognition will serve you well.
10. Know your audience
Without an audience you’ve got next to nada. Therefore it’s worthwhile taking the time to get to know them. Suss out what your supporters would like to get out of supporting your project. It may be as simple as a signed postcard or album.
11. A story to tell
What is it that makes your project different from the others? Tell your audience where your idea stems from and what makes it unique. People need to connect with your project if they’re to become evangelists for your idea.