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How crowd-funding works
LAST week we ran an article about how Salisbury-based documentary film-maker Robert Stern outflanked major broadcasters to secure access to film a year in the life of Sussex woodsman Ben Law.
Robert is using the innovative method of crowd-funding to raise the money he needs to complete the film. Here Robert explains howthis new way of fundraising works.
Want to record an album, make a film, develop a product, put on a show or create a community service?
If so, you'll probably need money, which usually means going to one place and asking for a big chunk.
Record label, broadcaster, bank or government body, traditional funders are critical financial bottlenecks and ultimate arbiters of your project’s worth.
But now there’s an Internetbased alternative. Instead of asking for a lot of money from one institution, you raise small amounts from many individuals.
Most use the donation model, offering different rewards in return for different levels of contribution, some the equity model, giving shares in return for investment.
Crowd-funding has exploded in the last two-three years. You pitch your idea online, set a target, deadline and rewards tariff, then solicit pledges via personal and online networks, traditional and social media.
If you reach your target by the deadline, the pledges get charged and you’re responsible for delivering the promised rewards. If you don’t, no one pays anything.
p To see how crowd-funding works, go to kickstarter.com and search for Ben Law.
p Salisbury Live is the latest event in the city to use crowd-funding to secure success. The event which sees bands performing at venues across Salisbury is being expanded in 2013 across two weekends.
As a result there will be twice the number of opportunities for live music fans to sample the best of the local and not-so-local emerging musical talent.
All the Salisbury Live gigs are free and this year they will take place on May 24-25 and May 31-June 1. The event showcases hundreds of musicians each year and is part of Salisbury International Arts Festival.
Organisers are using crowd-funding to attract support for the event with donations of £5 securing thanks on the Salisbury Live website, £50 ensuring a song is dedicated to you, while £100 buys sponsorships of a gig.
* To find out more visit peoplefundit.com.