Crowdfunders should be aware and cautious of Seth Godin’s concept of Symmetrical and Asymmetrical Mass Favours
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Crowdfunding Best Practice
Last summer I did a stint making short videos for THE PRODUCTION OFFICE LIVE. The show is presented and produced by my friend, author, filmmaker and blogger, Chris Jones. Its mix of interviews with genuinely valuable insight and lively studio chatter, saw it quickly become a favourite among indie filmmakers across the world ((literally, with viewers in the US, Germany and Australia among other places)).
Chris and his producing partners have recently launched a crowdfunding campaign for the second season of the show to give them enough capital to run the show professionally. Take a look at their IndieGoGo page to find out more (and back them if you can).
The campaign itself has one key element that too many filmmakers ((and crowdfunders of other art forms)) miss: “perks” or “rewards” that backers genuinely want ((such as a credit on the show, a visit to the studio, a VIP pass to the always-awesome wrap party)) at minimal cost to the production.
Too often crowdfunders come up with lists of brilliant bonuses, but if you’re giving away a $40 T-shirt to people who back you to the tune of $50 it doesn’t take a genius to tell you’re not going to raise the amount you need to make your show. Some would argue even a $10 T-shirt on a $50 pledge is too much of a chunk to give away.
What Chris & Co have done is to come up with a crowdfunding model whereby they offer great value to contributors at little cost to themselves. That is the ultimate lesson in crowdfunding best practice not only because it gives the show the best fundraising model, but also because as a backer you know you’re money is going to help your favourite show get made, not to produce the rewards you’ll receive for putting your hard-earned in.
Well done to Chris, Judy, David and Gemma for creating a great campaign for a great show. I can’t wait for the new season ((which will also, incidentally, be featuring the return of the LOWDOWN from yours truly)).