Crowdfunding in Academia:
An emerging funding mechanism for science research
Jeanne Garbarino, PhD
Modern Day Crowdfunding
Funded
Project!
Director of Science Outreach, The Rockefeller University
Email: jgarbarino@rockefeller.edu
Website: http://www.rockefeller.edu/outreach/
Twitter: @JeanneGarb
Google+: http://gplus.to/jeannegarbarino
The internet has transformed how we communicate with people, and has allowed us to tap into global communities with common interests.
Remarkable Crowdfunding Campaigns Strike the Right Chords
People have been crowdfunding for years...
Politics:
Turkish activists raised $108,371 to take a full page add out in the NYT. They doubled their goal in 1 week.
Film:
~ 100,000 backers.
~$6 MILLION raised.
Averaged $132/MINUTE.
Smashed records.
Music:
Amanda Palmer raised over 10X her goal to create a new studio album. Nearly 25,000 people donated to her campaign, and she raised the equivalent of an R01.
What is crowdfunding?
Where can crowdfunding fit into science research?
"The collective effort of individuals who network and pool their money in order to support efforts initiated by other people or organizations." (Wikipedia Entry)
Let's talk about the 'S' word
Basic Elements for Crowdfunding Success
Crowdfunding can help offset scientific funding losses (or non-gains) IF...
- The NIH is cutting $1.7 billion from the 2013 budget alone.
- Federal R&D investments have suffered a 30% reduction since 2004
Funding losses are not significantly more than funds raised
("duh" statement)
- Broad public appeal
- Excellent marketing strategies
- Creative donor rewards
- Charitable donation status (for some)
Supplement Existing Studies
Fund an experiment
Purchasing Software
Ethan Perlstein surpassed his goal of $25K, which is being used for a series of experiments designed to identify where in the brain amphetamines act.
Erica Hermsen of Antioch University New England raised money to help her increase the length of her study on cheetah conservation, essentially doubling her sample size.
The Darie Lab at Clarkson University raised funds to purchase software for mass spec analysis. This will help them in their quest to identify biomarkers for ASD.
A feedback mechanism to help scientists target interested parties to fund their research, allowing for greater transparency and accountability, which can lead to increased publicity and financial contributions.
Remarkable science campaigns
Adding a citizen science component to research projects seems to be a winning strategy...
Questions to consider
Some last thoughts...
Crowdfunding Platforms
- In 2012, $2.7 BILLION was raised using crowdfunding websites
- Projected to raise $5.1 billion for 2013
- Crowdfunding lends flexibility to projects, and opens up new ideas to new communities
- Perfect marriage of profit and purpose
The future of crowdfunding for science
What is "Plan B?"
Does the university get overhead?
IP rights?
As crowdfunding rises in popularity, we are seeing a massive increase in both the number of platforms on the internet and the specific communities being served.
How these platforms generally work
Crowdfunding is shaping a new economy, there is no reason scientists shouldn't jump on that bandwagon whenever appropriate.
- University vetted projects (enhance development operations)
- Institutions might even create their own platforms or partner with existing
- Connect researchers not only with public, but also with potential investors
- Crowdfunding platforms orchestrate the transfer of funds from the individual donor to project facilitator
- Donation-based models give perks/rewards in return for financial contributions
Sites typically use one of two models:
It's not free...
In order to be sustainable, crowdfunding sites will take a commission, usually 8-10% of the total raised.
1. All or Nothing.
Sites like Kickstarter will only release your funds if you have raised your stated goal within the allotted time frame
2. Keep it All
Even if you don't raise your goal, you can keep the funds that are donated to your cause. Rockethub is an example.