Social Capital Attraction Of Early Contributions In Crowdfunding

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Social Capital Attraction Of Early Contributions In Crowdfunding

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Social Capital Attraction Of Early Contributions In Crowdfunding

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Question:
Discuss about the Social Capital Attraction Of Early Contributions In Crowdfunding.

Answer:

Bee the Cure is an organisation that has established itself very adequately over digital & social media and hence, it is advisable that the crowd funding be done over digital platform. The reason for the above made recommendation lays on the SWOT analysis findings for the crowdfunding strategy. The expenses invested in spreading awareness about the objective of the crowdfunding can be readily mitigated while the other weakness of reaching limited audience can be managed by designing a strategy where a social media user would share the advertisement to other. To attain the objective of making the crowdfunding objective sharable on social media, a reward of the organisation’s offering can be promoted where ten lucky winner got get a surprise package of organisational offering.
Additionally, the threat of targeting specific people will even get mitigated as the social media is home to world’s largest population and the above discussed strategy of sharing the organisational offering as reward would surely motivate people to promote the crowdfunding advertisement. The promotion of the crowdfunding will enable it to reach different people of different genre which will assist in having a versatile and larger support base. Additionally, depending upon the needs the digital & social media, promotional activity such as surveys, videos and others can be conducted to target specific type of audience. The social theme would attract more of the working class and rich individuals, while something funny & fresh would attract a young consumer base (which happens to be the largest base of social media users). Hence, depending on the audience and their interest the promotional activities for the crowdfunding should be developed.
Another notable threat that had been discussed as part of the SWOT analysis is that there are other campaigns going on. The threat can cite adverse effect on the discussed campaign, however, on the contrary, the threat can be manipulated to act as a catalyst for the success of the discussed crowdfunding. The discussed objective can be achieved in two methods; the first is inspiration and the second is collaboration. The first is very simple and analytical process where, the most successful crowdfunding campaigns will be observed and evaluated to determine their pattern, consumer base and the method they have approached the supporters it enjoys. It will help in understanding the perception of the social media users and why they support a particular cause. It will also support in formulating promotional strategies to build a consumer base for “bee the cure”.

Another notable measure that can be taken is to collaborate with other ongoing campaigns, it will assist in formulating an extended base of supporters. The supporters of the collaborated campaign will get to know about the discussed campaign and may willingly support the cause. Additionally, together both or more campaigns together can target a broader audience with creative and innovative tools and techniques. The deemed method could prove to be feasible and mitigate the threats associated with online crowdfunding and will assist in collecting financial and moral support for “bee the cure”.
Conclusion
Crowdfunding has emerged as one of the most significant approach for the fund collection specially for the non-profitable organisations. It is simple, accurate and feasible because the general people are understanding their social responsibility and are willing to support it. However, the barrier of knowledge comes in between the supporter and the crowdfunding campaigns. Those who are willing to do their part for the society are unaware of the campaigns that are going on for the subject they support. Hence, making it mandatory for the campaigners to devise a strategy that can reach the most appropriate audience.
The objective of the discussed project is to collect funds for a non-profitable organisation, “bee the cure”. The funds can only be collected after the people who may share the same cause as that of the deemed organisation. Hence, the sub-objective of the project is to raise awareness about the source & objective of “bee the cure”. To attain the deemed objectives of the project, it had been decided to follow online crowdfunding because it is simple, reliable and less effort consuming process. Hence the paper discussed various aspects of crowdfunding and cited appropriate recommendation to collect funds through online crowdfunding. The discussed measures were recommended from the SWOT analysis of the online crowdfunding. The discussed measure when implemented may assist the campaigner to attain the objective and “collect the amount of $18000 by 30th of June 2018”.

Reference
Agrawal, A., Catalini, C., & Goldfarb, A. (2015). Crowdfunding: Geography, social networks, and the timing of investment decisions. Journal of Economics & Management Strategy, 24(2), 253-274.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of business venturing, 29(5), 585-609.
Colombo, M. G., Franzoni, C., & Rossi?Lamastra, C. (2015). Internal social capital and the attraction of early contributions in crowdfunding. Entrepreneurship Theory and Practice, 39(1), 75-100.
Giudici, G., & Rossi-Lamastra, C. (2018). Crowdfunding of SMEs and startups: when open investing follows open innovation. World Scientific Book Chapters, 377-396.
Horvát, E. Á., Uparna, J., & Uzzi, B. (2015, August). Network vs market relations: The effect of friends in crowdfunding. In Advances in Social Networks Analysis and Mining (ASONAM), 2015 IEEE/ACM International Conference on (pp. 226-233). IEEE.
Kuppuswamy, V., & Bayus, B. L. (2018). Crowdfunding creative ideas: The dynamics of project backers. In The Economics of Crowdfunding (pp. 151-182). Palgrave Macmillan, Cham.

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