Thinking Out Loud

September 19, 2015

What if Crowdfunding Set a Different Time Frame?

Filed under: economics — Tags: , , , , , , , — paulthinkingoutloud @ 7:54 am

Crowdfunding

Driving home Friday night a talk radio station was discussing crowdfunding as “the new panhandling.” The hosts were skeptical about the projects, the necessity, the ethics and the fact that it has become all too easy to put your request out there and wait for a response.

That got me thinking (but not out loud, as the drivers in the other lanes tend to worry when the guy in the next car is talking to himself.)

What if instead of crowdfunding people for something they say they are going to do, what if there was a site which allowed people to help someone for something they’ve already done?

Something like, “Last week my wife and I got to participate in a great opportunity to help some individual/group/cause in a special way, but now we are unexpectedly out of pocket to the tune of $3,000 and would like to find others who can share in the blessing of what happened that day.”

The obvious benefit here is that instead of wondering if the trip is going to be funded, the charity album is going to get recorded, the business is going to be launched or the medical treatment is going to be deemed necessary; the thing, whatever it is, is already a done deal. There can be pictures, documentation, links.

It’s a way of saying, “I/we believed in this to such a great extent, that before there was an opportunity to create a web page and ask people for help, we stuck our necks out and wrote the check (or bought the ticket, or booked the flight or studio time or concert hall, or registered the trademark, or started filming). But now we want you to help us in something that is already past the half-way mark in development.” Or, “…something that is already a fait accompli.”

That way you could trust that the project is not a pipe dream or a flight of fancy. You would know that the gears are in motion.

If you’ve ever been unemployed you know the adage that it’s easier to get a job when you are already working. There’s a momentum there, which leads to a confidence. Similarly, I would argue that it’s easier to get people on board for something that has already gained traction, or has already proven itself. Some people like to back a winner; as it stands now, most crowdfunding projects are at best a wish.

What we’re really asking here, is what if some of crowdfunding was about events in the past, not conjecture about a possible future.

Let’s suppose for a minute that the person seeking the funding was required to show the project had some substance? What if the person seeking help was asked to prove that they have also put some of their own capital into the request in question? Wouldn’t that encourage others to get on board?

So what’s a good name for such a website?

images for graphic collage: Plan To Start

2 Comments »

  1. Firstly, I hope your donation was tax-rebateable. That’s a SMALL way we get back and are encouraged to give (though I don’t believe that was part of the ACTS socialism dynamic real Christianity fostered waaaay back).

    Here’s some ideas for a name:
    “Crowd-Rewarder”
    “Indiedonedone”
    “Kick-Follow-Up”
    “GoReimburseMe”

    … catchy!!

    Comment by flagrantregard — September 21, 2015 @ 5:03 pm

  2. Love the names. You should launch one of these!

    Comment by paulthinkingoutloud — September 21, 2015 @ 5:18 pm


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