Crowdfunding for Nonprofits and Businesses: 7 Best Practices
Today on Cause Talk Radio, Megan and Joe talk to Richard Swart, the Director of Research on Crowdfinance at University of California at Berkeley and author of the World Bank’s Report On Global Crowdfunding, on how to strategically use crowdfunding for corporate social responsibility (CSR).
Companies across America are partnering with community organizations and crowdfunding platforms to leverage their social reach and extend their CSR messaging. It's becoming an accepted CSR activity, with very little downside and incredible potential.
For Richard, crowdfunding happens when people are asked to vote with their wallets to support a product or project - instead of with their "likes" or social media impressions. It began in the arts community in 2008 when groups used crowdfunding to get their films backed. From there it was adopted by nonprofits and for-profits alike.
