Science Crowdfunding: How to master it

Workshop 2 of the Digital Scholar Training Series

Katja Reuter1, PhD, Melanie Funes1, PhD, and Denny Luan2

1Southern California Clinical and Translational Science Institute (SC CTSI) at the University of Southern California and Children's Hospital Los Angeles

2Experiment, donation-based science crowdfunding platform

Today’s Goal

Develop a draft of your Science

Crowdfunding Campaign

Workshop Outline

Introduction to crowdfunding

Working with Experiment at USC

Advice from Experiment: Developing a crowdfunding campaign

Defining CrowdfundingThe practice of funding a project by raising many small contributions from a large number of individuals, typically via the internet.

It combines fundraising, story telling, community engagement and web-based social networking with a reward system for backers. http://embor.embopress.org/content/14/12/1043.long

Crowdfunding is Not as New as You May Think…

http://crowdfundbeat.com/the-statue-of-liberty-and-americas-crowdfunding-pioneer/

Characteristics of Crowdfunding Campaigns

Speed with which the money was raised

High number of small donations

Management by one agent

Giving back to backers

Thinking Beyond Funding

Science Crowdfunding to…

Darie Research GroupClarkson University, Potsdam, New York

Raised funds to purchase software for mass spectrometry analysis to identify biomarkers for autism spectrum disorders.

http://www.elsevier.com/connect/how-to-use-crowdfunding-to-support-your-research

Purchase Software

Science Crowdfunding to…

Erica HermsenMaster's student, Antioch University, New Hampshire

Raised money that enabled her to increase the length of her study on cheetah conservation, essentially doubling her sample size.

http://www.elsevier.com/connect/how-to-use-crowdfunding-to-support-your-research

Supplement Existing Studies

Science Crowdfunding to…

Ethan Perlstein, PhDFounder of Perlstein Lab,formerly at Princeton University

Surpassed his crowdfunding goal of $25,000 and is using the funds for a series of experiments to identify where amphetamines act in the brain.

http://www.elsevier.com/connect/how-to-use-crowdfunding-to-support-your-research

Fund Experiments

Intellectual Property (IP) & Crowdfunding

Copyrights need to be secured for any pictures, copy, video or songs that are used

Protect IP before launching your rewards-based crowdfunding campaign

File a provisional patent application (if applicable) before making a public disclosure

Protect your brand (if applicable) with necessary trademarks or copyright

Popular Crowdfunding Platforms

Experiment, GoFundMe, GiveForwad, YouCaring, Kickstarter, Indiegogo, RocketHub, Razoo, Causes, CrowdRise, FundAnything, Fundrazr, CrowdCube, EarlyShares, Seedrs, Fundable, CauseVox, ….

Working with Experiment at USC

Develop your project content, target, and outreach plan

DevelopSubmit the Crowdfunding Approval Request Form for research compliance review and administrative processing

ApplyAfter receiving approval, post your campaign on Experiment

Fundraise

Notify your Department/Division Business Officer when you reach your target to set up a gift account and accept the funds

NotifyStart spending the funds

Start

Questions ? Katja Reuter, PhD katja.reuter@usc.edu

Things to Keep in Mind…

“All or nothing” Experiment policy

Total Funds = Donations – 8% (Experiment + Processor Fee)

Donations do not constitute a “tax-deductible” gift to USC

Denny Luandenny@experiment.com

@dennyluan

What is Experiment?

What is Experiment?

Experiment is the largest platform for discovering, funding, and experiencing new scientific discoveries.

METRICS:

MetricsFounded: March 2012Total Funded: $1,127,189.50Projects Created: 3,235Projects Funded: 189Updates: 1,892PhD Dropout Rate: 66%

experiment.com/stats for more

Funders get to participate and be a part of the research process through crowdfunding.

1. Fund Projects

2. Share Progress

3. Publish Results

Over 150 research universities and institutions are represented.

Why Crowdfund your Science?

Community and awareness Preliminary data to scale Flexible to fit your research – not the other way around Virality and relevance Make your science go faster

Conversely… Can’t treat it like a grant Your mileage may vary It’s public

Outreach First

If you do the outreach, the funding will follow.

$20,529 raised

Do coal and diesel trains make for unhealthy air?

271 backers

$5,409 raised

How do Bobtail Squid choose their glowing bacterial partner?

187 backers

Let’s develop your science crowdfunding

campaign.

The Project

Putting together your first experiment

On Experiment Off Experiment Launch

Title Descriptio

n Video Budget Biography Content

Social Media Mailing lists Blogs and Outlets

Updated Content

Starting a New Project

experiment.com/start

The Title

Short and punchy 6-8 words, concise is key Avoid technical names or language

Be impactful

“The calf connection: California humpbacks in their Costa Rican nursery”

“Building a gel imager on a budget”

Azolla, a little fern with massive green potential”

Examples

“Chemically sterilizing mosquitoes to prevent malaria transmission”

The Video

Projects with videos are 50% more likely to succeed Introduce the characters, open up the story Get to the point If you get excited, it’s easy for others get excited 2-3 minutes is a good target

Powerful storytelling tools help you succeed

Video: Example 1

http://vimeo.com/85012495

Video: Example 2

http://vimeo.com/72688703

The Budget

Discrete amounts of science

Materials, travel, publishing fees, stipends, costs of science

Transparency + details go towards building trust

Why can’t – this – element of the project happen without them?

Define actions, not goals

Example: “How does communication training benefit scientists?” (raised $4345)

Distribution of Budget Size

The Biography

Can have many collaborators, lead who will carry out the work

Titles, appointments, positions, training

How did you get into this field?

What are your interests outside of science? *

Why this, why now, and why you?

Biography: ExampleWhy this, why now, and why you?

“I am a Professor at the University of Washington and an expert on air quality. My research team has published over 100 scientific papers and conducted dozens of air quality studies in the Pacific Northwest and around the globe with funding from NSF, NASA, NOAA, etc. I have participated on review and advisory panels for the NSF, NASA, EPA, NOAA and the National Academy of Sciences and my work is widely cited in the scientific literature. Learn more about my research here.”

Bachelor of Science, Chemistry, Massachusetts Institute of Technology, 1979. Master of Science, Chemistry, University of Washington, 1983.Ph.D. Chemistry, University of Washington, 1987.

Science Content

Backers want to see progress and results Share everything to fit the audience Social Media – Twitter, Facebook, Tumblr, blogs, forums

Share the process

After the campaign Progress and results Help people understand the results

During the campaign What you’ve done in the past The stuff you cant fit into the project page Depth

The LaunchPeople want to hear from scientists

Case Studies

Pet Visits Help Kids with Cancer

Case Studies

MyHealthEd

Case Studies

Gun Policy Research

Case Studies

Money per Backer

Case Studies

Money per Backer

92.7% of projects that go past 40% of their goal succeed their campaign.

Social Proof

64.6% of projects that go past 10% of their goal succeed their campaign.

79.8% of projects that go past 20% of their goal succeed their campaign.

Sample Strategies Use your institution (alumni office, departments,

marketing)

Press and journalists

Get outside the office (conferences, flyers, meet-ups, speaking opportunities)

Leveraging backer community

Ask for help not money – people love helping science!

Ask for advice, you’ll get money Ask for money, you’ll get nada

Common Questions

Where do backers come from?

What is the fee?

Can I have multiple campaigns?

All-or-nothing

What happens to IP

Who are the backers?

1st, 2nd degree networks

5% plus ~3% processing fees

Yes!

Must meet the goal

Standard rules apply

Scientists, friends, internet users

Contact UsSC CTSI | www.sc-ctsi.org Phone: (323) 442-4032 Email: info@sc-ctsi.org Twitter: @SoCalCTSI

Experiment | https://experiment.com Twitter: @lets_experiment