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Maximise your Intellectual Assets developing funding streams through Social Media: CROWDFUNDING. We prepared this presentation for a group of local Social Enterprises, as part of a series of workshops on how to better exploit the value of their intangibles.
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Contact us +44(0)7717714595 [email protected] twintangibles 2011
Maximise your IA developing funding streams through
Social Media:CROWDFUNDING
In collaboration with the Intellectual Assets Centre
CROWDSOURCINGCROWDSOURCING• “Crowdsourcing is the act of outsourcing tasks,
traditionally performed by an employee or contractor, to an undefined, large group of people or community (a "crowd"), through an open call.” [Wikipedia]
• Resources exist outside organisations boundaries
• Historically very difficult to execute
• Some examples would includeo Wikipediao Linuxo Huffington Posto Innocentiveo DigitalKoot
SOCIAL MEDIASOCIAL MEDIA
• Many to many, two way communication
• Endorses the idea that we all contribute
• It has the power to aggregateo Groundswello Virtual groups of like minded individuals
• Democratising - lower barriers to engagement• Highly scalable• Relatively cheap
CROWDFUNDINGCROWDFUNDING
“Crowd funding describes the collective
cooperation, attention and trust by people who network and pool their money and other resources together to support efforts initiated by other people or organizations.” [Wikipedia]
CROWDFUNDING CROWDFUNDING
Some Crowdfunding Platforms
• Fundrazr – Individual, not for profit or political
• Wedidthis – Arts finance
• Catwalk genius – Fashion and design
• Startsomegood – Social Enterprises
• Takeashine - College/University course funding
• IndiGoGo – Pretty much anything – no equity
• Peerbackers – Enterpreneurial (US)
• Crowdcube – Entrepreneurial ( UK)
• ProjectFinder - searches several Crowdfunding sites
KEY CHARACTERISTICSKEY CHARACTERISTICS• Key characteristics
o Microfinance – low barriers, larger tribe
o Rewards – its not just equity
o Targets – Defined goals
o Time limited – Defined end point
o Viral promotion – Incentive to spread the word
o Project based – Rarely operating costs
WeDidThisWeDidThis
WeDidThisWeDidThis
CrowdcubeCrowdcube
The Process - PurchaserThe Process - Purchaser
Select Project
Target Met
Collect Reward
Purchase your
Reward
PromoteThe
Project
The Process - SellerThe Process - Seller
Decide on Project
and Target
Target, Launch,Promote
Collect Funds
Decide Rewards
and Duration
Choose Platform
and SM tools
Crowdfunding ExamplesCrowdfunding ExamplesIronBratz
• Gallery expansion in Glasgow
Myfootballclub • Community purchase of Ebbsfleet United
Blender Foundation • 3D animation software. €100,000 to switch to
an open source model.
I Am Verity • $80,000 to release an album
Trampoline • world’s first technology business to raise
finance through equity crowdfunding. Aim to raise a total of £1 million spread over four rounds.
• 10% Firms Equity• £230 per share• 1300 investors• 20% off in the shop!
IA and SM: the perfect matchIA and SM: the perfect match
Brewdog example: demonstration of how Intangibles (Relational /
Human / Organisational capital) can be
• CREATED
• ENHANCED
• EXPLOITED through the use of Social Media
CREATION OF IA CREATION OF IA through Social Mediathrough Social Media
• RELATIONAL CAPITAL: - Relationships with stakeholders (customers/
suppliers/partners); - Community building;
• STRUCTURAL CAPITAL:- External Facing factors-based IA: awareness of
organisation’s CSR, accreditations, image-enhancing users
- Brand Awareness (consistency is key)
CREATION OF IA CREATION OF IA through Social Media (2)through Social Media (2)
- Business networks (i.e. via LinkedIn)- Collection of a vast range of current business
information (market, financial)
• HUMAN CAPITAL : - Knowledge assets (through mutual knowledge
sharing)- Easier way to find the right personnel for your
organisation
ENHANCEMENT OF IA ENHANCEMENT OF IA through Social Mediathrough Social Media
• Relational Capital- Immediacy + intimacy of Social Media channels =
improved interactions and relationships with stakeholders;
- Raise in customer/community loyalty; - more empathy and engagement
• Structural Capital- Improvement of Brand awareness/recognition/loyalty- Widespread diffusion of your organisation's values,
message and REPUTATION
ENHANCEMENT OF IA ENHANCEMENT OF IA through Social Mediathrough Social Media
- Development of business networks- Improvement of Knowledge in the sector
(market, competitors, clients needs)
• Human Capital:- Knowledge classification and management
enhanced;- Skills, know-how and expertise improved
through mutual knowledge sharing
EXPLOITATION OF IA EXPLOITATION OF IA through Social Mediathrough Social Media
• Relational capital: - return on engagement --> repeat business;- constructive feedback from clients (crowdsourcing
content --> new products/services development)
• Structural capital: • Brand image (clients will involuntarily and
unconsciously vouch for it --> GENUINE peer-to-peer word of mouth - conversational marketing)
• Market expansion and entry in new markets
EXPLOITATION OF IA EXPLOITATION OF IA through Social Mediathrough Social Media
• Innovation potentialities (crowdsourcing)• Business development opportunities
(crowdsourcing)
• Human Capital :- Commercialization opportunities for know-how,
expertise, knowledge
Social Networks as IA toolsSocial Networks as IA toolsCreate the buzz; Marketing tool; Improve SEO
Better searcheability and visibility of your organisation
Twitter-- Brand-awareness building tool-- Traditional marketing tool - Listening tool:to know more about market/clients/competitor
LinkedIn- Restricted community building (more professional)- Business Networks - Knowledge creation
Facebook-- Community building -- Brand awareness-- Conversational/traditional marketing tool (ads) - Knowledge creation
Thank You!Thank You!
This presentation has been developed in collaboration with the IA Centre
@twintangibles