What is Crowdfund MIT?

Crowdfund MIT is an Institute-supported crowdfunding platform built for the MIT community to raise funds for projects, research, groups, and programs. Unlike Kickstarter, Indigogo, or GoFundMe, Crowdfund MIT does not charge transaction fees, and provides campaign strategy assistance. In addition, Crowdfund MIT activates existing MIT alumni and student volunteers to rally around your cause. Additionally, a group does not have to meet their goal in order to receive the funds raised.

Who uses it and why?

MIT departments, faculty, staff, as well as student and alumni groups use Crowdfund MIT to raise funds and/or gain visibility for their projects, events, or various types of needs the group may have.

What makes a fundraising campaign a crowdfunding campaign?

Crowdfunding campaigns are generally fundraising campaigns that solicit donors for a specific need (new equipment, travel costs, entrance fees, start-up costs, etc.). They either have a dollar amount goal or a donor amount goal, and end at a specific date and time.

In return for gifts, the campaigning group offers up either perks or levels. Perks are material goods, exclusive experiences, or special recognition (t-shirts, lunch with the team, a shout-out in an event program). Levels offer the donor further transparency into where their gift is going. For example, if you were crowdfunding for a children’s science camp, you might have a $10 “Snack Level” that would pay for a child’s snacks for the day, while the $100 level might be the “Day Trip Level” that would pay for a trip to a science museum.

What makes a good crowdfunding campaign?

• A team of enthusiastic volunteers: The vast majority of crowdfunding campaigns will not “go viral.” So, it’s left to simple math—the more people reaching out to their friends, family, and colleagues about the campaign, the more people will have the potential to become donors.
• An interested base of supporters: This base is who you will reach out to when your campaign starts.
• A specific fundraising need: The more specific your fundraising need, the more donors feel like they’re having a direct impact on something they support, and the more likely they will be to give.
• A realistic goal: How do you set a realistic goal? We use the formula, “4 X # of email addresses on file = Probable $ Raised.”
• Preparation: Except in extraordinary circumstances, last minute campaigns rarely make their goal. We recommend a minimum of 2 months of prep.

How can my group set up a campaign on Crowdfund MIT?

Simple – fill out an application on crowdfund.mit.edu.