Getting Started with Collaborative Funding

Oct 12, 2015 · Unlisted

We’ve all been part of amazing groups with people and purposes we want to support. But great ideas often get stuck when these groups are unable to connect the people and resources to unlock their full potential.

So how can you activate communities to create more together?

Put money in the middle. Decide how to spend it together.

What is collaborative funding?

Collaborative funding helps crowds with purpose to develop ideas and fund them, together. Whether you’re a team, company, or community, collaborative funding creates new opportunities for leadership, co-creation, and shared success.

How does it work?

In Cobudget, a request for funding is called a bucket. Cobudget allows groups to collaboratively fund projects, expenses, and anything else you can imagine.

The four bucket stages — from idea to action

Leading your crowd

As the person setting up Cobudget, you have a special role to play in your group’s success. How you go about it can make a big difference. Here are some tips for making collaborative funding a success for you!

1. Introduce Cobudget

Present Cobudget to your group in a meeting or message — whatever communications channel your group is already familiar with.

Hosting a conversation about what kinds of things your group might want to fund together can be a great way to get people started.

2. Seed your group with ideas

When trying out a new tool, it’s not engaging to show up into an empty room.

Start your group off with a couple simple ideas — things you are pretty sure your group is already considering funding. This way when people arrive, they will have content to interact with and can see by example how they might add their own ideas.

3. Fund fast and small at first

At first, encourage people to propose small buckets that can be funded and completed quickly.

This creates trust in the system as people experience the complete cycle: idea, funding, and results. It’s usually a good idea to break large projects down into smaller steps, and then work up to larger buckets as people become familiar with the process.

4. Engage and encourage

Many people aren’t used to putting forward their own ideas proactively, or engaging in a funding process. They need a confidence boost.

Every person in your group has a unique perspective — remind them that they have an important role in getting the best ideas funded, whether they propose a bucket, comments on buckets, or fund buckets. If you hear ideas being discussed elsewhere (“somebody should…”), encourage them to raise a bucket.

5. Celebrate success!

Support people who have been funded to report back on their progress, with stories, pictures, and links.

At first people tend to get excited about Cobudget because of the funding aspect, but over time the real success is in delivering the outcomes the group invested in through the process — creating a positive feedback cycle for bucket raisers, investors, and the group as a whole.

❤ from the Cobudget team.

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