Event Crowdfunding Demystified
Equity? Donation-based? Lending? Reward-based? Wait….what?!
It’s safe to say that crowdfunding today is an established and viable ‘thing.’ But as the noise around it amplifies, it seems to be getting just a bit more confusing by the day. You like options? You’re in luck, because we’re here to simplify one of them.
Event crowdfunding is simply ‘crowdfunding for events,’ just how it sounds. And what can you do with this tool? You can eliminate common risks and streamline the event planning process. Paying for venue deposits, ordering food and drink ahead of time, reserving services before having an accurate headcount…most of us expect to take on these burdens as the event organizer. Someone has to, right? That is, unless some clever soul decides to crowdfund the event.
How does it work? The 3-step explanation.
- Create an event and publish it.
- Share it with your network.
- Receive paid RSVPs, reach your headcount, then the event is confirmed.
Let’s say you want to plan an epic end-of-summer party (and frankly it’s not going to be anywhere to close to ‘epic’ unless cool people show up for it). You want at least 100 people, preferably 250, and you’ll need $1000 for alcohol. No problem.
You post the event, share it with your network, and everyone pledges to attend your event. Once you reach your 100 person minimum, the event is ‘on’ and your attendees will be charged for the ticket price. In the event that you don’t meet your minimum requirement, the event is simply canceled and no one is charged a dime.
Yes, it’s that simple. All the fun details come into play once you’ve secured funds, not the other way around. And playing with a decent budget is a lot more fun than sweating bullets, praying that people actually show up and pay you.
And flakey friends? We’re watching you.
It’s fun living in a tech universe; fun but double-sided. Most of us are guilty of being just a tad more flighty these days — we expect it from friends, and we do it ourselves. But this flakiness was a precise source of inspiration for Gatheric.
Monetary commitment is the easiest way to put an end to no-shows, last-minute cancellations and flakey RSVPs. Shady ‘I’ll pay you back’ cheapskates don’t win, they simply miss out on the fun. Want to attend an incredible event? Just put your money where your mouth is and make it happen.
Cheers to event crowdfunding. Your only limit is you.