Crowdfunding for MGH Researchers MGH Research Council Meeting

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Crowdfunding for MGH Researchers MGH Research Council Meeting Monday, December 7, 2015

Crowdfunding for MGH Researchers MGH Research Council Meeting Monday, December 7, 2015

What is Crowdfunding? § Crowdfunding is a form of collaborative fundraising from large groups

What is Crowdfunding? § Crowdfunding is a form of collaborative fundraising from large groups of people. It is enabled by the rise of online platforms that match people in need of capital with those who are interested in their cause. More than $5 billion in crowdfunding expected in 2015 * 30% of crowdfunding has gone to social causes Graphic: http: //www. statista. com/statistics/269975/most-active-crowdfunding-categories-of-2012/ * Massolution 2015 CF Crowdfunding Industry Report

Crowdfunding at MGH § The Development Office uses crowdfunding extensively through fundraise. massgeneral. org

Crowdfunding at MGH § The Development Office uses crowdfunding extensively through fundraise. massgeneral. org to support fundraising efforts of “grateful patients“ and “community fundraisers” — In FY 2015 more than 200 external individuals and groups raised nearly $3 million in Community Fundraising. — In FY 2015 more than 7, 500 gifts were made online through the Mass General crowdfunding tool totaling $1. 1 million § PIs are being approached by vendors, non-profit sites and other crowdfunding providers, seeking to have them publicize their projects on these platforms. § The Research Institute is seeking to leverage crowdfunding to support the work of PIs and successfully raise much-needed funding in a resource-scarce climate.

Crowdfunding Tools for MGH PIs § The Development Office proposes extending its enterprise peer-topeer/crowdfunding

Crowdfunding Tools for MGH PIs § The Development Office proposes extending its enterprise peer-topeer/crowdfunding platform to support the work of PIs in effort to: — Keep fees low to allow more fundraising revenue back to projects — Allow Research Institute admin staff to serve as an internal resource — Protect the intellectual property of Mass General with thoroughly vetted terms and agreement by Legal — Ensuring that we own all donor data and site analytics — Reinforce credibility of project by leveraging the Mass General name § We’ve created web portal to provide PIs with the needed background on crowdfunding and to help get you started § We recognize there are third-party vendors that may be appropriate on a case-by-case basis — These would have to be approved through Legal and PHS Contracts and would likely not be supported by Research Institute and Development Staff

Crowdfunding Web Portal 5

Crowdfunding Web Portal 5

Crowdfunding Application

Crowdfunding Application

Sample Research Project

Sample Research Project

Sample Page Created by a Grateful Patient 8

Sample Page Created by a Grateful Patient 8

Successful Crowdfunding Campaigns § Fundraiser has vast network of contacts who may become potential

Successful Crowdfunding Campaigns § Fundraiser has vast network of contacts who may become potential donors § Fundraiser has time to invest in creating content, promoting campaign and providing updates to donors § Potential donors have a strong connection with fundraiser and very “project aware” § Potential donors understand value of funding the work/project § Potential donors find project’s goals and outcomes accessible § Potential donors want to share the importance of the project and reach out on its behalf 9

Self Service Approach PI Identifies Funding Need 1. PI Visits Crowdfundin g Web Portal

Self Service Approach PI Identifies Funding Need 1. PI Visits Crowdfundin g Web Portal 2. PI Completes Application 3. RI Admin + Dept. Approves Project Donors get solicitations from PI and Give 4. PI Sets up & Markets Page

MGH Crowdfunding Web Portal § Serves to educate PIs at MGH on crowdfunding 1.

MGH Crowdfunding Web Portal § Serves to educate PIs at MGH on crowdfunding 1. PI Visits Crowfunding Web Portal § Provides guidelines and overview § Helps guide PI in decision making process § Houses crowdfunding application § Allows for stakeholders to engage with staff and stay informed about activity

Crowdfunding Application for MGH PIs § Self-service/user driven § Asks PIs a series of

Crowdfunding Application for MGH PIs § Self-service/user driven § Asks PIs a series of questions and serves to gather needed info for Research Institute Admin 2. PI Completes Application § PI identifies existing sundry fund § PI defines audience § PI defines goal § PI provides overview and additional info § Provides notifications to Research Admin § Recommends PIs use our tool as part of the application process

Research Institute Review Application § RI admin receives notification of pending application 3. RI

Research Institute Review Application § RI admin receives notification of pending application 3. RI Admin + Dept. Approves Project § Review PI provided info § Validate sundry fund § Validate manager approval § Provides follow-up info to PI and sign up link to start building approved page

PI Sets up and Markets Project Page § PI creates content that speaks to

PI Sets up and Markets Project Page § PI creates content that speaks to the audience, articulates the goal and the promise of reaching it 3. PI Sets Up Project Page — Communicates the unique selling proposition of the project and why it matters to potential donors — Uses images and video to show the work — Focus on accessible and consistent message — Updates as progress continues and outcomes are reached § PI develops outreach plan to their external networks through email, social media, direct mail § PI provides follow-up information and closure, project outcomes § PI sets up name recognition for future marketing

Profile of a Successful Donor § Someone who has a vested interest in advancing

Profile of a Successful Donor § Someone who has a vested interest in advancing care in a line of investigation Donors get solicitations from PI and Give § Generally knows PIs or is “project aware” – past students, business associates, friends, colleagues at other institutions* and yes, even family § May have general interest in research area § Understands value of project § Finds project goals and outcomes accessible § Wants to share the importance of the project and reach out on its behalf * Mass General’s fundraising policy prohibits employees from soliciting other employees

Research Institute as a Resource § Brian Burns and Brian Wilson will serve as

Research Institute as a Resource § Brian Burns and Brian Wilson will serve as internal Research Institute staff to help triage questions on use of crowdfunding tool. Questions can be sent to research. [email protected] harvard. edu § Research Institute crowdfunding web portal: https: //giving. massgeneral. org/crowdfunding-communityfundraising/crowfunding-by-mgh-staff/