fundit report
TRANSCRIPT
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2016 EXPANSION CHALLENGE
GROUP REPORT
Compiled by Team Fund it:
Fintan, Vickie, Fiona, James, Chris and Stephen
Fund it is an Ireland-based, Ireland-wide crowdfunding website
providing crowdfunders with a platform and the power to attract funding
from friends, fans and followers across the world, and help good ideas happen.
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Acknowledgements
Many thanks to Claire Fitzgerald and Andrew Hetherington for the opportunity to
work on Team Fund it.
Many thanks also to our team mentor, Dan Rogers, at the Innovation Academy,
and Academy staff: Catherine O’Brien, Louise Andrews and Alexis Pacquit.
Special thanks to our fellow students for their generous support, sound advice and
good humour.
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CONTENTS
Page 4 Executive Summary
Pages 5-6 The Challenge, Ideation & Research Methods
Pages 7-12 Findings - Enterprise
Pages 13-19 Findings - Heritage
Pages 20-24 Findings - Social Enterprise/Community
Pages 25-28 FAQ and Terms and Conditions (including
recommendations)
Page 29 Other recommendations
Page 30 Crowdfunding future and Fund it
Page 31 Bibliography
Page 32 Team Fund it poster
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EXECUTIVE SUMMARY
Crowdfunding is not a new concept – modern day crowdfunding began in the 1990s
and was already established in everyday life through the likes of church gate
collections and donations to charities. Fund it is an Ireland-based and Ireland-wide
rewards crowdfunding website that began operation in 2011. Fund it aims by its
fifth birthday in 2016 to widen its bandwidth by consolidating some categories and
adding three new ones:
1. (Commercial) Enterprise
2. Heritage
3. Social Enterprise/Community
Access to capital is the greatest inhibitor to entrepreneurs in bringing
innovative products and services to the market. The US Security and Exchange
Commission’s (SEC) vote on October 30th 2015 “Title III Bill” is a game changer
which dramatically reduces this hurdle for companies that feel they can prove
themselves to the market (Clifford, 2015). This will undoubtedly permeate through
to Ireland. Changes in the access to capital process has already occurred in
Europe: one of the largest Dutch banks, ABN AMRO, has started its own
crowdfunding platform and in the Netherlands equity crowdfunding from
unaccredited investors has been legal for almost three years (van Leeuwen, 2015).
The SEC’s vote marks a historic milestone in the regulation of how entrepreneurs
raise money to launch and grow their businesses.
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THE CHALLENGE
Our brief requested that we:
help in the development of the three new categories and ensuring that
they are targeted correctly by identifying thought leaders who can
advocate for Fund it in their sectors
seek out potential projects to identify the remit of each new category
evaluate the Fund it customer online experience in Terms &
Conditions/faq, focusing on where language needs to change to reflect
the change of focus from creativity to more community impact language.
IDEATION AND RESEARCH METHODS
The sub-teams collated ideation notes from the wider class generated on the day
that the challenge was allocated. We defined each sector based on our project brief
and further discussion with Fund it staff. We carried out extensive research online
(websites, Facebook, LinkedIn, Twitter, Blogs, Instagram, Snapchat, YouTube,
Pintrest). We consulted with Academy staff and fellow students, and kept Fund it
up to date with our work via meetings and by email.
Thought Leaders: Team Fund it divided into sub-teams to research the three new
categories and to assess who could be potential advocates. An ideal advocate
should have an established following in their specific area of expertise. They must
also have a strong social media presence to engage with their audience and spread
the news about Fund it. They must also be easy and free to contact. Celebrities and
famous sports personalities could be great advocates, however, they are usually
already involved in endorsement, and to engage with them quite often requires
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going through their management. For this reason, we looked towards professionals,
academics, commentators, bloggers and activists who are already talking about or
directly involved in the three new sectors. We identified over 50 new thought
leaders, 42 of whom were given the green light by Fund it; the 42 were then
contacted by the sub-teams via email with news of the Fund it expansion.
Potential Project Creators: The sub-teams researched and identified a variety of
potential project creators, by contacting colleagues past and present, personal,
professional and otherwise, or by researching existing projects already involved in
fundraising. We also contacted some of the potential advocates who we believed
could have a potential project. From this we developed a list of potential projects
which should help Fund it define and target future project creators that will fall
under these new categories after expansion. These are detailed in the FINDINGS
section within the three sectors.
Evaluation of Website: We assessed the website and social media presence,
taking a close look at the language of the faq and Terms & Conditions sections. We
carried out comparative research on competitors’ websites. Additionally we
consulted an experienced proof-reader who evaluated the Fund it website. The sub-
teams proof-read the terms and conditions and faq. We have made a number of
recommendations such as development of the mobile phone app, colour coding,
and the development of a jargon busting screen tip.
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FINDINGS – ENTERPRISE
Firstly, the Enterprise sub-team asked: how do we define enterprise? Simply it can
be described as “a piece of work taken in hand” (Oxford English Dictionary, 2015).
In the context of the Fund it expansion, we are referring to commercial enterprise.
Commercial enterprise is the undertaking of a project for profit. The term has its
roots in the idea of trading. But what types of creators are Fund it attempting to
target?
To answer this question we looked at who are the thought leaders in the
arena of Commercial Enterprise. We looked at entrepreneurs, journalists and
organisations involved in enterprise and business start-ups, for example Local
Enterprise Offices.
ENTERPRISE FINDINGS - THE THOUGHT LEADERS
The commercial enterprise team compiled a list of 18 thought leaders who we
believed could be potential advocates. Of this list, Fund it approved 12 of our
selection. Here are two examples of the potential advocates we put forward.
Joanne Larby aka The MakeUp Fairy
Joanne is well respected in a number of arenas including
beauty, and more recently health and fitness, and from
this she has developed a vast contact list. Joanne is soon
to be a published author but she is constantly on the
lookout for new opportunities and creative projects.
Joanne has a fantastic social media presence with an
active blog, Facebook, Instagram, Pinterest, Twitter,
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YouTube and Snapchat. She recently won ‘Best Company Blog’ at The Blog Awards
2015. She uses Depop to sell worn clothing. This is a way of financing new
ventures. With this in mind we felt that Fund it would be of great interest to her. In
our eyes Joanne’s role as an advocate for Fund it could be that of being a receiver
broadcaster. Joanne answers questions and gives advice on building a brand and
through her social media could tell her followers about Fund it.
John D. Fitzgerald from the ERSI
John is the head of the Macroeconomics
and Resource Economics Division
Coordinator at the Economic and Social
Research Institute. He is a media
personality, well known and respected
by people interested in current affairs,
economics and enterprise. He would be
an ideal advocate as he could relay how Fund it offers a platform for financing a
venture when other traditional avenues fail.
Although these two potential advocates are poles apart, they are both highly
respected, with many contacts, and both have a strong presence in the media.
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ENTERPRISE FINDINGS – POTENTIAL PROJECT CREATORS
Claire Fitzgerald
The LUVly Melon Cutter
Strong presence on social media
including Facebook, Twitter and
Instagram; however she has not
started to build a brand using
these platforms
She has a contact list of potential
funders
Contact
Creative background in make-up
artistry, formerly employed in
childcare and now currently
employed with the Department of
Social Protection.
Has an interest in healthy eating and
developing new ways to make it
easier and more fun to make healthy
food choices.
Claire is working alongside an
engineer to develop a prototype for
a new product, a device with a
spring action that will cut heart
shapes from a melon.
Claire believes that people eat with
their eyes. Making healthy food look
more interesting and appetizing
could result in people, especially
children, making healthier food
choices.
This product would also be safer
than using a knife and produce a
more interesting looking result than
a melon baller.
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Edel and David Cooney
The Bike Buddy
Parents to two children.
Edel has an employment
background in Price Waterhouse
Coopers, LinkedIn and is currently
employed by Twitter.
David has worked up until recently
as an engineer in research and
development in Hewlett Packard.
He has now taken time out to
concentrate his efforts on a
number of prototypes that he has
been developing over the past few
years.
Contact [email protected]
Edel and David have developed a
product in which a child aged
between 4 and 8 can ride along on
their parent’s bike.
A basic prototype has been installed
onto a bike, however funding is
required to enhance the appearance
and make it ‘market ready’.
Edel has strong presence on social
media including Facebook, Twitter
and LinkedIn. Edel is also involved in
local community activities.
They have a contact list of potential
funders from links to parents.
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Jannis Koukoutsas
Yogamind
The yoga market is constantly
changing, and recently, due to
Mindfulness and similar trends, the
yoga styles that are the most
popular are moving away from
muscular and fitness oriented
styles, to more internalised and
spiritual practices, like Yin Yoga,
and the style that Lisa Petersen
works with. The opportunity to tap
this market has so far not been
realised by any current
practitioner, studio, or brand.
Contact: [email protected]
We propose to create an online site
and app that uses virtual reality to
enable students to partake of
classes and courses on-demand.
There are currently some video sites
out there, some generic with content
spanning all styles and teachers,
and some that are specific to a
single teacher or studio. The project
would entail identifying and
procuring equipment, as well as
recording, and editing them.
Additionally we would enable a
website, and hopefully an app, that
will have the content created using
virtual reality technologies. The
target market would be any
practitioners of yoga, as well as
teachers, across the globe.
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Sarah Fleury Fit Kidz
Marketing and advertising
background.
Significant cross functional and
cross border experience.
Specialised in marketing with
responsibility for delivering classic
and digital marketing programs in
local markets, regionally and
globally.
Fund a video-info docu to garner
support from local authorities
To target the growing concern
around childhood obesity and
sedentary lifestyle. The target
market is parents of children aged
18 months-6 years (pre-school), but
especially in lower socioeconomic
areas where parents may not have
the means or access to paid types of
activity (for example, Little Kickers,
Rugby Tots, Gymboree)
The idea is to provide community-
based, instructor-led weekly
"bootcamp" classes that deliver
fitness in a fun and child-friendly
way. Parents participate too. It's a
great opportunity for them to spend
quality time with their children,
whilst also building a network of
other parents in their area.
linkedin.com/in/sarahfleury
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FINDINGS – HERITAGE
The sub-team members responsible for this new category researched the existing
Heritage sector and how it could be targeted and developed in a modern
crowdfunding culture. The Fund it brief described heritage as: ‘building renovations,
buying pieces for heritage archive collections, equipment for preservation projects,
etc.’ However, we took a ‘holistic’ approach to heritage and recommend that Fund
it view heritage in this same manner. We acknowledged the wider definition of
heritage as, “features belonging to the culture of a particular society such as
traditions, languages or buildings, that were created in the past and still have
historical importance” (Cambridge Dictionary, 2015), and expanded this sector to
include not only heritage buildings, but traditions such as performance, festivals
and writing where the potential thought leader is involved in the
promotion/awareness raising of heritage.
We built our list of potential advocates/ambassadors by researching those
involved in heritage centres, county councils, conservation, museums, libraries and
universities. We also researched those involved from a different angle, such as,
festival directors, historian/tour facilitators, Arts Centre and Writers Centres housed
in heritage buildings, architectural festival, digital heritage, writers/educators.
We narrowed the list by excluding those who did not engage in social media
or those whose link to heritage was not as strong as first appeared.
HERITAGE FINDINGS - THE THOUGHT LEADERS
We proposed 19 potential heritage thought leaders from the areas mentioned
above, and Fund it gave the green light to 11. We contacted the 11 with news of
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the Fund it expansion and an invite to discuss potential crowdfunding opportunities
with Fund it staff. Examples of potential heritage thought leaders:
Pat Liddy, Walking Tours of Dublin
One team member witnessed Pat Liddy in
action last year, when he gave a
community historical/heritage tour of
Stoneybatter and Smithfield in Dublin 7.
Research showed that he had a strong
online presence via social media sites for
walkingtours.ie (Twitter, Facebook,
website, LinkedIn, Trip Advisor). He is well
respected in the sector as an artist,
historian, writer, illustrator and
environmental lobbyist; for example he
gave a seminar at this year’s Redline Book
Festival and serves on the Advisory Panel
of the Little Museum.
Dr Kevin Griffin, Tourism Lecturer
Dublin Institute of Technology
Kevin was considered to be a potential
ambassador because of his expertise in
the geographical area of tourism. He is
actively involved in sustainable tourism
which could have a knock-on effect on the
heritage sector. Also has a good
knowledge of the hospitality sector which
is closely linked to the local economy of
heritage sites. Fund it regarded this
potential thought leader as their ideal
profile of an academic who could advocate
on their behalf.
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Although these two potential advocates are from diverse backgrounds, they
are both highly respected in the heritage sector, and would be able to promote and
advocate for Fund it via community, historical and writing circles, museum
advisory, tourism, hospitality and academia. Awareness raising in the arenas of
community and third level education may also attract interest from other sectors
that have similar properties to the heritage sector.
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HERITAGE FINDINGS – POTENTIAL PROJECT CREATORS
Ultan Cowley
The Men Who Built Britain
Independent Historian, Author, Researcher
Author of The Men Who Built Britain,
McAlpine’s Men Irish Stories from the Site,
and audio book/CD The Crack Was Good in
Cricklewood
(0035351) 563 377
www.facebook.com/ultan.cowley
ultancowley.blogspot.ie/
www.ultancowley.com/UCHome
www.linkedin.com/pub/ultan-
cowley/12/661/a9b
Ultan reports: I have a very
extensive archive of letters,
photographs, travel documents and
especially recorded interviews
setting out the story of the Irish
navvies - 'The Men Who Built
Britain'. Most of this material has
been digitised. I want to mount an
exhibition which would enable the
best of this archive to be presented
to the public. My idea is to structure
it in such a way that it could be
toured across both Ireland and
Britain and shown in suitable venues
such as libraries, colleges, museums
and even community centres.
The UK construction industry was
the largest single employer of 20C.
Irish migrant labour in Britain and
that history is an important part of
the heritage of both societies. There
are still thousands of Irish people in
both countries with a direct or indirect relationship with it but the reality
remains relatively unknown. It is of course an unusual narrative, in that it has
many aspects; there is literature which is fictional - works by: John B Keane,
Tom Murphy, Timothy O'Grady, and others; biographical - Patrick MacGill,
Donal MacAuligh, Catherine Dunne; and historical - eg my own works. There
are also a number of films and television documentaries, and, last but not
least, a great popular ballad tradition. My aim would be to integrate material
from all of these together with the core audio-visual elements. I have
researched and been advised on the technical aspects and I reckon the cost
would be in the region of €30,000.
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The Ros Tapestry Exhibition
Centre, New Ross
Help Secure the Future
of the Ros Tapestry
Friends of The Ros Tapestry
Ros Tapestry Exhibition Centre
The Quay, New Ross, Co Wexford
www.rostapestry.com
www.facebook.com/The-Ros-
Tapestry-
Phone 00353 51 445396
The aim of the Ros Tapestry is to promote
New Ross and its Norman significance
through the production and public display
of a series of tapestries. Already, Friends
of The Ros Tapestry include a rewards-
based fund raising section in their
website, but they may be open to the idea
of Fund it crowdfunding to attract a more
definite amount of money in a shorter
timescale, rather than in a piecemeal
fashion. The Ros Tapestry has a strong
internet presence, and because online
crowdfunding is a ‘modern day’ approach,
they may view this as an opportunity to
widen their current audience to include a
broader range of supporters.
Their current fundraising options offer the following rewards for friendship:
Bronze - €30 pa – free unlimited admission to Exhibition Centre and 20%
reduction for guest
Silver - €150 pa – benefits of Bronze friendship plus invitations to special events
Gold - €250 pa – benefits of Silver friendship plus limited edition embroidered
picture
The higher membership costs may exclude a potential audience from people on
lower incomes, so, a range of smaller pledges could be more attractive to attract
new supporters.
The Friends of The Ros Tapestry may
agree to this proposal, not only for the
fund raising element, but also for
awareness raising of the historical
significance of New Ross. This in turn
would benefit local tourism and the
local economy.
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Colclough Walled Garden
Community Organisation
Support local heritage tourism in
Hook Peninsula, Co Wexford
Project Manager: Alan Ryan
Head Gardener: David Bawden
Colclough Walled Garden Tintern
Abbey, Saltmills, Hook Peninsula,
Co Wexford
083 3064159
www.colcloughwalledgarden.com
twitter @colcloughgarden
Colclough Walled Garden is an important
asset for heritage, nature and tourism in
the Hook Peninsula. The restored
Georgian walled garden (over 200 years
old) is often chosen as the natural
starting point for the Hook Peninsula drive
and also attracts visitors to another
nearby heritage site, Tintern Abbey. The
restoration of the garden was supported
by many established organisations, but it
would be worthwhile approaching this
community project with a view to
awareness raising on the possibility of
mounting a crowdfunding campaign for
the continued upkeep of the garden; for
example, replacing equipment, hiring
expensive landscaping machinery, or for
potential events such as community
heritage festivals.
At present, local people support the
upkeep of the garden by buying annual
tickets. This could be one of the rewards
offered in a crowdfunding campaign;
another reward could be a family name
plaque on a bench bought with
crowdfunding money, a tree/shrub/plant
dedicated to the pledger. This would forge
the sense of community and wider public
involvement and pride in the walled
garden.
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These three proposed heritage project creators demonstrate the diverse
range of possibility that exists already and should inform the remit of this sector.
They also demonstrate how heritage shares common features with other sectors of
crowdfunding such as community involvement, tourism, local economy, social
history, nature and the environment, and endorses our approach at the outset that
heritage should be viewed and included in the holistic sense of the word.
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FINDINGS - SOCIAL ENTERPRISE/COMMUNITY
Two consecutive approaches were taken by this sub-team when researching
thought leaders in the Social Enterprise/Community sector: local thought leaders
and national thought leaders.
Local thought leaders were researched because they:
are highly respected
are capable of influencing others through various mediums
have successful track records in fund raising
have a wide range of contacts
However, the local councillor/mayor, TD, GAA organiser, charity worker and
parish fund raiser we researched in the community sector, may not yet clearly fit
the profile required because their fund raising has been donation rather than
rewards-based and has had no connection with start-ups or new product/project
development.
National Thought Leaders: it was encouraging for the sub-team to find many
organisations and individuals who are promoting positive change in the Social
Enterprise/Community sector in Ireland. This sector is being promoted in schools
and Universities.
SOCIAL ENTERPRISE/COMMUNITY FINDINGS – THE THOUGHT LEADERS
The sub-team collated a list of 32 proposed thought leaders, 17 of which were
given the green light by Fund it. Here are examples:
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The CEEN Network. This
organisation promotes and
develops entrepreneurship, including social entrepreneurship throughout
Universities in Ireland. CEEN is the Irish national network for promoting and
developing entrepreneurship and enterprise, at third level. CEEN aims to create a
sustainable national platform for raising the profile, extending engagement and
further developing entrepreneurship across the Irish higher education sector
(Campus Entrepreneurship Enterprise Network, 2015).
Universities also have their own local
groups to promote enterprise, for
example, The NUI Galway
Entrepreneurship Society.
This Society primarily promotes an
environment that enables entrepreneurs
to develop and expand their ideas. The Society acts as a platform to guide and aid
Entrepreneurs with their projects. They offer information on existing supports
within the college and elsewhere.
Our research found that the secondary education sector could be especially
targetted to inform future social entrepreneurs on how to go about funding their
projects. The Young Social Innovators is an organisation that promotes Social
Enterprise at secondary school level.
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Rachel Collier, Young Social Innovators
In 2001 Rachel co-founded Young Social
Innovators (YSI), which is now the largest civic
and social innovation education initiative for
teenagers in Ireland. Since then, the organisation
has innovated new opportunities for young people
to use their creativity to innovate for the good of their community and beyond (YSI,
2015).
INDIVIDUAL THOUGHT LEADERS WITH NATIONAL/INTERNATIONAL
OUTLOOK
An example of an individual thought leader who
has a wider perspective is Chris Gordon. Chris
has the field of Social Enterprise in focus but also
sees the wider Irish Export Market clearly. He
sees the world of Social Enterprise and General
Enterprise as one combined unit.
Chris Gordon is a business and a social
entrepreneur. His work focuses on Social Enterprise, Entrepreneurship, Startups,
Cooperative Development, Exporting and Small Business in Ireland. He is a director
of Treehouse, PosInform and 222 Ireland and Founder and Chair of the Irish Social
Enterprise Network and the Irish Export Cooperative.
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SOCIAL ENTERPRISE/COMMUNITY FINDINGS - PROPOSED PROJECT
CREATORS
Stephen Stewart
Contact:
O’Connell Street Green Oasis:
Park it in the middle section of O'Connell
Street.
Take it away at night.
Travel to different locations.
O’Connell Street Green Oasis
The City Centre of Dublin is
starved of green grass and
colourful flowers. So grey, so
sad. We must do something. We
need green grass and colourful
flowers. These are almost as
essential as clean water. How
about bringing the garden to the
city?
We could get a forty foot truck
trailer
Make two arches each side,
like the James Joyce bridge
We could have wall gardens
going up on each side and
grass down the centre
The wall gardens could flow
down the outside too
Free for kids and homeless,
donation for adults, proceeds
less costs to homeless.
Discount for taking your shoes
off when walking through the
valley.
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Riadh Mahmoudi
Manna Lifestyle
To fund market research to ascertain
needs and attract interest in
proposed Manna Lifestyle which
would provide a female dedicated
health and excercise club for middle
east ethnic women. Given religious
constraints and restrictive traditions,
it aims to foster a forum of exercise
and health information and
experience-sharing to build a
healthier lifestyle for its members
while respecting their non-male
social environment.
Auditor/QC BA, Barrister, MBA
Multi-lingual professional
Specializing in the Middle East and
North African market, (MENA) with
an international track record of
achievements
Auditor & Quality Control Manager
(Halal Certification) on a Voluntary
basis
Islamic Foundation of Ireland (IFI)
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FAQ AND TERMS & CONDITIONS
“The goal of any medium of communication is to efficiently send the
message and create a powerful impression.” (Scarlat & Maxim, 2009)
With the expansion of Fund it into the three new categories, it was important to
evaluate the users’ online experience. Fundit.ie is the main medium for
communication of the organisation’s message and its goal is to ‘efficiently send the
message and create a powerful impression’. How potential project creators/funders
experience the website is crucial for the expansion and future success of Fund it.
Fund it has already successfully marketed themselves to creators/funders in the
original categories. Now the challenge is to ensure that the new categories are able
to understand and engage with the website. The website needs be engaging and
accessible to all of their target market. Our approach was to ensure that Fund its
message attracts all eligible project creators/funders, rather than just
recommending how to ‘fit’ the new categories in.
OUR APPROACH
First, we conducted secondary research. As a group, we assessed the website,
taking a close look at the language of the faq and Terms & Conditions section. We
also researched competitors’ and other crowdfunding websites, including
Kickstarter, icrowdfund.ie and Kiva. We compared their websites and language
used in FAQ and Terms & Conditions sections to that of Fund it. We also consulted
a former EU proof-reader who evaluated Fund its website.
Our second step was to conduct some small-scale qualitative research.
Within the time constraints, we believed this was the best source of data to gain
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insights on the users and potential users of Fund it. The test group comprised 4
males and 4 females between the ages of 26 and 66 with varied occupations. We
asked each test subject to view Fund it.ie then one Team Fund it member
interviewed test group participants.
From the feedback collected, we made the following findings and
recommendations:
RECOMMENDATIONS - FUND IT WEBSITE
As a whole the website is inviting, engaging and explains the purpose of Fund it
Fund it.ie is easy to navigate; potential funders can browse projects effortlessly
because they are categorised and displayed with a helpful colour coding
New categories should be displayed in this manner so that a potential project
creator within a new category can instantly see that their type of project is
accepted. For example, a group attempting to restore a section of a historical
building could visit Fund it.ie and click on heritage
Our primary research showed that the use of the Vimeo video to explain the
principle of Fund it is very worthwhile because it is more inviting than pure text.
Kiva.org also uses videos. Like Fund it.ie, they explain their role in the financing
of projects through video and text (Kiva.org, 2015). However, Kiva also use
videos to explain other concepts in their organisation, for example ‘Kiva Fellows’
(Kiva.org, 2015). At present, we do not see the need for additional Fund it
videos, but as the organisation expands, it may be required in the future
Broadly speaking the website works well save for the fact that it failed the
Google Developer Test re being optimised for mobile. We welcomed the news
from Fund it at the Innovation Academy presentation day (03/11/2015), that a
mobile app is being developed
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We wondered if the Facebook page is being maximised and promoted to its
fullest potential and we recommend a targeted Facebook advert for a limited
period may be an interesting investment to ascertain projects and followers.
FAQ SECTION
The FAQ section reads as comprehensive and concise. It is obvious that any queries
not answered here can be answered by email from the link provided. The user’s eye
is drawn to the link because it is in bright green font. Users are made aware of the
further support available which instils a sense of trust. Also, there is pdf format
available for those who may wish to save the document and/or print it, a useful
tool for users who prefer hard copy. Again, user’s eye is drawn to this point
because it is provided in bright green font.
The section on questions and answers is an efficient and user-friendly way of
conveying information. Despite the expansion of Fund it into three new categories,
we feel there are no additional questions that need to be answered in this section.
The FAQ section uses an active voice, speaking directly to the reader by
addressing them ‘you’ and ‘yours’. For example ‘Once submitted, you will receive
an email acknowledging receipt of your proposed project’ (Fund it, 2015). All
categories including the new ones value this active voice.
FAQ RECOMMENDATIONS
It is important to keep this section up to date. A reference is made about a
‘laser’ payment (Fund it, 2015). Because this is an obsolete debit card
scheme, it should be removed
We also recommened that Fund it evaluate FAQ periodically
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With expansion in mind, the FAQ section needs to change the language to
reflect the broader categories. There is an over use of the word ‘creative’, a
word strongly associated with the arts, which may alienate non-art users. We
recommend using other positive and inspiring words alongside the term
‘creative’, such as ‘original’, ‘imaginative’, ‘innovative’ and ‘inventive’. The
use of buzz words from the realm of the new categories would invoke a
sense of belonging on Fund it.ie.
TERMS & CONDITIONS
This lays out a legal code of conduct. No errors were found in this section and it
appears to be up to date. The user is informed that there is support available for
any queries. Overall, Terms & Conditions is well laid out in sections. Each section is
titled and each point numbered. However, unlike the FAQ section, there is a lack of
colour. We advise that each heading is displayed in colour to make it more visually
appealing.
Maintaining a high level of security surrounding payments, intellectual
property and copyrighting is important. For this reason, the legal language in this
section is vital. It ensures that all parties involved agree to a certain code of
conduct. However this can be daunting to read.
TERMS & CONDITIONS RECOMMENDATIONS
We recommend that Fund it develop a jargon busting screen tip feature. As
the cursor is moved over a particular phrase or word, a definition could
appear above. This would improve the user’s experience and increase their
understanding of the terms of use.
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OTHER RECOMMENDATIONS
Further Research: Following our evaluation we advise further research:
Quantitative research by questionnaire to reveal numerically how successful certain
aspects of the website are. Using Fund it existing contact list as well as our
recommended thought leaders, Fund it could obtain useful data that could be
collated using analytical software, for example SPSS, and gain new insights about
their target market and their experience of using Fund it.
Thought Leaders: The outcome (responses to be made directly to Fund it) is
currently ongoing and we recommend that Fund it follow-up dialogue with these
potential ambassadors.
Potential Projects: We recommend that Fund it initiate dialogue with the
potential project creators detailed in the findings.
Awareness Raising: Only one respondent in our research had heard of Fund it,
therefore there is a need to spread the word and raise awareness. We recommend
a Fund it Roadshow - bring Fund it to the road and to the people. This would allow
continued awareness raising and promotion to a wider audience and future project
creators. Venues/events to target could be: educational events (freshers weeks,
student gatherings, societies), music/arts/heritage festivals, start-up and
recruitment fairs. Consideration could be given to a campaign style bus which could
also be a meeting place for potential crowdfunders with Fund it staff, enhancing the
Fund it unique selling point of mentorship for project creators.
30
CROWDFUNDING FUTURE AND FUND IT
The reference to the SEC’s October 30th vote on page 4 is a red letter day for the
crowdfunding concept. Its doubters and detractors of whether it is a sustainable
entity or just another IT short lived phenomenon will now need less convincing.
Fund it in Ireland, with four years of organic growth and the growing
expertise that this brings, is well positioned to harness greater revenues through
expansion out and beyond its traditional comfort zones, such as the commercial
enterprise, heritage and social enterprise community cohorts that this team
concentrated on.
Fund it is also in an ideal position to offer platforms to Irish universities
together with other educators via such partners as Campus Entrepreneurship
Enterprise Network (Campus Entrepreneurship Enterprise Network, 2015) to gain
early to market advantage as per Hubbub in the UK (Hubbub, 2015).
31
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November 8th, 2015, from The Cambridge English Dictionary Online:
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Campus Entrepreneurship Enterprise Network. (2015). CEEN - Campus Entrepreneurship Enterprise
Network. Retrieved November 8th, 2015, from Ceen.ie: http://www.ceen.ie
Clifford, C. (2015, October 30th). The SEC Just Approved Rules Opening Up Equity Crowdfunding to the
General Public In a 3-1 Vote. Retrieved November 8th, 2015, from www.entrepreneur.com:
http://www.entrepreneur.com/article/252322
Fundit. (2015). Fundit.ie. Retrieved October 22, 2015, from Fundit.ie: http://fundit.ie/info/faq/
Hubbub. (2015). Hubbub - Crowdfunding For Education and Social Good. Retrieved Novemeber 8th,
2015, from hubbub.net/: https://hubbub.net/
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Oxford English Dictionary. (2015). Enterprise, n. : Oxford English Dictionary. Retrieved October 28, 2015,
from Oxford English Dictionary:
http://www.oed.com.elib.tcd.ie/view/Entry/62843?rskey=BoMBWg&result=1#eid
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van Leeuwen, M. (2015, April 22nd). Open the gates for Peer-to-Peer Finance. Retrieved November 8th,
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TEAM FUND IT POSTER
(Created for presentation day 03/11/2015)