Crowdfunding in Singapore is a novel new way of raising money via the internet that first came into popularity in the late 2000s. What began as a way for entrepreneurs to attain seed money for their passion projects has blossomed into the charity crowdfunding model we see today.
The crowdfunding model has become increasingly popular amongst non-profit groups and charity organisations. This momentum could be attributed to the fact that it is the most direct way for fundraisers to start campaigns which revolve around a specific cause or project, and be involved at a more personal level. Online crowdfunding has also removed some of the perceived hurdles to philanthropy by making it easier and more convenient not just for volunteer fundraisers to set up fundraising campaigns, but for potential donors to find and donate to causes that align with their personal values and beliefs.
While there are numerous benefits to the crowdfunding model, it’s essential to choose the right crowdfunding platform for your cause. There are several factors to consider before making the leap to hosting your campaign on a platform.
1. Charitable Organisations vs Crowdfunding Platforms
Before you begin your journey to find the right crowdfunding platform, it’s important to know the difference between charitable organisations and crowdfunding platforms.
Charities are registered organisations established exclusively for the sole purpose of charitable purposes. Regulated by the office of the Commissioner of Charities (COC), they have to be accountable and transparent to their stakeholders in all their dealings.
One example of a charity is our organisation, Singapore Children’s Society, which is a children’s charity in Singapore established in 1952 to protect and nurture children and youth of all races and religions.
Most crowdfunding platforms, on the other hand, run charity appeals independent of charitable organisations. They follow the Code of Practice for Online Charitable Fund-raising Appeals, which sets out a list of best practices. Some of these platforms include Give.Asia, Giving.sg, The Ray of Hope, and SimplyGiving.
2. Our own Crowdfunding Platform
To better bridge the gap between charity organisations and crowdfunding platforms, we at Children’s Society set up our own crowdfunding platform called Give2Children (G2C).
Companies and even individuals can create campaigns using the G2C platform to raise funds for Children’s Society, or donate to support our many programmes and services dedicated to helping children, youth and families in need.
3. Type of Campaign
Understanding your audience is an important but often overlooked aspect of fundraising. After all, you are appealing to their good nature to donate to your campaign, and donors can be passionate about many different causes.
Finding the right crowdfunding platform to host your campaign is a matter of doing careful research to ensure your cause matches others already on the platform. For example if your campaign is to raise money for families in need, you could look towards crowdfunding platforms that already cater to donors who are passionate about helping families in need.
This will help to ensure that you are reaching out to the right demographic to amplify your campaign and increase the likelihood of receiving donations through crowdfunding.
4. Crowdfunding Platform Features
Are you a business or an individual? What payment options do you require? How are you planning to promote your campaign? Is user-friendliness or complex customisation options more important to you? These are all questions that need to be answered during the planning stages.
Crowdfunding platforms have different features for the campaigns they host. Certain platforms allow full customisation of your campaign page while most platforms only allow you to upload images or videos to your page.
Browse through the campaigns listed on a crowdfunding platform, as well as their FAQ page, to better understand what features they offer, and to see if there is a good fit, given your requirements.
Choosing a crowdfunding platform in Singapore is not a difficult task, but it does require that you do your research on all the available options and attain a deep understanding of what a crowdfunding platform is, and what features they offer.
If you are a business or an individual looking to raise funds to support Singapore Children’s Society, then our very own Give2Children online crowdfunding platform is not only the most direct platform to crowdfund for us, it also offers a user-friendly and comprehensive experience.
Have a question about the fundraising process or how you can start your own crowdfunding campaign? Contact us today for more information.