Crowdfunding Your Workplace

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May 27, 2020

Crowdfund your workplace - Crowdfunding Your WorkplaceAs real estate prices keep rising, the practice of crowdfunding your workplace — especially if you're independently funded — has never been more critical.

When you crowdfund your workplace, you preserve your independence while also giving your workers and all interested stakeholders a better opportunity to mobilize and commit to the project.

Community Mobilization 

As evidenced by the success of coworking space co.up, which has managed to crowdfund €7,950 to build a new top floor and renovate their current building, crowdfunding is an innovative and practical way to meet your business requirements for coworking space.

It has demonstrated that workers and business owners can make use of the enthusiasm of workers and coworkers to "succeed through support of other communities already wishing to benefit from this extra space," according to Alex, the community manager.

His confidence is understandable; Co.up was able to double its size thanks to crowdfunding. It may be easy to consider this feat as a one-off, but other projects have shown that it is possible to raise a significant amount of money by ensuring community participation in crowdfunding.

See:  SEC Gives Break on Crowdfunding Rules for Some Small Firms

For example, organizations such as the NWC in New York and the Notman House in Montreal, both raised a significant amount of money from crowdfunding.

Make Your Own Space

While discussing crowdfunding, it is essential to take note of both the positive as well as the negative stories.

For instance, in January 2010, okcCoCo had an issue with a sponsor, which necessitated their closure, but in 2012, they made use of a clever crowdfunding campaign which attracted 87 donors, the company was able to move into a new and better space.

Founders Coworking Space has a similar tale; after a devastating fire, they needed to revive their premises. With the help of crowdfunding, they were able to reach their financial goal and have their building back to peak condition.

When crowdfunding, it is essential to set yourself apart from the crowd. Companies who have crowdfunded successfully have relied on an innovative and appealing strategy to attract the interest and financial commitment of their sponsors.

For example, the Forage Kitchen presented their project as one of the world's first coworking spaces dedicated to cooking. This idea fired the imagination of cooking enthusiasts the world over. They raised a stunning $156,000 dollars in a period of just 45 days with participation by 1600 donors.

Another strategy to make your crowdfunding effort stand out from the crowd is through the use of rewards. For example, donors get access to privileges that they would otherwise have to pay a hefty amount for or special consideration as a result of their contributions.

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Some of the more memorable rewards have included coffee for one month or a year completely free, your name hung up in the office or lobby, educational courses for free or even a lunch or dinner with the owner of the space.

As inconvenient as these rewards may seem, they more than pay for themselves in the interest they raise in the minds of donors and often reap disproportionate financial rewards in crowdfunding.

 


NCFA Jan 2018 resize - Crowdfunding Your Workplace The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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