Crowdfunding your educationPosted: 3rd of February 2015 by
Emily-Rose Eastrop hit the headlines recently when you sought to raise the funds that she needed to study for her Master’s degree. Some labelled her a ‘posh brat’ and others became infuriated by the whole idea that she would ask other people to give her money.
Crowdfunding is a way of raising money for a project or perhaps to funding your education by appealing to the masses, normally on the internet. You are able to collect many small donations together to achieve a larger financial target.
How do you go about crowdfunding a project?
There are a variety of crowdfunding sites online, such as Hubbub, kickstarter and gratipay. Hubbub is linked with several universities, including the universities of Southampton and York and Oxford Brookes University –so it’s pretty educationally based and Kickstarter funds creative projects. If you’re wondering how to raise funds to start a business venture, check out our article on how to get the money to run your own business.
How does crowdfunding work?
It isn’t as simple as just asking people to give you money and away you go – crowdfunding sites cost money to run and the companies that offer the service need to protect themselves. When you register a project on a crowdfunding site you set a minimum target to reach and a date to reach it by and you have to hit this target to access the funds.
Is it just begging or charity?
Crowd sourcing funds isn’t really just asking people for money – it normally involves some sort of commitment – in the case of Emily-Rose, she committed to posting online throughout her MA studies. In return for people funding her, she would share what she learned in a way that would be accessible for all as a way of giving back.
Crowdsourcing isn’t just about getting funds – it provides a fascinating method of combining ideas and finding ‘fixes’ – for example coders who can share strings of code and have others dip in, fix, improve and use them – check out this discussion of crowdsourcing and the future of education.
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