Rewards-based crowdfunding is a collective effort involving a group of people (the “crowd” or backers) and a project creator. The creator requests the crowd to contribute small amounts of capital to fund his or her concept. In return for the crowd’s contributions, rewards or perks are offered. These rewards are typically of higher sentimental value than purchase value. An example may be a card of thanks from the project creator.
What have we done?
Oxford University Innovation has set up a rewards-based crowdfunding platform with the educational crowdfunding experts at Hubbub.net. Through the platform, members of the University can solicit additional financial support for high-impact philanthropic projects and ideas that they are most passionate about.
You can check out the platform at: www.oxreach.hubbub.net
Why have we done it?
Previously, if an Oxford initiative fell between the silos of research and commercial funding there was a limited support network to enable the progression of ideas that will deliver on impact, but not necessarily on commercial return. The OxReach platform helps to fill this gap. The platform provides a formal but easy to use infrastructure for members of the University to leverage personal and professional networks to gain philanthropic funds.
How you can get involved
From March 2016 to March 2017 (pilot year) it is hoped that 10-15 campaigns will be launched on the site.
What are the benefits?
Crowdfunding campaigns launched on OxReach, rather than other generic crowdfunding platforms, experience the following benefits:
Lower fees: Standard fees on similar crowdfunding websites can be anywhere between 4-12% of the total amount raised. OxReach will not charge such platform fees as the platform is funded by the IT Services Innovation Fund.
Standing out from the crowd: The site will be dedicated to projects from the University of Oxford and will not get lost in a mass of other projects from outside parties.
Professional advice: The Oxford University Innovation team will provide advice and guidance on how to achieve fundraising success.