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Crowdfunding: The Basics Definition: Getting a crowd of people to come together online to fund projects 4 Types: Donation/reward based (Patronicity) Pre-sale Debt Equity
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Our inspiration
We believe an engaged citizenry leads to
happier, healthier communities
Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has.
“” - Margaret Mead
Crowdfunding: The Basics
◻ Definition: Getting a crowd of people to come together online to fund projects
◻ 4 Types:⬜Donation/reward based (Patronicity)⬜Pre-sale ⬜Debt⬜Equity
Patronicity◻ Community-focused crowdfunding⬜Online & offline donations⬜Flexibility⬜Localized network effect⬜Personalized support
Evolving crowdfunding by combining the power of crowdfunding with the resources of grantmaking organizations
CrowdGranting
CrowdGrantingTraditional grant process
Granting Org
Black Box Process
Not Funded
Projects Apply
Projects Apply Project Funded
Granting Org
Transparent Process
Projects Funded!Crowdfunding
CrowdGranting
CrowdGranting◻ Benefits⬜Hassle-free evaluation⬜Widespread publicity⬜Double the impact⬜Sustainability through community support
A CrowdGranting partnership between the Michigan Economic Development Corporation (MEDC), Michigan State Housing Development Authority (MSHDA) & Patronicity
Patronicity.com/PureMichigan
Public Spaces, Community Places
Public Spaces, Community Places
◻ First-ever Statewide crowdfunding partnership ◻ Support projects that activate public/community
space◻ Provide matching challenge grants IF goal reached
Public Spaces, Community Places
◻ How it works
Apply• Projects apply through Patronicity.com• Patronicity ensures fit, creates compelling story
Review• MEDC/MSHDA approves or rejects through Patronicity• 72 hour limit
Live
• Patronicity polishes up, launches• Patronicity coaches through crowdfunding• If projects hits goal, they get the match
Public Spaces, Community Places
◻ Engaged: Citizens given power to control grants◻ Innovative: Combining traditional grants
w/technology◻ Effective: MEDC/MSHDA spends less time
reviewing projects, more time supporting them◻ Impactful:97%
Success Rate$2,441,827Total Funds Allocated
500,000+Citizens reached
3.5FTE
2,807,133 Square Feet Activated
Public Spaces, Community Places
I was hoping for a 50-percent success rate, the fact that we have 97 percent is crazy. With this project, we are trying to drive public spaces to be reactivated. The state is focusing on placemaking and we kind of left it up to the community to find what projects they want completed.
Katharine CzarneckiDirector of Community DevelopmentMichigan Economic Development Corp.
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Public Spaces, Community Places
In September 2015, MEDC created this video about the “Public Spaces, Community Places” partnership.
How can Patronicity help activate your communities?
• Gateway cities?• Neighborhood businesses?• Redevelopment & restoration?• Community spaces?
We look to replicate our CrowdGranting model in other cities and states. Reach out to inquire how to set it up!
What’s Next?