Crowdfunding University Research
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Presentation given in 2014 about the crowdfunding collaboration between Deakin University and pozible.com: Research My World
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Crowdfunding University Research
- 1. CRICOS Provider Code: 00113B Professor Deb Verhoeven @bestqualitycrab CROWDFUNDING UNIVERSITY RESEARCH ...because it takes a village to fund the answers
- 2. CRICOS Provider Code: 00113B Crowdfunding Industry Deb Verhoeven @bestqualitycrab Fundable Infographic 2014 2
- 3. CRICOS Provider Code: 00113B Crowdfunding Models 1. Donation Model: • Donation-based • Reward-based 2. Investment Model: • Equity-based • Lending-based • Royalty-based Deb Verhoeven @bestqualitycrab 3
- 4. CRICOS Provider Code: 00113B Crowdfund Investment Platforms Deb Verhoeven @bestqualitycrab World Bank Report (2013) 4 Country #CFIP Country #CFIP US 344 Brazil 17 UK 87 Australia 12 France 53 India 10 Netherlands 34 South Africa 4 Canada 34 Russian Fed 4 Spain 27 HK SAR, China 1 Germany 26 UAE 1
- 5. CRICOS Provider Code: 00113B Research Platforms 1. Domain Specific Platforms (e.g. MicroRyza, FundaGeek and PetriDish) 2. University Specific Platforms (largely for student projects, driven by Enterprise Divisions) 3. Specialist Education Platforms (e.g. hubbub and by extension Crowdcube-hubbub, driven by Advancement Divisions) Deb Verhoeven @bestqualitycrab 5
- 6. CRICOS Provider Code: 00113B Crowdfunding techniques 1. All or Nothing (AoN) Money is only collected from contributors if a pre-determined minimum amount has been pledged within a nominated time-frame. 2. Keep it All (KiA) Whether the project goal is met or not, all of the funds collected (minus commission) are handed over. 3. Bounty Funds are raised for the creation of a product or the solution of a particular problem and are awarded when someone successfully provides the requested service. Deb Verhoeven @bestqualitycrab 6
- 7. CRICOS Provider Code: 00113B pozible.com Deb Verhoeven @bestqualitycrab 7
- 8. CRICOS Provider Code: 00113B Deakin team • Deb Verhoeven: Professor and Chair of Media and Communication • Stuart Palmer: Associate Professor in Faculty of Science, Engineering and Built Environment • Melanie Randall: Associate Commercial Manager, Deakin Commercial • Colin Warren: eLearning Coordinator, School of Medicine • Rebecca Plant: Industry Engagement Officer, Business and Law • Joyce Seitzinger: Lecturer in Blended Learning Deb Verhoeven @bestqualitycrab 8
- 9. CRICOS Provider Code: 00113B Research My World ‘Research My World’ launched in April 2013: • eight projects • spanning a range of discipline areas and project types • $5,000 - $20,000 Deb Verhoeven @bestqualitycrab 9
- 10. CRICOS Provider Code: 00113B Research My World – Round 1 • 6 out of 8 projects successfully funded • Approximately $50,000 of new research funding generated within the campaign period. Total gross = $61,572 • Additional funding in excess of $50,000 raised since the end of the formal campaigningDeb Verhoeven @bestqualitycrab 10
- 11. CRICOS Provider Code: 00113B Research My World • Approximately 200 media stories with a cumulative audience of c. 1.4m (and again, media stories continue to be generated) • More than 3,600 tweets specifically referring to the initiative (including a prize tweet from Stephen Fry to his 5.5m followers) Deb Verhoeven @bestqualitycrab 11
- 12. CRICOS Provider Code: 00113B pozible.com/ResearchMyWorld Deb Verhoeven @bestqualitycrab 12
- 13. CRICOS Provider Code: 00113B Round 2 • 2 out of 3 Deakin projects successfully funded • More than $19,000 of new research funding generated within the campaign period • Other participating institutions included Florey Institute and University of Ballarat Deb Verhoeven @bestqualitycrab 13
- 14. CRICOS Provider Code: 00113B pozible.com/research Deb Verhoeven @bestqualitycrab 14
- 15. CRICOS Provider Code: 00113B pozible.com/research Deb Verhoeven @bestqualitycrab 15
- 16. CRICOS Provider Code: 00113B Traditional Media Deb Verhoeven @bestqualitycrab 16
- 17. CRICOS Provider Code: 00113B Incentives Deb Verhoeven @bestqualitycrab 17
- 18. CRICOS Provider Code: 00113B Social Media: Tweets and Retweets Deb Verhoeven @bestqualitycrab Visualization: Stuart Palmer 18
- 19. CRICOS Provider Code: 00113B Social Media: Combined (R1) Deb Verhoeven @bestqualitycrab Visualization: Stuart Palmer 19
- 20. CRICOS Provider Code: 00113B Social Media: Success/Failure (R1) Deb Verhoeven @bestqualitycrab Visualization: Stuart Palmer 20
- 21. CRICOS Provider Code: 00113B Social Media: Inbound traffic (R1) Deb Verhoeven @bestqualitycrab Visualization: Stuart Palmer 21
- 22. CRICOS Provider Code: 00113B Social Media: Digital Presence (R1) Deb Verhoeven @bestqualitycrab Visualization: Joyce Seitzinger 22
- 23. CRICOS Provider Code: 00113B Social Media: Tweets & $$$ (R1) Deb Verhoeven @bestqualitycrab Visualization: Stuart Palmer 23 $0 $5 $10 $15 $20 $25 $30 0 10 20 30 40 50 60 70 Tweets+Retweets Total Pledges ($100s)
- 24. CRICOS Provider Code: 00113B Pledge Timeline: Mighty Maggots Deb Verhoeven @bestqualitycrab Visualization: Stuart Palmer 24 0% 20% 40% 60% 80% 100% 120% $0 $300 $600 $900 $1,200 $1,500 $1,800 8/05/2013 10/05/2013 12/05/2013 14/05/2013 16/05/2013 18/05/2013 20/05/2013 22/05/2013 24/05/2013 26/05/2013 28/05/2013 30/05/2013 1/06/2013 3/06/2013 5/06/2013 7/06/2013 9/06/2013 11/06/2013 13/06/2013 15/06/2013 17/06/2013 19/06/2013 21/06/2013 23/06/2013 25/06/2013
- 25. CRICOS Provider Code: 00113B Pledge Timeline: All projects (R1) Deb Verhoeven @bestqualitycrab Visualization: Stuart Palmer 25 0% 20% 40% 60% 80% 100% 120% $0 $2,000 $4,000 $6,000 $8,000 $10,000 8/05/2013 10/05/2013 12/05/2013 14/05/2013 16/05/2013 18/05/2013 20/05/2013 22/05/2013 24/05/2013 26/05/2013 28/05/2013 30/05/2013 1/06/2013 3/06/2013 5/06/2013 7/06/2013 9/06/2013 11/06/2013 13/06/2013 15/06/2013 17/06/2013 19/06/2013 21/06/2013 23/06/2013 25/06/2013
- 26. CRICOS Provider Code: 00113B Broad benefits • Disintermediation of research funding • Reduction of “compliance burden” for researchers (and universities) • Digital “presence building” for the researchers and their work including capacity building in digital culture/skills for the researchers Deb Verhoeven @bestqualitycrab 26
- 27. CRICOS Provider Code: 00113B Specific benefits • Provide a unique opportunity to promote research in terms of its meaning to communities and not just other academics (‘to bring research home’). Successful funding campaigns relied on clear communication of projects and social and traditional media engagement. • Shift the way universities promote research in an increasingly networked environment • Provide an additional funding stream for researchers, particularly those at the start of their careerDeb Verhoeven @bestqualitycrab 27
- 28. CRICOS Provider Code: 00113B Specific benefits • Focus effort on communicating with the public rather than labour-intensive, highly competitive, blind reviewed funding applications with diminishing success rates • Provide ‘discipline-neutral’ opportunity; both science and humanities-creative arts were able to generate funds if community relevance was demonstrated Deb Verhoeven @bestqualitycrab 28
- 29. CRICOS Provider Code: 00113B Challenges • the ‘digital capacity’ of individual academics • the ‘digital capacity’ of academic institutions • the difference between existing campaigns for crowdfunding and those specific to a projects with ‘research’ focus • the public’s response to projects from different research disciplines Deb Verhoeven @bestqualitycrab 29
- 30. CRICOS Provider Code: 00113B Engagement-led research • “I’m now more skilled (but with more room to grow) in the use of social media. I’ve also become more outward looking - more aware of who’s doing what beyond the confines of Deakin University and my world of research.” • “I have a much wider digital footprint, have made many new contacts, discovered an astonishing array of actors in my field and defined that field more precisely as well as identifying new potentials for my research.” • “I think this has catalysed me to take the first - the biggest and the hardest step in becoming digitally literate - specifically around my own profile. This is excellent.” Deb Verhoeven @bestqualitycrab 30
- 31. CRICOS Provider Code: 00113B Following Up • Research My World Pilot Project Evaluation: http://bit.ly/RMyWReport • Checklists for researchers and universities: http://bit.ly/RMyWChecklists • Pozible Research http://pozible.com/research Deb Verhoeven @bestqualitycrab 31
Hinweis der Redaktion
- Gephi – May 24more project Tweeters establishing a distinct presence away from the central area.Big difference between tweeting to the world and engaging in specific conversations.
- Gephi – May 24more project Tweeters establishing a distinct presence away from the central area.Big difference between tweeting to the world and engaging in specific conversations.
- Gephi – Maggots onlymore project Tweeters establishing a distinct presence away from the central area.Big difference between tweeting to the world and engaging in specific conversations.During the running of the project campaigns, Twitter data were collected using the NVivoNCapture browser add-in, using three search strategies:all Twitter posts from all accounts of the project principals;all results from a Twitter search for any occurrence of the declared hashtags used by the individual projects; andall results from a Twitter search containing both the keywords ‘Pozible’ and ‘Deakin’.It is acknowledged that this search strategy would not capture all RMW-related Twitter activity, but should provide a useful handle on this activity. In all, 3668 RMW-related Tweets were recorded, representing 982 unique Twitter handles and 7758 separate messages between Twitter accounts. The NCapture data files were converted to Excel format, merged, and non-RMW Tweets were deleted. Following this, the network information was exported as a CSV file and imported into the network visualisation package Gephi. While there is a single topological arrangement of the Twitter network data, it can be visualised in many ways. The visualisation below shows all of the RMW-related Twitter data with the lines/edges representing paths of Twitter communication with a clockwise direction (from sending node to receiving node) and whose width is proportional to the number of Tweets recorded along the direction of the edge. While it is not possible to view the node labelling here, it is possible to separately produce high resolution labelled visualisations of this network.
- Before vs last week of campaign1 = Orange (not at all)5 = Green (several times a day)
- The strongest cross-correlation was observed between total dollars pledged per day and total Twitter activity per day. Interestingly, the number of Retweets/Mentions per day has a significantly stronger cross correlation with total dollars pledged per day (and number of pledges per day) than number of Tweets per day. This hints again at the importance of reaching, cultivating and leveraging off a social media community for project success. Compared to most of the other projects, the Tenkile project had a relatively constant stream of pledges, making it the most suitable to cross-correlation analysis. Other projects with a less rich pledge time sequence and/or lower level of social media activity might not reveal a similar pattern of cross-correlation.
- Maggots pledge timeline:The columns give the daily totals of pledges, with the dollar amount scale given on the left vertical axis. The lines give the cumulative total pledges as a percentage of the total funding requested by the project, with cumulative percentage scale given on the right vertical axis. All projects have been presented on the same horizontal timeline running from 8 May to 25 June, though official campaign end dates for the six successful projects ranged from 17 – 27 June.
- RMW pledge timeline: three key variables:-the diameter of the Twitter network, the average directed path length of the Twitter network, the average undirected path length of the Twitter network and the Twitter network Erdős number for project principal – explaining approximately 48% of the variation in the original data (i.e., factors relating to the reach of the project’s Twitter network);- the number of social media shares from the Pozible project website, the total page view count for the Pozible project website and the total unique page view count for the Pozible project website – explaining approximately 37% of the variation in the original data (i.e., factors relating to the ability of the project to attract eyes to its Pozible website and then get the website on-shared); and- the average pledge amount – explaining approximately 14% of the variation in the original data.