Crowdfunding is a relatively new concept to the UK that is increasingly being adopted by a variety of sectors to raise money for particular ideas.

As a newby to Fiery Spirits, I thought I would introduce SoLoCo, an IPS three of us are setting up to help develop thriving, independent and sustainable communities throughout the UK using crowdfunding as a method to fund, market and develop long term support for projects and ideas.

How does it work? 

Crowdfunding works by attracting as many donors as possible to an idea within a time limited period, via a crowdfunding site. So, if you have a project in need of funding, you can upload it directly to your own page, which will include your project summary, images, donation required, fundometer and donate button.  You can then direct all of your networks - beneficiaries, friends, families - to your page within the two month fundraising period.  However much is raised within this time, you get to keep it and can use for matchfunding or to fund the whole project.

• It is egalitarian: There is no decision making panel, just the community you are aiming at and other interested networks.   
• It is transparent: You know exactly where your money is going and for what.
• You can tap into networks of people who don't know about you. 
• It can encourage engagement with your idea/ organisation.  This could be in the form of volunteering, coming on the Board, mentoring or donating equipment etc.
  
• It can be used for match funding: Many traditional funders will only back something if they can find evidence of need, and the promise of matched income from the project themselves.  The more money you raise via SoLoCo, the more that traditional funders will see that supporters are voting with their feet (and/or their bank cards).
• It is open to any group or organisation within the UK who wants to benefit their community:  As long as you can articulate the social impact you wish to have on your community.  You may want to buy a walled garden, raise money for allotments, build a climbing wall, set up a café run by young people, Anything!

Launching within the next month, we are always on the look out for projects to come and join us.  For further information about SoLoCo, please visit our website, www.soloco.co.uk or call me on 01835 830331.