In the below video I follow-up on last week’s post reporting on the poor performance of Public Enemy in raising cash via crowdsourcing platform sellaband.com. We take a look inside the web site to see what it does to encourage a community. I think that it could learn a trick or two from Facebook and LinkedIn, and that integrating with other social media platforms could also give it a boost.
Posts Tagged ‘crowdfunding’
I went for my first video post today. Let me know what you think. I have see a few first video posts on blogs like Chef Patrick’s. In their fine tradition mine is a bit dodgy, but as with Patrick’s there should be a pick up in quality in future posts as I explore video-making further.
In the video I take a look at sellaband.com, and its failure to crowdfund a Public Enemy album. We can’t blame SellaBand for the demise of aging rappers, but overall the site doesn’t exactly looks like it’s setting the world alight. I want to see crowdfunding platforms succeed big time, and in a future video I am going to take a look inside the members’ area of SellaBand and highlights some ways I think it could improve.
The Acumen Fund, a non-profit global venture fund that uses entrepreneurial approaches to solve the problems of global poverty, recently benefited from 3,000 people making a donantion in order to get a pre-release copy of Seth Godin’s Linchpin. They then followed up with a rather interesting email to the donors:
I need your ideas.
Thank you for your contribution to Acumen Fund. We’re really grateful to Seth for thinking up the idea and especially to you for taking action.
As fans of Seth, you are probably amazing marketers and communicators. We’re thrilled to get your donation, but we’d be even more excited to hear your ideas. We’ve created a special group that we’d like you to join where we’ll hold this conversation.
I will be sending you a special invitation to join this group. Besides that I won’t send you any more email, because other than saying thank you, we don’t have permission to add you to our list… BUT! I hope you’ll accept my invite and sign up for the group. If you sign-up, we’ll send you occasional emails about ideas we have brewing, opportunities we’re pursuing and videos we’d like you to see.
This is a great idea. Acumen is not just crowdfunding by asking a crowd for money, instead they are giving existing donors the opportunity to contribute ideas. This is what real crowdfunding is all about – engaging a crowd to donate, and direct the use of their donations, or direct the way the charity is run.
This domain was available for registration at the time of posting, and I think it is the ideal name on which to launch a platform that supports filmmakers in the fund raising process.
My train of thought is evolving on from a comment I made on DocumentaryTech. DocTech reported that “Born and Bred,” a documentary about young boxers in East LA, failed to secure the $50,000 in funding it was seeking through crowdfunding. The documentary looked pretty interesting to me, but if crowdfunding is to work it has to be more than just asking for money.
I think the way to make a crowdfunded movie (or concert, or album) work is to give the contributors a sense of real participation. i.e. two last scenes are filmed and they vote on the choice. Or they get to see the casting tapes for the main roles and vote to select. This way they get some real value add, and the film benefits from the wisdom of the crowds. That’s where crowdfundedmovies.com comes in…
The service would provide filmmakers the technology that allows them to interact with contributors to their movie. The movie makers would list an outline of the film along with what they are offering the crowd (they would just tick from a list of pre-defined interface options):
- sountrack choices
- sountrack submissions accepted for vote
- casting video votes
- name of movie votes
- name of movie submissions accepted for vote
- dialogue options
- ending choices
- film artwork votes etc.
For each of these options the crowdfundedmovies.com platform provides an interface for the movie maker to upload/manage the options, and the voting technology for the users. In addition to this it would provide contact management/forum software for updates as the movie is being made.
Would budding movie makers be willing to pay to use the service? It could be tiered, one fee for listing and then monthly for the contact management. The latter fee would come out of successful fund raises. For the first hundred submissions the listing fee could be deferred until successful raise. If anyone more qualified than me to carry this idea forward likes it, then go for it! It’s easy to have a good idea, but the profitable companies are the ones that execute. If the domain has gone by the time you go to look, there are plenty of others that are suitable and availabe to register.
Here is a story about filmmaker David Brundige, and how he is going about crowdfunding without the help of a dedicated platform: David’s First Movie – Crowdsourcing Funding.
In 2010 I believe that we will witness a whole host of tools emerge that help the command and control companies benefit from collaboration. I wonder if that will include any of the big movie studios? I very much doubt it, but imagine choosing between Cameron Diaz and Julia Roberts from casting tapes…I wonder if I could crowdfund Season 5 of the OC, it couldn’t be worse than Season 4…