Sponsume is the UK’s leading viral funding site (they say!) which provides you with an opportunity to attract micro-funding from large numbers of supporters who each contribute a portion of a much larger amount.
Sponsume is slightly different from some of the other crowd funding sites in that they ask you to buy ‘vouchers’ which act like pre-orders for the product or service which will be produced when the project goes live. Connected to each ‘voucher’ are discounts and rewards related to the new project. You would offer these to attract supporters and they might be a discount on the finished project, a VIP private view, a signed limited edition print or something else which makes your supporters feel special and, ultimately, persuades them to offer financial support.
What is nice about Sponsume is that it is UK-based (well for all you UK-based artists that is!). It is not, however, dedicated entirely to creative projects like, for example, Kickstarts. They will consider new business ideas, new products, charity events, exhibitions, concerts, balls, new albums, documentaries, films, sporting events, classes or conferences.
Payment for vouchers is processed by PayPal so you can use your PayPal account or any major credit card. You retain 100% of the rights to the project you are trying to fund and they work on an ‘all or nothing’ system . If you don’t reach your funding target, supporters get their money back. If you do reach your target, the funds are handed over to you less 12.5% which is retained by Sponsume until the discounts or rewards you have offered have been delivered. You then receive this withheld deposit.
We are in the early stages of arts funding through online social media but it is certainly something for artists to keep an eye on as other, more traditional, sources dry up.
www.sponsume.com
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