We often get emails from scientists asking how and if they should attempt to use crowdfunding to raise money for a project needing over $100,000.
This question is hard to answer concisely. There are a lot of factors that go into raising a large sum of money.
Raising over $100,000 can be done. I can tell you anecdotally that for this project (experiment.com/batten) it started with a family who was very well connected in Hollywood. They were able to use their connections to bring awareness to the campaign which ultimately generated donations. That said, you do not have to be well connected seemingly powerful, rich, or famous humans to achieve raising over $100,000. Even for them, the campaign was not easy and for the campaign to be successful a lot of humans invested a lot of time and energy into making it a success.
We do know that for every 100 people that visits a project page on Experiment, on average 1-2 people will donate to the project. If you know your goal, you know the average donation ($25-$100), and you know the conversion rate of page views to donations (1%), you can calculate the number of people you will need to view your site to reach your goal.
For example if your goal is to raise $370,000, below is a calculation to estimate the number of page views you need to bring to your campaign.
$370,000 goal / $25 average donation per donor = 14800 donors
14800 donors / (1 donor/ 100 page views) = 1,480,000 page views
Doing a simple calculation the project would need 1,480,000 page views to be successfully funded. You can change the average donation and conversion rate. The average donation ranges between $25-$100. The conversion rate is between 1%-10%.
To crowdfund a project with a large goal the focus, in my opinion, will need to be around strategies and tactics to reach the calculated page view goal. We show every researcher on their dashboard how many page views they get every day, so that data is easily accessible to anyone who uses the Experiment platform.
If you are still interested in running a campaign with a higher than average goal, we are here to support you. You can post additional questions on this post or email our support team directly at email@example.com.