Crowdfunding During the COVID-19 Pandemic

“When the going gets tough the tough get going” – coach K. Rockne.

As the pandemic unleashes uncertainty across the globe, the uncertainty looming around public health and economy has made the tightly knit crowdfunding community anxious. As individuals starting new campaigns, one feels concerned about how the pandemic will affect you.

The effects of covid-19 have indeed rained down heavily onto crowdfunding. Let’s see how one can ensure your current or upcoming crowdfunding campaign remains on its track during this uncertain time.

Postponement is not the solution

Sadly Covid-19 maybe here for some time and one needs to decide what works best for you. Some Governments have discussed stimulus plans and many entrepreneurs, NGO’s, and individuals have started crowdfunding on online platforms.

So, if your business, NGO or Organisation is considering a crowdfunding campaign to dampen the brunt of financial losses due to covid-19, now is the right time.

 Manufacturing potential

China is the world’s most prominent manufacturer and exporter of products big and small. The coronavirus pandemic has hampered the manufacturing and shipping of china and nearly all other countries. So, if you haven’t yet launched your project, you should look at alternative ways for manufacturing your product and this means working in collaboration with other local companies.

Other trends

Currently, there is no decline in backer pledges, however you might want to delay or rethink the ways you want to communicate these projects. Right now, an event isn’t a great idea since its feasibility looks bleak due to the social distancing directives that are being placed into action by governments across different countries.

There have been no shifts in customer behaviour since the start of the coronavirus outbreak. This phase is, without a doubt, unchartered waters for all platforms. No one knows what the future holds  

Advisors to creators

Community and service are foundation on which crowdfunding works and this is the best time to reach out to supporters, friends and family and intensify the relationship. As always, maintain transparency and inform your backers if you face issues.

Backers aware

 As part of a healthy community, one should be together to fight out challenging situations like these. Backers can show their support for creators to realise that you understand their predicament and difficulties.  If you are capable of pledging, do remember that creators and campaigners need your help now and this is the right time. You can also support by sharing campaign pages on your social media accounts and urge your friends to do the same.

Campaign management  

With uncertainty looming, every campaigner is thinking whether to continue managing their   live campaigns or discontinue. Studies prove that it is possible to run a successful crowdfunding campaign with planning and preparation. There are plenty of platforms offering individuals, organisations and NGO’s assistance, especially for starting new campaigns.

Currently, if your team is healthy, and everyone is set up with the tools and support needed to work from home go for it. A well-prepared team can give customers, creators, backers, and campaigners the best service.

 So, if you are considering launching your next crowdfunding campaign, now’s the time!

SYNE is an ideal partner for crowdfunding projects during this pandemic and has structured its fundraising methods to suit the COVID etiquette.  SYNE provides an ideal platform with a secure payment network having worldwide reach.

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