Sponsume

Sponsume was an online multicurrency crowd funding platform founded by French entrepreneur Gregory Vincent in 2010.[1] It stopped crowd funding services in 2014.

Sponsume
Type of site
Crowdfunding
Available inEnglish
URLhttp://www.sponsume.com
CommercialYes
LaunchedAugust 2010

History

As a doctoral student at Oxford University, Vincent developed a keen interest in the works of Muhammad Yunus, a pioneer of microfinance. Vincent saw in peer-to-peer microfinance a brilliant alternative to traditional methods for funding innovative ideas.[2] The 2009 financial crisis and subsequent cuts to subsidies that hit the UK arts scene highlighted the need for an alternative, community-led way of raising funds for artists and innovators, prompting Vincent to launch Sponsume.[3]

Model

The site used the power of social networks and the wisdom of crowds[4] to help fund a variety of projects ranging from films[5] and documentaries,[6] to music, theatre, photography, fashion, technology, scientific[7] research, green and social enterprise. As of 2012, Sponsume has helped crowd fund over 1000 campaigns.[8]

Project owners chose a timeframe deadline and a target funding goal. They created non-monetary rewards generally linked to their project.[9] The site levied a 4% fee for successful campaigns and collects 9% for campaigns that failed to reach their target amount.

See also

References
  1. O'Hear, Steve (April 28, 2010). "Sponsume lets projects get off the ground with Groupon-style group funding model". TechCrunch.
  2. Hutchinson, Jack (June 2010). "The viral funding model: Sponsume". AIR. Archived from the original on December 27, 2010.
  3. Youngs, Ian (March 28, 2011). "Arts world gets creative in funding crisis". bbc.co.uk.
  4. Gavin, Miranda (May 4, 2011). "Wisdom of crowds: Can crowdfunding help photographers?". British Journal of Photography. Archived from the original on April 14, 2012.
  5. Bustos Sierra, Felipe (January 7, 2011). "Help get the Rocky theme tune into Edinburgh rickshaw film". Guardian.co.uk.
  6. Bulkley, Kate (October 2010). "Is crowd-funding the future for documentaries?". Guardian.co.uk.
  7. Bridge, Mark (July 18, 2012). "Nanobots could turn 'Great Pacific Plastic Patch' into a floating island".
  8. "Successful projects | Sponsume". www.sponsume.com. Archived from the original on 2011-02-17.
  9. Kumar, Naresh (April 30, 2010). "Sponsume: Crowdsourced Project Funding With Benefits". PSFK.
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