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Crowdfunding is an online tool utilizing peer-to-peer relationships to help gain funds for different aspects of university. Crowdfunding is gathering popularity in recent times.
Firstly, gathering funds in the form of donations has always been a major focus for university leaders.
Secondly,most donations go to a specific fund or cause. University crowdfunding campaigns typically utilize project-specific perks . Perks will offer individual recognition to the donor for their support to the cause.
1. University Funds
Universities add unrestricted funds such as scholarships, annual funds, or emergency funds. Typically these crowdfunding campaigns will utilize offline donations with the crowdfunding campaign .
2. Participation by alumni
Another way the universities utilize crowdfunding is to increase their alumni engagement of the institution. Projects that place focus on participation as opposed to donation amount and measuring the success of the project by how many people gave to the cause instead of how much the total giving amount was. These project can utilized to generate excitement for an alumni challenge.
These campaigns use the preexisting popularity of college sports to boost their fundraising capacity for different sport-related projects. One notable such project is the UCLA Spark campaign to renovate the gymnasium used by the UCLA Gymnastics team. Another notable and attention-grabbing university athletic crowdfunding campaign was the “Ole Miss Football October 4, 2014 Victory Celebration”. This campaign gained media attention when it went viral and raised its total goal amount of $75,000 within three hours of going live.