Sponsume

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

Sponsume was an online multicurrency crowdfunding platform founded by French entrepreneur Gregory Vincent in 2010.[1] However, it ceased its crowdfunding services in 2014.[2]

History

During his time as a doctoral student at Oxford University, Vincent developed a strong interest in the works of Muhammad Yunus, a pioneering figure in the world of microfinance. Vincent recognised the potential of peer-to-peer microfinance as an alternative method for funding innovative ideas.[3] In 2009, the financial crisis and subsequent cuts to subsidies in the UK arts scene highlighted the need for a community-led approach to fundraising for artists and innovators. This prompted Vincent to establish Sponsume.[4]

Model

The site used the power of social networks and the wisdom of crowds[5] to help fund a variety of projects ranging from films[6] and documentaries,[7] to music, theatre, photography, fashion, technology, scientific[8] research, green and social enterprise. By 2012, Sponsume had helped crowd fund over 1000 campaigns.[9]

Project owners set a funding goal and a deadline for their campaigns. In return for contributions, they offered non-monetary rewards typically related to their projects.[10] The platform charged a 4% fee for campaigns that reached their funding goals, while unsuccessful campaigns incurred a 9% fee.

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. ^ O'Hear, Steve (2010-04-28). "Sponsume lets projects get off the ground with Groupon-style group funding model". TechCrunch. Retrieved 2023-09-04.
  3. ^ Hutchinson, Jack (June 2010). "The viral funding model: Sponsume". AIR. Archived from the original on December 27, 2010.
  4. ^ Youngs, Ian (March 28, 2011). "Arts world gets creative in funding crisis". bbc.co.uk.
  5. ^ Gavin, Miranda (May 4, 2011). "Wisdom of crowds: Can crowdfunding help photographers?". British Journal of Photography. Archived from the original on April 14, 2012.
  6. ^ Bustos Sierra, Felipe (January 7, 2011). "Help get the Rocky theme tune into Edinburgh rickshaw film". Guardian.co.uk.
  7. ^ Bulkley, Kate (October 2010). "Is crowd-funding the future for documentaries?". Guardian.co.uk.
  8. ^ Bridge, Mark (July 18, 2012). "Nanobots could turn 'Great Pacific Plastic Patch' into a floating island".
  9. ^ "Successful projects | Sponsume". www.sponsume.com. Archived from the original on 2011-02-17.
  10. ^ Kumar, Naresh (April 30, 2010). "Sponsume: Crowdsourced Project Funding With Benefits". PSFK.