Alliance to launch new innovative approach to philanthropy
Developing a crowdfunding platform is part of the response to the “Living on the Edge” study highlighting economic vulnerability in the Rhode Island Jewish community. Crowdfunding is the collective power of individuals, who network and pool their resources, to support the efforts initiated by other people or organizations.
Kickstarter and its creative projects have received the most attention in the media, and it is by far the largest crowdfunder on the web. Crowdfunding websites, such as Kickstarter, are based on the belief that one can achieve a financial goal by primarily receiving and leveraging small contributions from many parties.
Juxtaposed against traditional fundraising, crowdfunding aims to involve a large number of small funders – as opposed to a few large funders – to reach a financial goal (though large donations certainly won’t be turned away). The page contains a description of the project raising funds, what fundraising target they have set as their goal, how much has been raised to date, and how much longer the project will be listed.
Crowdfunding lies at the heart of an evolving fundraising landscape. New ways to support charitable causes have emerged from the widespread online and social media usage. While many large and established donors still appreciate the personal touch of traditional fundraising methods and are uncomfortable giving a large amount without more direct involvement, a growing number of donors find the instant ability to engage with and share an interesting organization or initiative preferable to the longstanding methods of traditional nonprofit fundraising.
In fact, online charitable giving for the final two months of 2013 increased by 16%, compared to the same time period the year before. This reinforces the structure of crowdfunding, which thrives without depending on mega-donors by attracting large numbers of small donations – anywhere from $5 to $50 to $500 – to support projects on the site.
As you might imagine, many of those opting to take their philanthropy to the World Wide Web are of the younger generations, especially the millennials, introduced to the adult world with a smartphone in hand and a Facebook account. Prevalent among members of this population is a desire to know exactly where their money is going. Donations are made to projects and causes they believe in more often than large institutions and organizations.
The transparency of the giving process drives both young and old funders into donating to a specific initiative. Crowdfunding represents the essence of this with the open information provided about specific projects and the engagement of its funders. All of these trends are mirrored in the world of Jewish giving.
Jboost will be the Jewish Alliance’s own crowdfunding platform featuring projects aimed at fighting economic insecurities. Developed in response to the harrowing findings of the “Living on the Edge” study, the website will be part of the Alliance’s comprehensive initiative to provide relief for the economically vulnerable members of the Jewish community.
The Alliance has begun collaborating with community partners in generating and developing projects that will have a direct impact on helping those who are most in need. Jboost’s mission is to draw attention to populations facing hardship and helping to provide relief with many different endeavors, so that we can strengthen our community involvement and collaboration while improving the wellbeing of our most unfortunate.
ALEX GAINES is a Planning Associate at the Jewish Alliance.
published by
