Free crowdfunding platform

Hubbub Makes Education Crowdfunding Platform Free for Students

Hubbub (formerly Sponsorcraft), a crowdfunding network for education, believes that free crowdfunding is inevitable, and that the new wave of crowdfunding platforms will need to explore alternative revenue models. In light of this they have taken the bold decision to lead the way and drop their fees to 0%.

Hubbub was recently acknowledged by PWC as one of the Daring Dozen companies set to transform the landscape for finance. The ability to fundraise for anything has always been primarily based on a project creator’s own community and creativity. Hubbub believes the “platform” itself is only somewhat relevant. There are thousands of competing crowdfunding platforms all based around the same model, with an industry-standard 5% commission. There is evidence from the charitable fund-raising sector that this kind of market dynamic can cause platforms to start competing on fees, which inevitably leads to reduced commissions and a “race to 0%”. Whether or not this happens in crowdfunding.

Jonathan MayHubbub believes that the blend of creativity, project management and passion required to run crowdfunding projects is core to a 21st century education sector. As a result, hubbub is making its main platform free to use for students globally, enabling them to bring their ideas to life, learn new skills, and build networks of supporters. In the education sector, it is the project creator’s network and engaged university or school alumni that bring ideas to life. Instead of focusing on charging the project creator a fee, hubbub’s business model is based around providing whitelabel solutions for universities, schools and colleges, helping them to develop deeper relationships with their alumni and build fund-raising communities to support their future projects, ideas and growth.

The sector is also exploding with new entrants. American Express has been reported to be looking at crowdfunding for a couple of years, and Microsoft has already launched a crowdfunding platform for students to buy Microsoft products. As big players enter the market – some for dealflow, some for new customers, some for CSR – many will figure out the land-grab that is available in reducing fees. Hubbub believes even payment providers (PayPal, Amazon, Stripe) may be tempted to cash in on the 0% model by launching their own platforms (or acquiring incumbents Kickstarter or IndieGoGo), as they still benefit from the 3-5% they charge project creators for providing payment gateways.

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by deckhand

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