Announcing Crowdfunding Tools and Tech Developments
Posted on Thursday July 14th 2016
Daniel Heaslip, Bank of Ireland, Lesley Tully, Bank of Ireland, Risteard O'Domhnaill, Atlantic, Andrew Hetherington, Fund it
This week, Bank of Ireland & Fund it announced the launch of a series of crowdfunding tools extensively discussing all aspects of crowdfunding and how to successfully raise funds through the site. On July 31st Ireland's first Irish-specific crowdfunding manual will be released on Fund it. In partnership with Bank of Ireland, the Fund it team have also announced the latest phase of technological developments to the site, enabling faster submission & launch processes for creatives and entrepreneurs.
Over the last 5 years, Fund it has firmly established itself as Ireland's leading reward-based crowdfunding platform for creative ideas. Having attracted pledges from 66 countries, over 1,300 projects across every county in Ireland have been funded. 65,000 people have successfully funded Irish performances, films, events and projects in music, science, art, fashion, publishing, tech and gaming since the site launched in March 2011.
Fund it is among the most successful reward-based crowdfunding websites globally, with a 71% success rate, and is run by the charity Business to Arts who support creative partnerships between business and the arts in Ireland. Project creators from across the creative industries encourage pledges to their idea by offering rewards linked to their project, and promoting them to their network. By doing this, it not only enables projects to attract financial support but also to build a new connection with their audiences and consumers.
The announcements were made in Galway where to date, 84 projects have successfully raised €362,803. 411 projects outside of Dublin have raised €1,594,562. One of Fund it's most recent success stories saw Risteard Ó Domhnaill's documentary Atlantic, narrated by Brendan Gleeson achieve incredible box office success. Over 760 funders pledged €45k to the production of this film and television project. Similarly, Waterford based GIY's Grow HQ a unique food project raising over €21k.
2016 saw the launch of 'Fund it Wednesdays'. These lively discussion sessions aim to give insight into all you need to know about crowdfunding as an alternative way to unlock funds for a start-up through engaging with your customers, friends or social media followers. Upcoming sessions include Wexford and Dublin.
Created by Shane Kenna, Keep Sketch
In September 2015, Bank of Ireland announced a three-year investment and partnership with Fund it to further its support of Ireland's entrepreneurs and creative sectors. This investment has empowered the team at Fund it to invest in and develop the technology of the site, continue to provide hands-on moderation and engage with new markets.
Andrew Hetherington, Chief Executive of Business to Arts and Fund it reflects on this milestone:
"With the announcement of our new technological developments with our partners Bank of Ireland we look forward to offering our users a further enhanced Fundit.ie experience. Fundit.ie supports Irish projects, both urban & regional, and we are constantly astounded by the innovation and creativity that emerges through various projects from all corners of the country. The newly published manual is a free resource for entrepreneurs and creatives seeking to raise money through crowdfunding".
Commenting on the launch of Fund it's new crowdfunding manual & technical developments, Dave Tighe, Head of Innovation, Bank of Ireland said:
"Bank of Ireland and Fund it began this journey less than a year ago. We are delighted to see the additional supports they now have in place with the crowd funding manual which along with the technical developments on their site will no doubt benefit both those who wish to crowd fund but also those who wish to support the campaigns. Bank of Ireland supports entrepreneurs extensively across Ireland through a number of initiatives and our sponsorship with Fundit will help the next generation of talented professionals to start and succeed in their businesses."
Fund it have undertaken extensive research of its user activities, and combined it with professional fundraising and crowdfunding expertise to create a comprehensive crowdfunding manual. This manual will also be available through the Business to Arts website.
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