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To Crowdfund Research, Scientists Must Build an Audience for Their Work

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  • Jarrett E K Byrnes
  • Jai Ranganathan
  • Barbara L E Walker
  • Zen Faulkes

Abstract

As rates of traditional sources of scientific funding decline, scientists have become increasingly interested in crowdfunding as a means of bringing in new money for research. In fields where crowdfunding has become a major venue for fundraising such as the arts and technology, building an audience for one's work is key for successful crowdfunding. For science, to what extent does audience building, via engagement and outreach, increase a scientist's abilities to bring in money via crowdfunding? Here we report on an analysis of the #SciFund Challenge, a crowdfunding experiment in which 159 scientists attempted to crowdfund their research. Using data gathered from a survey of participants, internet metrics, and logs of project donations, we find that public engagement is the key to crowdfunding success. Building an audience or “fanbase” and actively engaging with that audience as well as seeking to broaden the reach of one's audience indirectly increases levels of funding. Audience size and effort interact to bring in more people to view a scientist's project proposal, leading to funding. We discuss how projects capable of raising levels of funds commensurate with traditional funding agencies will need to incorporate direct involvement of the public with science. We suggest that if scientists and research institutions wish to tap this new source of funds, they will need to encourage and reward activities that allow scientists to engage with the public.

Suggested Citation

  • Jarrett E K Byrnes & Jai Ranganathan & Barbara L E Walker & Zen Faulkes, 2014. "To Crowdfund Research, Scientists Must Build an Audience for Their Work," PLOS ONE, Public Library of Science, vol. 9(12), pages 1-29, December.
  • Handle: RePEc:plo:pone00:0110329
    DOI: 10.1371/journal.pone.0110329
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    References listed on IDEAS

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    1. Noelia Salido-Andres & Marta Rey-Garcia & Luis Ignacio Alvarez-Gonzalez & Rodolfo Vazquez-Casielles, 2022. "When the winner takes it all: online campaign factors influencing the success of donation-based crowdfunding for charitable causes," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 19(4), pages 763-780, December.
    2. Rotem Shneor & Urszula Mrzygłód & Joanna Adamska-Mieruszewska & Anna Fornalska-Skurczyńska, 2022. "The role of social trust in reward crowdfunding campaigns’ design and success," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1103-1118, September.
    3. Henry Sauermann & Chiara Franzoni & Kourosh Shafi, 2019. "Crowdfunding scientific research: Descriptive insights and correlates of funding success," PLOS ONE, Public Library of Science, vol. 14(1), pages 1-26, January.
    4. O’Donnell, Jonathan, 2022. "Administration of crowdfunding at Australian universities," Business Horizons, Elsevier, vol. 65(1), pages 33-42.
    5. Laura Grassi & Simone Fantaccini, 2022. "An overview of Fintech applications to solve the puzzle of health care funding: state-of-the-art in medical crowdfunding," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-27, December.
    6. Renwick, Matthew J. & Mossialos, Elias, 2017. "Crowdfunding our health: Economic risks and benefits," Social Science & Medicine, Elsevier, vol. 191(C), pages 48-56.

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