Sponsume

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]

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

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.
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