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May 2014 268 It has not escaped notice that there has been an erosion of traditional funding sources for research, particular from the federal government. What is newsworthy is the emerging avenue researchers are using to pursue scientific ventures. Crowdfunding is an outgrowth of microfinancing, the provision of modest loans to assist in raising individuals out of poverty, particularly in developing nations. Crowdfunding, which has taken off in popularity over the last five years, capitalizes on the power of social media to widely disseminate a convincing funding appeal to potential supporters. Crowdfunding websites can differ by focus and funding model. Some specialize in personal and charitable causes, such as raising money for a family member’s organ transplant, while others exist to raise venture capital. Platforms also vary by mission; some sites are nonprofit while most are for-profit businesses. In addition, crowdfunding sites may be described as “all-or-nothing,” meaning that no funds are exchanged if the campaign fails to hit its monetary target. Other sites will allow a project to collect the raised funds regardless of whether they have made their goal. Research projects with no tangible endproduct tend to get lost in the crowd of more emotionally compelling fund drives. Therefore, fund-seeking scholars can benefit from research-focused crowdfunding websites. However, not many research-only sites exist; some of the better-known ones have already gone defunct, such as Fundageek and Petridish. As with any website, crowdfunding sites should be evaluated before use. Before delving into the world of crowdfunding, examine a site to get a feel for the types of campaigns that best resonate. Also, look for well-established platforms that provide transparency by clearly describing the site’s history and terms of use, and provide a contact mechanism for questions or concerns. Currency is also important; look for platforms with plenty of recently concluded and on-going campaigns. This article will introduce the reader to just a few of the many crowdfunding websites in existence today. All of the crowdfunding platforms described here host research campaigns, and have been placed into one of three categories “Research Only,” “General,” and “Institution-Specific.” Librarians who provide grant-seeking services and advice will want to familiarize themselves with the sites described here.

Funding for research? Look to the crowd: Crowdfunding resources for academia