| URL | http://www.sponsume.com |
|---|---|
| Commercial? | Yes |
| Type of site | Crowdfunding |
| Available language(s) | English |
| Launched | August 2010 |
Sponsume is an online crowd funding platform founded by Gregory Vincent in 2010.[1] Its headquarters are in London, United Kingdom. Creative individuals and organisations use Sponsume to raise awareness and funds for their projects.[2] The site uses the power of social networks and the wisdom of crowds[3] to help fund a variety of projects ranging from indie films[4] to documentaries,[5] music, theatre, photography, green and social enterprise.
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Project owners choose a timeframe deadline and a target funding goal. They create non-monetary rewards generally linked to their project. It is by selling these rewards to their social network and beyond that creatives raise the funds they need to make their project happen.[6] Unlike many forums for fundraising or investment, Sponsume claims no ownership over the projects and the work they produce.
If the selected funding target is not reached by the deadline, the project owner is still able to keep the collected funds (unlike US site Kickstarter). The site levies a 4% fee for successful campaigns, and 9% for campaigns that fail to reach their target amount. As of 2011, the site offers funding in both Great British Pounds and Euros.
As a PhD student at Oxford University, Vincent developed a keen interest in the works of Muhammad Yunus, a pioneer of microfinance. Vincent saw in microfinance a brilliant alternative to traditional methods for funding innovative ideas.[7] The 2009 financial crisis and subsequent cuts to subsidies that hit the UK arts scene highlighted the need for an alternative, community-led way of raising funds for artists and innovators, prompting Vincent to launch Sponsume.[8]