CrowdFunding helps disadvantaged students

Econ-Dis-flag

By Kim Arlington, It has been used to finance start-up companies, political campaigns and art projects. Now online crowdfunding is helping disadvantaged students, raising $20,000 in 24 hours for a scholarship program at the University of NSW.

The Open Doors campaign was launched this week, with the goal of raising $30,000 in 28 days. More than $22,000 has already been pledged.  We thought it would be a more exciting and creative way of raising funds for the scholarship.

Crowdfunding is gaining momentum, with research showing $US2.7 billion ($2.6 billion) was invested in 2012, mainly in the US and Europe. Donation- and reward-based crowdfunding grew 85 per cent to $US1.4 billion last year, a study from industry analyst Massolution found.

The UNSW law faculty has been raising money for an endowment fund to help a disadvantaged student from a non-selective public school in south-west Sydney to study law. The scholarship is worth $5000 a year for the duration of their undergraduate degree.

But when traditional fundraising methods came up short, Angela Kintominas and Leslie Phung, past co-presidents of the university’s law society, suggested making up the difference through crowdfunding, which lets the public make donations.

With other law school alumni, they launched the campaign at 11am on Thursday. More than $7000 was raised in the first hour.

Photo: Louise Kennerley

Photo: Louise Kennerley

“We thought it would be a more exciting and creative way of raising funds for the scholarship,” Mr Phung said.

Ms Kintominas said studying law had been an enriching experience for her, and the campaign was a way of giving back.

“We’ve been really blown away and overwhelmed by the support we’ve got for the project,” she said. “It really demonstrates the depth of the community spirit and how much this initiative means to people, and that there’s a real need to encourage and support people to … get into university.”

The scholarship is named in honour of Ngoc Tram Nguyen, a Vietnamese refugee who met UNSW professors Lisa Maher and David Dixon – now Dean of Law – when they were researching the impact of policing in Cabramatta. She worked with them as a research assistant but died in an accident before she could realise her dream of studying law.

Professor Dixon said he hoped the crowdfunding campaign would not just raise money, but awareness of the opportunities open to students in Sydney’s south-west. “It’s about raising aspirations,” he said.

Nick Abrahams, the national leader of the Australian Communications, Media & Technology Group at law firm Norton Rose Fulbright, said crowdfunding was well suited to philanthropic fundraising.

“Traditionally, raising money for events or philanthropic purposes has been about the size of an individual’s personal network – who you can send an email to – whereas on a crowdfunding platform … you are able to access a much bigger audience,” he said.

Read more: http://www.smh.com.au/nsw/crowdfunding-helps-disadvantaged-students-at-unsw-20131108-2x67m.html#ixzz2k2EfBtwv

 

HEADLINE NEWS

U.S. News & World ReportNo Cash for Hate, Say Mainstream Crowdfunding FirmsU.S. News & World ReportThe block on mainstream crowdfunding is just the latest blow to far-right activists operating online. In the last 24 hours, neo-Nazi website the Daily Stormer had its domain regi [...]

FortuneUncensored Social Network Gab Raises $1 Million in Crowdfunding CampaignFortuneA crowdfunding campaign for Gab, a Twitter-like social network that touts its commitment to freedom of speech, surpassed $1 million yesterday. The company claims it is politically neutral and committ [...]

Baltimore SunHarford still opposes crowdfunding sites for school donationsBaltimore SunRaising money through online crowdfunding sites is an ideal way for teachers to find the funds to purchase classroom materials and should be restored, the head of the Harford County teachers' u [...]

League: Warriors legend Monty Betham drops crowdfunding bidNew Zealand HeraldFormer Warriors Monty Betham has pulled the pin on his quest to launch a crowdfunding campaign to buy the Warriors. With Warriors owner Eric Watson locked in negotiations to sell, Betham made a plea to league [...]

Crain's Cleveland Business'Smaller' gifts can go long way for Clinic's crowdfunding platformCrain's Cleveland BusinessFor an institution accustomed to securing multimillion-dollar donations, Cleveland Clinic's latest fundraising effort has some relatively [...]

GeekZing Smart Light Passes Crowdfunding Goal With Flying Colors ...GeekAt age 31, I still prefer to keep a light on in the hallway, illuminating my way to the bathroom in the middle of the night. (God forbid I step on the creeping cat—or ...and more » [...]

ForbesWhat Works In Equity Crowdfunding -- Insights From ResearchForbesAs we have recently celebrated the fourth anniversary of the signing of the JOBS Act into law, it is a good time to take stock of the effect that the legislature had on equity crowdfunding in the United States. It [...]

Deccan ChronicleHow to make crowdfunding work?Deccan ChronicleVarun, based on his experience, also says, that people new to crowdfunding should not be complacent with their campaigning — “I've seen a lot of people, who just think that crowdfunding is free money. They have a very [...]

FortuneDreamHost Sets Up Crowdfunding Page to Aid Trump Government FightFortuneThe Los Angeles-based web host DreamHost, which is fighting the Department of Justice over its attempt to seize records of visitors to an anti-Donald Trump website, has launched a crowdfunding campaign to a [...]

DualShockersBounty Battle Rolls out the White Carpet with Successful Crowdfunding CampaignDualShockersWhen we last checked in with the indie-obsessed fighting game, Bounty Battle, it was halfway through its $30,000 crowdfunding goal. Now with 3 days left to go, it's surpassed thi [...]

CFB Finance

Marketwired

  • Crowdfunding
  • Crowdfund
  • Peer to Peer Lending
  • FinTech
  • Reg A+
  • Reg CF
  • Crowdfunding USA

Press Release

Live Crowdfunding .tv

What's Next Step in Regulation A+ JOBS ACTS Title IIII :L Interview : Steve Cinelli with Brian Korn Securities and Crowdfunding/Peer-to-Peer Lending Lawyer, Watch more video library | Conference | Interview | Campaign Showcase | Research | Education |