In the course of the past five years, UN organizations witnessed a continuous decline of funds from traditional donors to development organizations and the advent and rise of online crowdfunding platforms. UNDP’s core resources have steadily decreased since 2007 at a compounded rate of 5.4 per cent. With the protracting of the Syrian crises, the so-called donors’ fatigue affected Jordan as well decreasing the availability of funds for development. Meanwhile, the individual philanthropic market is growing, in the United States alone philanthropic giving in 2012 exceeded $316 billion with more than $228 billion donated by individuals.
The term “crowdfunding” describes the practice of securing funding for a project or business venture by a dispersed group of people, the crowd. The concept of crowdfunding is not entirely new and rather a progression from microfinance, micro-lending and peer-to-peer lending. Although its definition and boundaries with other fundraising tools are often blurry we observe that the constantly growing crowdfunding market has the potential to be a global disruptive force in the development field.
While the concept itself focusses on raising money, crowdfunding is likely not to result right away in a significant financial return of investment for many UNDP offices as the necessary requirements – staff time and budget for communications – are comparatively high, especially at the beginning. However, UNDP Jordan is convinced that exploring the potential of crowdfunding can be the right investment.
In fact, UNDP projects wishes to test and experiment crowdfunding as a pathway to improve its results-reporting and to find funding channels for social businesses. Crowdfunding is relevant for UNDP as it provides an opportunity to improve our approach to results-reporting and to test methods that are relevant for larger scale-donation drives, particularly perks, regular updates and points of engagement with your donor community.
As of August 2014, UNDP has no corporate policy on crowdfunding and no corporate platform available. There is, however, a considerable interest in the concept and Country Offices are encouraged to test crowdfunding and to share their experiences to inform future policies and platform decisions. UNDP Jordan seeks therefore to know more about the potential of crowdfunding initiatives and their applicability to the Jordanian context.
Objective:
The aim of this assignment is to analyse the national market for crowdfunding in Jordan, highlighting opportunities and potentials for UNDP Country Office to use the modality for attracting funds. The study will:
assess the experience of Jordan in crowdfunding, including where Jordan stands in terms of existing experiences, successful platforms, failures and lessons learned;Develop a project document on crowdfunding as per UNDP template. Comparison with other experiences in the region would also be critical. Leveraging on the map of existing initiatives, the analyses should also contributes to develop current efforts on crowdfunding strategy for UNDP including targeting of potential donors and most appealing strategies;Develop at least 40 project fact sheets (1-2 pager template) in the two governorates of Irbid and Mafraq to be utilized for crowdfunding purposes.View the original article here
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