It’s no secret that finding financing for science research projects and studies is becoming increasingly difficult. More and more, what you are able to study is dictated by what you are able to get funding for, whether or not the applications may be groundbreaking.
Being able to rely on grants and universities to fund sustained academic research progress is an artifact of the past. However, there is a financial tool on the horizon that may bring more power to scientists and allow them to take their research proposals to the public: Crowdfunding.
We’ve taken the time to compile the top crowdfunding sites on the web that you can use to either pitch a scientific research project to the public or support the causes and innovations that you care about. Check out our list below.
1. Experiment (Formerly Microryza)
Experiment was founded in 2012 as ‘Microryza,’ a crowdfunding site for research-based projects. The website changed its name in 2014, though remains to be one of the top science-related crowdfunding platforms.
Like Kickstarter, Experiment is an all-or-nothing fundraising platform, meaning that you will only receive the funds pledged to your project if you hit your goal. Unlike Kickstarter, creators cannot offer supporter rewards on the website: “We believe the real value of research is in the process. At Experiment, we think that donors support research so they can see it move forward. Researchers provide updates, showing the donors exactly where their money goes.”
Experiment is limited to US researchers and campaigns typically last for 1-60 days. Check out some of the successful projects here.
Pricing: “We take a 5% fee and a 3% card processing fee, only if the project reaches the funding goal.”
2. PetriDish
PetriDish was launched in 2012 also and is another crowdfunding website that can be used to fund research projects. Backers of these projects get “Early access to news about progress and findings, souvenirs from the field, acknowledgements in journals, naming rights for new discoveries, or the ability to join an expedition in person.”
Like Experiment, PetriDish is an all-or-nothing crowdfunding platform. However, unlike Experiment, PetriDish allows creators to offer backers ‘rewards’ in exchange for pledging to their project. You can check out some of the completed projects here.
Pricing: 5% fee plus a 3% to 4% credit card processing fee
3. MedStartr
MedStartr was founded in 2012 and focuses on crowdfunding projects related to medical and healthcare innovation. It is an all-or-nothing fundraising platform, similar to PetriDish and Experiment.
One big difference that I’ve noticed is that the company places a lot of emphasis on directly helping crowdfunders.
“Drawn from the vibrant healthcare innovation community around the world, some of the most accomplished people in healthcare are getting involved with our MedStartrs. By automatically matching great mentors with great projects we find that we enable projects to take off much faster and go much higher…
When we apply the full Crowdfunding Optimization model, a package of marketing, PR, strategic, investor relations, and partnership development services, we find we can help over 80% of projects succeed.”
All-or-Nothing Pricing: 5% + payment procesing
Keep What you Raise (need approval): 8% or 6% if you hit your goal + payment processing.
Partner Pricing *: 10% of the funds raised online and is by invitation only.
* “We provide a suite of services on an as needed basis that may include video help, marketing, business design, writing, reward crafting, digital media strategy, press introductions and more.”
Accelerated Pricing **: 5% of what is raised online and 20k in warrants for equity at a fair estimate of pre-MedStartr valuation.
** “Our Full Acceleration Service level includes as much hands-on time as you need, videography help, direction, business design and analysis, partner matching, Angel and VC introductions, and more.”
4. Kickstarter
Kickstarter is a popular all-or-nothing general crowdfunding site that includes categories like technology, design, gaming, film, and more. I have seen science-related Kickstarter projects shared on our forum (unaffiliated with Kickstarter). However, you should be aware that there are many prohibited items that are not allowed on the platform. A full list can be found here.
One prohibited item that stands out is: “Any item claiming to cure, treat, or prevent an illness or condition (whether via a device, app, book, nutritional supplement, or other means).”
Pricing: 5% + payment processing fee.
5. Indiegogo
Finally, Indiegogo is a great option for science crowdfunding projects. Indiegogo has a variety of categories and features projects from all over the world. The site offers both the all-or-nothing and “keep what you raise” fundraising models.
Indiegogo has a looser application process than Kickstarter and accepts projects that feature rewards or are in categories that Kickstarter rejects. For more information, check out the Indiegogo FAQ.
Pricing for all-or-nothing: 4% + payment processing fees.
Pricing for “keep what you raise:” 4% if you reach your goal or 9% if you don’t + payment processing fees.
Conclusion
What type of research project are you trying to raise money for? Let me know in the comments below!
