Recently, I was asked some questions about Goals for #SciFund participants that I hadn’t investigated since round 1. Namely, what’s do people usually ask for? Which of course led me in a few directions.
First, what do folk ask for?
The mean ask is $3356.33 with the median at $2500 over all three rounds. Or, for a round-by-round breakdown
So, the goal has is kind of bouncing around a bit. To see that visually:
Of course, this got me thinking – has the relationship between goal and success (weak in R1) ever really meant anything? Is it changing? So, I ran a quickie analysis…In general, it appears that larger and larger projects are hitting their 100% goal over time.
The analysis agrees – looking at how the observed log(Goal) was predicted by whether or not a project was funded at 100% and what round it was in, there’s an interaction between funded status and round. Basically, the analysis says the same thing as the plot – as we’ve progressed, bigger and bigger projects are hitting 100%!
|Sum Sq||Df||F value||Pr(≤F)|
|Estimate||Std. Error||t value||Pr(≤|t|)|
2 comments on “#SciFund Crowdfunding Goals and Success”Add yours →
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Nice analysis, Jarrett!
I’m curious whether conversion rates have also crept upward as SciFund has progressed? Here I define conversion rate simply as donors / pageviews, and there are reasonable proxies for pageviews if Google Analytics data is missing.
At Microryza, the overall conversion rate across projects is fairly consistently in the 2-3% range, with temporary spikes (doubling even) in conversion rate precipitated by press/blogosphere/Twitter KOL mentions. Notwithstanding media coverage, conversion rates are higher at the beginning and end of campaigns. I would expect those features to be stable across rounds, but perhaps overall conversion rates are creeping up as accumulated knowledge of crowdfunding and best practices emerge.
Yep – 2.06% in R1, 3.51% in R2, and 3.11% in R3. Lots of spread in the numbers there, though. Intriguingly, no relationship with total amount raised (p>0.18). Might be neat to dig into further.