Sponsume was an

online In computer technology and telecommunications, online indicates a state of connectivity, and offline indicates a disconnected state. In modern terminology, this usually refers to an Internet connection, but (especially when expressed as "on lin ...

multicurrency

crowdfunding Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet. Crowdfunding is a form of crowdsourcing and Alternative Finance, alternative finance, to fund projects "withou ...

platform founded by French entrepreneur Gregory Vincent in 2010. However, it ceased its crowdfunding services in 2014.

History

During his time as a doctoral student at

Oxford University The University of Oxford is a collegiate research university in Oxford, England. There is evidence of teaching as early as 1096, making it the oldest university in the English-speaking world and the second-oldest continuously operating u ...

, Vincent developed a strong interest in the works of

Muhammad Yunus Muhammad Yunus (born 28 June 1940) is a Bangladeshi economist, entrepreneur, and civil society leader who has been serving as the Chief Adviser of Bangladesh, Chief Adviser of the Interim government of Muhammad Yunus, interim Yunus ministry, g ...

, a pioneering figure in the world of

microfinance Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; saving ...

. Vincent recognised the potential of

peer-to-peer Peer-to-peer (P2P) computing or networking is a distributed application architecture that partitions tasks or workloads between peers. Peers are equally privileged, equipotent participants in the network, forming a peer-to-peer network of Node ...

as an alternative method for funding innovative ideas. In 2009, the

financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with Bank run#Systemic banki ...

and subsequent cuts to subsidies in the UK arts scene highlighted the need for a community-led approach to fundraising for artists and innovators. This prompted Vincent to establish Sponsume.

Model

The site used the power of

social networks A social network is a social structure consisting of a set of social actors (such as individuals or organizations), networks of dyadic ties, and other social interactions between actors. The social network perspective provides a set of meth ...

and the

wisdom of crowds ''The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations'', published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, ...

to help fund a variety of projects ranging from

films A film, also known as a movie or motion picture, is a work of Visual arts, visual art that simulates experiences and otherwise communicates ideas, stories, perceptions, emotions, or atmosphere through the use of moving images that are gen ...

and

documentaries A documentary film (often described simply as a documentary) is a nonfiction motion picture intended to "document reality, primarily for instruction, education or maintaining a historical record". The American author and media analyst Bill ...

, to

music Music is the arrangement of sound to create some combination of Musical form, form, harmony, melody, rhythm, or otherwise Musical expression, expressive content. Music is generally agreed to be a cultural universal that is present in all hum ...

theatre Theatre or theater is a collaborative form of performing art that uses live performers, usually actors to present experiences of a real or imagined event before a live audience in a specific place, often a Stage (theatre), stage. The performe ...

photography Photography is the visual arts, art, application, and practice of creating images by recording light, either electronically by means of an image sensor, or chemically by means of a light-sensitive material such as photographic film. It is empl ...

fashion Fashion is a term used interchangeably to describe the creation of clothing, footwear, Fashion accessory, accessories, cosmetics, and jewellery of different cultural aesthetics and their mix and match into Clothing, outfits that depict distinct ...

technology Technology is the application of Conceptual model, conceptual knowledge to achieve practical goals, especially in a reproducible way. The word ''technology'' can also mean the products resulting from such efforts, including both tangible too ...

scientific Science is a systematic discipline that builds and organises knowledge in the form of testable hypotheses and predictions about the universe. Modern science is typically divided into twoor threemajor branches: the natural sciences, which stu ...

research,

green Green is the color between cyan and yellow on the visible spectrum. It is evoked by light which has a dominant wavelength of roughly 495570 nm. In subtractive color systems, used in painting and color printing, it is created by a com ...

and

social enterprise A social enterprise is an organization that applies commercial strategies to maximize improvements in financial, social and environmental well-being. This may include maximizing social impact alongside profits for co-owners. Social enterprises ha ...

. By 2012, Sponsume had helped crowd fund over 1000 campaigns. Project owners set a funding goal and a deadline for their campaigns. In return for contributions, they offered non-monetary rewards typically related to their projects. The platform charged a 4% fee for campaigns that reached their funding goals, while unsuccessful campaigns incurred a 9% fee.

References

External links

* {{Crowdfunding platforms 2014 disestablishments in the United Kingdom Defunct crowdfunding platforms of the United Kingdom Microfinance Technology companies established in 2010 Technology companies disestablished in 2014

History

Model

See also

References

External links