Crowdfunding has been one of the most tangibly realized aspects of the internet's grassroots potential, and Facebook has decided to bring that system of sharing onto its network with the newly announced 'personal fundraisers' feature. Similar to sites like Kickstarter or Indiegogo, the function will allow users to set up campaigns and accept donations from their friends and other Facebook users.
To be sure, the personal fundraiser function doesn't allow for anyone on the network to solicit funds for any purpose at all. Rather than opening that potential public relations nightmare, Facebook has limited the types of fundraising on its site to six categories: education, medical, pet medical, crisis relief, personal emergency, and funeral and loss. Further, any personal fundraisers must first be evaluated through a 24-hour review process.
Social Media Fundraising Features
Facebook is Adding a 'Personal Fundraiser' Function
Trend Themes
1. Personal Fundraising Platforms - Opportunity for disruptive innovation in creating new personal fundraising platforms that cater to specific needs such as education, medical, pet medical, crisis relief, personal emergency, and funeral and loss.
2. Social Media Crowdfunding - Opportunity for disruptive innovation in integrating crowdfunding features into popular social media platforms to expand fundraising opportunities for users.
3. Niche Fundraising Categories - Opportunity for disruptive innovation in developing specialized fundraising platforms focused on specific categories like education, medical, pet medical, crisis relief, personal emergency, and funeral and loss.
Industry Implications
1. Social Media Platforms - Social media platforms can capitalize on the trend by incorporating fundraising features to attract more users and increase engagement.
2. Crowdfunding Platforms - Existing crowdfunding platforms can consider partnering with social media platforms to expand their user base and reach a wider audience.
3. Healthcare and Emergency Services - Healthcare and emergency service providers can explore collaborations with personal fundraising platforms to offer financial assistance to those in need.