Gofundme CEO Shares Insights on Crowdfunding Success

Tim Cadogan, the CEO of GoFundMe, has shared valuable insights on what makes a crowdfunding campaign successful. GoFundMe is the largest crowdfunding platform in the world, with over $9 billion raised for more than 120 million campaigns.

To achieve success on GoFundMe, it's essential to have a clear and compelling reason for raising funds. According to Cadogan, the most successful campaigns have a strong narrative that resonates with donors. This narrative should be concise, yet impactful, and should clearly state the goal of the campaign.

Cadogan emphasizes the importance of setting realistic fundraising goals and creating a sense of urgency around the campaign. He notes that campaigns with a clear deadline and a specific fundraising goal tend to perform better than those without.

Gofundme campaigns have been instrumental in raising funds for various causes, with over $9 billion raised since its inception.

The platform's ease of use and accessibility have made it a go-to option for individuals and organizations seeking financial support.

Gofundme's fees are relatively low, ranging from 2.9% to 5% of the total amount raised, depending on the payment method used.

Through Crowdfunding, individuals and organizations can raise funds for various causes, such as medical expenses, education, and business ventures. This approach has become increasingly popular, with platforms like GoFundMe making it easy to create and share campaigns.

In 2010, GoFundMe was founded by Brad Damphousse and Andrew Ballester, and it quickly gained traction as a platform for crowdfunding campaigns. By 2015, the platform had raised over $1 billion.

To create a successful crowdfunding campaign, it's essential to set a clear goal and provide regular updates to keep donors engaged. A well-crafted campaign story can also help build a strong emotional connection with potential donors.

According to GoFundMe's statistics, the average campaign raises around $5,000, but some campaigns have raised much more, such as the 2018 campaign for a family affected by a house fire, which raised over $1.2 million.

One-third of all donations on GoFundMe goes towards health care costs, the company's CEO told CBS News. This is a staggering figure, and it's no surprise that nearly 250,000 campaigns have been set up through the site to help pay for health care costs.

The company's website states that these campaigns have raised $650 million in contributions. GoFundMe was founded in 2010, and it wasn't initially set up as a substitute for medical insurance.

Solomon, the CEO, said he never expected such a large portion of campaigns to be focused on health care. He emphasized that the site was never intended to be a health care company, but people have used it for the most important issues they face.

The rise in crowdfunding health care costs could be linked to the drop in health insurance coverage in recent years. According to a Gallup report, uninsured rates in the U.S. have reached a four-year high, with nearly 13.7% of adults reporting they are uninsured.

One-third of all donations on GoFundMe go towards health care costs, a surprising revelation from the company's CEO.

This is a staggering amount, considering the site's versatility in helping users create fundraisers for various causes, including education, faith, and business.

GoFundMe has helped nearly 250,000 campaigns to cover medical expenses, raising a total of $650 million in contributions.

The site's CEO, Solomon, was taken aback by the large number of health care-focused campaigns, which he attributes to people using GoFundMe for the most important issues they face.

The rise in crowdfunding for medical expenses might be linked to the drop in health insurance coverage in recent years, with nearly 13.7% of adults in the US reporting they are uninsured.

This is a four-year high, according to a new report from Gallup, and coverage is at its lowest since the Affordable Care Act's individual health insurance mandate was put into effect in 2014.

During the recent government shutdown, furloughed workers turned to GoFundMe to help pay for medical expenses, highlighting the site's role as a "take action button" for various causes.

Broaden your view: How to Write a Gofundme for Medical Expenses Examples