$Gold Digga$

You Need Money

money wad

You need a financial investment to build prototypes for your engineering projects. http://flic.kr/p/aFAaK6

The idea for building medical devices for developing         countries is great, but

if you don’t have the capital, it’s hard to build                  something out of nothing.

How do you fund a developing world project?

      Below are three ways to fund your project!

 

 

Don’t Break the Bank, Make the Bank

Crowdfunding

crowdfunding monica rex

Crowdfunding: when a group of people financially support an idea/ product. http://flic.kr/p/eckTys

    1. According to HongKiat.com, “Crowdfunding… is a funding method where common people like you and me, henceforth the crowd, fund your personal or business project with their own money.” Crowdfunding allows other people to become involved in your project financially. Depending on the site you use, the supporter may then receive a product from you based on their level of financial giving.  Forbes has outlined the Top 10 Crowdfunding Sites for Fundraising; Engineering for Change has added their two cents as well.
    1. If you have time, check out this great report for the Department for International Development of the UK government regarding crowd funding.
    1. Crowdfunding in Action

  i. The Aezon X-Prize Team from Johns Hopkins is a prime example of an engineering design team using crowdfunding. They are using the Indiegogo crowdfunding site to raise funds to develop their device which will be capable of diagnosing 15 diseases. They are in the running to win the Qualcomm Tricorder X-Prize, with prizes of up to $7 million.

aezon health tricorder x prize qualcomm

Aezon Health Lab Box. Aezon is using crowd funding to raise $10,000 in the hopes to win the $7 million prize for the Qualcomm Tricorder X-Prize. Photo courtesy of aezonhealth.com, used with permission from Neil Rens.

University Collaboration

  1. Universities love innovative, motivated students that they can brag about. Many universities try to promote collaboration and creativity through dispersing student research grants. I can only point to specific grants for Johns Hopkins, but many universities provide funding for extracurricular student projects.
college money scholarships fundraising

College costs a lot of money. Take advantage of all that your university has to offer. If you don’t, you’re paying for someone else who is. http://flic.kr/p/b6MCQF

2. Two specific Johns Hopkins grants administered to foster innovation and research are the PURA Award and the Student Initiatives Fund.

Traditional Fundraising

  1. It’s time to harness your inner neighborhood kid on the streetcorner selling lemonade! Get creative and think of ways in which your group can raise money for your project. I’ve listed some examples to help you get started.

i.     Organize a 5k (UMassAmherst Engineers Without Borders)

ii.     Organize an auction and social

          1. Montana State University EWB raised over $25,000
          2. UMassAmherst EWB raised over $13,000 with this method.

iii.     Hold a recital, like UCSB EWB

iv.     Plan a dessert reception and project showcase

        1. Johns Hopkins University EWB

v.     Organize a Quidditch Tournament

Check back in next week when I overview the top competitions to raise money for your engineering innovation. How have you raised money in the past for your engineering projects? What did I miss?

bike race olympics

Can you compete? http://flic.kr/p/7T2e8f

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One thought on “$Gold Digga$

  1. Awesome post! Definitely an important topic. Business plan competitions are another great way to raise money! Plus, they give you exposure and help you focus your efforts on building a device that is actually commercially viable.

    Like

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