The Real Value of Regular Support
We know local voluntary and community organisations are facing a difficult financial period. The cost of living crisis, increasing fuel costs, and funding cuts all make for a competitive grantmaking environment and a level of unpredictability for VCS organisations, their staff and volunteers, even their service users.
We also know that donating to charitable causes benefits the recipients immensely, but one-off donations can be quickly spent. Regularly giving goes beyond fleeting generosity and gives organisations a sustainable income on which to plan, budget with confidence, hire staff, deliver long-term programmes, and invest in their future work.
So, can Prizefunder help ease the pressure for local organisations and help them achieve greater impact with sustained funding? Lawrence O’Kane, founder and CEO, explains more.
What is Prizefunder?
Prizefunder, holder of a Gold Level Innovation Award through Innovate NI, is a live Northern Ireland-based community participation platform designed to help people come together and build stronger, long-term funding for their local not-for-profit organisations and favoured causes.
In joining forces, individuals help schools, charities, sports clubs and community groups generate recurring income and help strengthen the community those organisations serve. Meanwhile, those same individuals have the chance to enjoy prizes.
Prizefunder sits alongside an organisation’s existing fundraising activities. Aided by the principles of community wealth building, Prizefunder helps you to generate, retain, and circulate wealth locally from a community of supporters to benefit the wider community.
How does it work
Meet Joe — one of the many taking part in the Prizefunder NI Community Draw each month.
Joe spends £10 each month to enter this draw in the hopes of winning an amazing prize and in the knowledge that a proportion of his fee goes directly to his chosen cause. Here’s what happens to Joe’s £10:
- £6 goes directly to his chosen local cause — a school, club, or local charity; it’s his choice but they have to be signed up to benefit!
- £3 goes into the regional prize pot helping to keep prizes exciting, supporters engaged, and communities talking.
- £1 goes toward platform costs helping Prizefunder run smoothly and sustainably.
Joe then tells all his friends and work colleagues about Prizefunder. Six decide to sign up and pay their £10 per month just like Joe. Now the prizes get bigger and local causes are set to benefit from an increased amount of funding.
More entries → bigger prizes → more funds for your favoured causes.
Prizefunder is registered with the Fundraising Regulator. Visit Prizefunder to sign up like Joe.
How local causes can benefit
Organisations need to register to be able to receive donations and connect to/set up a Stripe account. See FAQs here and note, there’s no upfront costs or monthly charges. Prizefunder retains 10% of all donations to cover administration and transaction costs.
Schools, clubs, charities and community organisations interested in learning more about Prizefunder and how it could complement existing fundraising activities, are encouraged to contact the team.
The platform currently has 18 organisations registered across Northern Ireland: Find out more here.
What’s new on Prizefunder
Prizefunder continues to test, refine, and develop new tools to build longer-term growth for greater community impact. The team has recently added options for local business to establish community partnerships, offer perks for subscribers, donate sponsored prizes, and boost their brand recognition and community impact with a second funding pot through the Impact Boost initiative.
Lawrence says:
"We're increasingly seeing that this isn't simply a fundraising tool. There may be an opportunity to build something broader around participation, local collaboration and community support if developed carefully."
Could Prizefunder communities achieve more?
As Prizefunder develops further, the team welcomes conversations with anyone interested in helping to shape and strengthen Prizefunder for community benefit.
Contact the team to share ideas, experience, challenge assumptions, or something else. They are also keen to hear if you have experience in:
- grassroots fundraising and the voluntary and community sector,
- community development
- SME/business leadership
- marketing and communications
- lean systems thinking, innovation and social enterprise
- civic leadership and local networks
Initially, conversations will be informal, but the team hopes to establish structured advisory panels to see Prizefunder create and circulate community wealth across Northern Ireland.
Further Information
Website: www.prizefunder.co.uk
Email: [email protected]
There are a wide range of companies offering fundraising solutions to the voluntary and community sector. It is strongly advised that organisations considering adoption of any products or services undertake a consider assessment of each company's services and products to select the appropriate company for their individual needs; neither is directly endorsed by NICVA nor the Fundraising Advice Officer.
