Crowdfunding became an extremely popular way to cover MBA expenses such as tuition fees, living expenses and travel costs. With very recent success stories of applicants who managed to crowd fund their whole MBA tuitions, the increase interests in this financing strategy is logical, especially during this global pandemic during which many have lost their income sources.
CrowdFunding:
With the growth of digital solutions and internet services, crowdfunding was bound to arrive in this current successful form sooner or later! The concept is very similar to applications such as GoFundMe which is based on an idea or a cause. This is usually an online campaign where people can read the content and donate money to help fund whoever is in need of that money. It could be an organization, a charity, a person, or a company. In our case, the person needing the help is the MBA applicant. Throughout history, crowdfunding has been very popular to build massive buildings.
It is important to try and make your case very unique in order to convince people to help you paying your tuition! First, you have to be realist in your goal! Set a goal for yourself and set realistic expectations for achieving them! Make it clear that you are not relying solely on the crowdfunding campaign to finance your MBA program. This will let the people know that you have and you are still making an effort to achieve your goals on your own!
Another important factor behind setting up a good crowdfunding campaign to finance your MBA program is paying attending to the content your put up online to convince these donors to invest in you! It is important to visualize and describe your cause to these people. Think of this as an actual marketing strategy to sell a good or a service. The way you talk about your dream MBA program and how it will benefit you and help you achieve your long term goals as well as benefit the society around you will determine wether the public will care to invest at all.
Finally, you have to engage the audience! The word does not stop when you post the campaign, the text and the context! You will need to constantly involved in engaging and updating the audience on the progress of your work and how close you are to getting there! You can share facts about how much you have saved, how much was donated to you, and how much is left! This will make it very clear to the donors wether their contribution will push closer to your goal or not!