Crowdfunding academic researchers – the importance of academic social media profiles

Traditionally, the main source of funding for university research comes from either private or government grants. Grant schemes are usually highly competitive with low success rates, favour experienced or senior researchers and take considerable time to be processed thereby delaying potential discoveries. In December 2012 pozible.com and Deakin University agreed to create an opportunity for the community funding of Australian university research. Research My World launched to the public in May 2013 with eight campaigns spanning a range of academic discipline areas and project types. Subsequent project cycles have occurred at approximately six monthly intervals and the program was expanded to include research bids from other universities and research centres. As of mid-November 2015, 19 successful research crowdfunding projects have raised more than more than AU$185,000 in funding at Deakin University alone. This paper presents the results of a research investigation into the Research My World crowdfunding initiative. We detail the method developed for the collection and visualisation of social media data related to the research crowdfunding projects, the analysis of the links between social media activity and project success, and the general guidance for future project cycles that we derived from this analysis.