Crowdfunding Diplomacy: The Next Frontier for Government?
Daniella Foster, Director, Public-Private Partnerships, Department of State
Duration: 7:18 mins
Is crowdfunding something your agency should consider?
“If you want to go fast go alone if you want to go far go together.” –African proverb
When you think of 3D printing, iPods, Google, and most new technology you think of private sector innovation. Risk isn’t synonymous with government. But what if you took the private sector’s entrepreneurial appetite for risk and fused it with government projects and initiatives?
What would be the product?
Daniella Foster, Director at Public-Private Partnerships at the U.S. Department of State and CEO of Emergent Leaders Network, urges us to work together and achieve greatness.
How do we mitigate the risk of failing? Foster recommends partnering up with others in order to meet your goal.
Crowdfunding enables inventors, scientists, and anyone with an interesting idea to raise money from friends, family, and fans.
Foster suggests three ways government can get into crowdfunding.
1: Start small, think big: Most innovations start with a pilot program with people thinking big. If it doesn’t succeed at first, follow the entrepreneurial mantra to “Fail fast, fail cheap.”
2: Take it global: According to World Bank, the crowdfunding market in developing countries is almost $100 billion. Mobilize people and resources to make a wide impact.
3: Skin in the game: Go out and crowdfund on your own! Many bureaus already leverage the innovation currently available. There is nothing stopping you from implementing a plan today.