Crowdfunding uses the internet to aggregate relatively small sums (from £5 or £10 upwards) from relatively large numbers of people to create a crowd around the venture of perhaps 100 to 5,000 people. Buzzbank is a crowdfunding website based in the UK but which will eventually operate worldwide specifically set up to crowdfund social ventures. The venture uses the support of the crowd to help make create something or make something happen; and the crowd is encouraged to find more people by leveraging their social networks and to contribute ideas, energy, skills and time to the development of the venture.

Unlike with traditional fundraising, Buzzbank is seen more as an investment in the social venture, and the supporter can expect some sort of return, which could be product, opportunities, attendance at events, some share of revenues arising from the project which has been made to happen, or the repayment of the money put up.

Buzzbank has been established with a LLP format (a Limited Liability Partnership company) as a social enterprise. Its major backers include the Esmee Fairbairn Foundation and the Tudor Trust plus a group of private investors and also with some crowdfunding (in units of £200).

For more information about Buzzbank or to explore the idea of crowdfunding your own social venture using Buzzbank, visit www.buzzbank.org