The Jamaican Olympic team of bobsledders last competed at Salt Lake City in 2002 and have the chance to compete at this year’s games in Sochi, provided they can raise the funds.
It’s no secret that the Olympics are extremely expensive, but the resourceful Jamaican bobsled team took to the Internet and was quite successful with crowdfunding; over $129,500 was raised on Crowdtilt, plus another $55,000 on Indiegogo and $30,000 from Reddit’s Dogecoins. The team only needed about $80,000 to cover its expenses, but they were clearly met with an overwhelmingly positive response from people who want to see the team compete in 2014.
A lot has changed since the 2002 Winter Games, including the development of Twitter in 2006. This time around, the Jamaican Olympic team was not afraid to spread its want to go to this year’s Winter Games with the hashtag "CoolRunnings," which stirs up nostalgia for the 1993 Disney movie based on the Jamaican bobsled team trying to get to the Olympics.
Crowdfunded Olympic Teams
The Jamaican Olympic Team Raised the Funds It Needed Online
Trend Themes
1. Crowdfunding for Olympic Teams - The success of the Jamaican bobsled team in raising funds through crowdfunding opens up opportunities for other Olympic teams to secure financing for their participation.
2. Social Media Promotion for Olympic Teams - The use of hashtags and social media platforms like Twitter can help Olympic teams gain visibility and generate support from a wider audience.
3. Nostalgia Marketing for Olympic Teams - Drawing on nostalgic elements, like the movie 'Cool Runnings', can be a powerful marketing strategy for Olympic teams to engage fans and attract sponsors.
Industry Implications
1. Sports - Crowdfunding and social media promotion can revolutionize funding models and marketing strategies for sports organizations, including Olympic teams.
2. Online Fundraising Platforms - The success of crowdfunding platforms like Crowdtilt and Indiegogo in raising funds for the Jamaican bobsled team highlights the potential of these platforms in supporting sports-related initiatives.
3. Entertainment - The use of nostalgia marketing by the Jamaican bobsled team can inspire other entertainment industries, such as film and music, to leverage on popular cultural references to engage audiences and create new revenue streams.