How do you monetize an open source project?

A bit of background

I'm currently building a large icon set in Figma, exporting with the Figma REST API, and packaging with Stencil as a Standard Web Component.

Here's my current progress: 🚧 https://icons.fyi 🚧

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I've been frustrated with the state of icons on the web for a while, largely because all of the projects in this space are walled gardens. Why? I mean, they're just icons... It seems to me like design on the web is years behind other fields in terms of open source access and collaboration. But now that we have Figma, I want to make this a truly open source icon set for design and web.

So here's what I'm thinking...

I haven't open-sourced anything yet. Mainly because all other icon sets are currently "closed" and this makes me feel like I could potentially crowdfund my way to open source.

These are some avenues that I'm exploring along with potential issues that I see for each one:

1. Crowdfunding

There are several hurdles I see for implementing a successful crowdfunding campaign:

• My personal lack of clout: I have been a fly on the wall of most platforms like Twitter, Reddit, etc.
• A realistic funding goal. Too high and it'll flop, too low and I'll be kicking myself.
• If the goal is to reach open source, then why would anyone support instead of waiting for the goal to be reached?

2. Corporate Sponsors

I believe this could be the most sustainable way to fund the project.

Depending on the success of the project, I may be able to start approaching corporate sponsors. Given sufficient user adoption and site visitors, banner ads might also work. But reaching this stage will require a lot of velocity.

I believe that finding and approaching these kinds of sponsors will be particularly challenging.

4. Special Licensing

I could provide various tiers of licenses for individuals and businesses. I could provide elevated levels of support to businesses along with others perks, like placements on the project website.

But once the project is stable, I don't see how much additional value I could provide to businesses, that isn't availble to everyone by default.

3. Patreon & GitHub Sponsors

Similar to licensing options, I could provide support and feature sponsors in different parts of the site.

But, given my lack of clout, this is my least favorite option.

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Help!

My main dilemma is: Should I seek funding before I open source or just open source right away?

Do you have any other ideas?
Am I on the right track?
Have I missed something really obvious?
Do you know of any projects that have done this successfully?

I appreciate all comments on the post and feeback on the poll!