Earlier it was very tough to increase funds for a undertaking that you just thought-about as your life-long dream. If you’re a particular person with an ideal expertise residing in some distant a part of India then you definately would possibly discover it very tough to get somebody who’s keen to sponsor or patronize you.
Your goals are dashed simply because there isn’t any one that may facilitate your concept to make it an actual success. Therefore a typical man with goals has nowhere to go. However, now issues have modified dramatically.
A gifted particular person with little or no or no useful resource may rally an enormous crowd across the trigger that she or he needs to promote. Today, with the assistance of crowdfunding you might get sufficient funding for the undertaking you had preferred to do. All funding comes by means of web.
For instance, should you’re a movie maker and needs to make a documentary in regards to the life of individuals residing in slums and also you don’t have money to make that movie then you might increase sufficient money by means of crowdfunding.
What You Need to Know about Crowdfunding
I’m not going to complicate issues for you. I’ll clarify crowdfunding in easy phrases so that each one of you might perceive it.
If you’re a person or a company with a trigger and also you want funding so as to promote that trigger however you don’t have sources (which is primarily money) then you might use varied crowdfunding platforms (varied web sites) to garner assist from people or public world wide.
In different phrases, you might have a undertaking or your trigger positioned on crowdfunding web sites asking for donations and people from world wide may chip-in to increase the money.
If you have got a undertaking which may price Rs 500,000/- then you might increase this quantity asking for charity on a crowdfunding web sites.
So there are three teams or celebration concerned.
1. Crowdfunding Websites – Platforms that hosts varied tasks created by people or organizations which are in want of money. The essential factor to learn about these crowdfunding web sites is that they do take 5% to 10% as fee on the money raised.
2. Organization that wishes to increase money for a trigger or a undertaking – People who’re in want of money to full their undertaking set a desired quantity of money which wants to be raised. It will be Rs 100,000 to Rs 1000,000 relying upon the undertaking.
3. People From world wide that are going to donate money – People such as you, who donate money in case you are excited about a trigger. There is a minimal and most quantity for the donations set by the web site. Minimum might be Rs 100 and most Rs 500, it is determined by website to website.
Kinds of Project which are Suitable for Crowdfunding
A dream undertaking of yours that begs funding have to be of sure sort. Here in India, you can’t anticipate to increase money for each form of tasks.
You want to know several types of tasks that might be simple for elevating desired quantity of money.
In India, crowdfunding might be one of the simplest ways to increase money for following tasks
1. Short Films and Documentaries – If you need to make brief movies and documentaries to increase consciousness then you might crowdfund your undertaking.
You may simply increase money up to Rs 1000,000.
2. Music Videos – If you have got ardour for music that’s completely different than mainstream music then you might use crowdfund platforms to increase funds.
3. Non-Profit Projects, NGO’s – Crowdfunding is the perfect when it comes for charity. If you need to increase money for the schooling of children residing in slums or serving to girls then crowdfunding is the best way ahead. People would love to donate money.
4. Books & Publishing – If you need to write and publish books and others associated stuffs then use crowdfunding to make your dream come true.
5. Start-up Companies – Finally, crowdfunding would assist in producing money for start-up firms. If you have got an concept however haven’t any money to begin it then crowdfunding is the longer term.
In conclusion, I’d say inventive tasks like movie, music, arts and so on are the perfect for elevating money by means of crowdfunding.
How do you Get People to Fund Your Dream Project
If you need funding for your dream undertaking then you have got to create a undertaking on a crowdfunding web site.
Here, I offers you an instance of hottest web site on this planet to increase money by means of crowdfunding. And that’s www.kickstarter.com an American web site.
You may go there and click on on begin a undertaking. You have to give each potential particulars of the undertaking that you really want to create.
It should present issues like images, movies and sketches. You may additionally create demo for explaining your undertaking to viewers.
Then you have got to give an quantity that you desire to to increase. In Indian web sites (talked about beneath) or any web site you have got to set an quantity and the timeline with a date.
You want to go to the web site and skim each element earlier than you kick begin a undertaking.
Moreover, you can’t simply create a undertaking and sit idly anticipating that individuals would begin donating money and you’ll increase the specified quantity.
You have to attain out to the people who find themselves prepared to donate for your trigger. You have to use social media particularly twitter for spreading a phrase about your undertaking.
You want to create pitch movies and do issues even offline like giving playing cards, distributing pamphlets, organizing seminars and so on.
Just placing a video wouldn’t do, it takes greater than that.
Some of the Best Crowd-funding Websites in India and USA
Now I would really like to let you know a few of the Indian crowdfunding web sites which are well-known and gaining recognition.
1. Catapooolt – This is the perfect crowdfunding web site current in India. If you have got a undertaking then you might use this platform to increase money.
2. Ketto – This is one other crowdfunding web site which remains to be in its infancy. You may go to the web site and discover out extra.
3. Wishberry – Like above two web sites that is additionally current for some time now.
You are required to go to these websites and discover out extra.
Some of the web sites which are anticipated to come are Fund A Peer, Pik A Venture, the Hot Start. These are coming quickly.
Now allow us to see some web sites in USA. In actuality, they dominate the crowdfunding market.
1. Kickstarter.com – This is the primary web site on this planet and an actual development setter. All different comply with this web site. It has helped in elevating over $900 million for varied tasks.
2. Indiegogo – Like Kickstarter it is usually an ideal platform to crowdfund your undertaking. If you need funding for your undertaking then you have got to go to these web sites.
Your Responsibility in the direction of Your Backers
Backer is nothing however donors who can be funding your undertaking.
You have a duty in the direction of your donors since you can’t ignore them. If you do then you aren’t going to get funding for your future tasks.
You may reward your donors with tax exemption receipts. Moreover, you might do issues like
1. Loyalty factors for your donors.
2. Gifts and different equipment out of your undertaking
3. Discount vouchers from way of life manufacturers
4. Off Tax Benefits
You want to do that if you need to retain your donors.
Future of Crowdfunding in India
What is the way forward for crowdfunding in India. Well, in accordance to me it’s actually nice, the market is increasing quickly.
However, the perfect factor about India is you might get a undertaking began as a result of there’ll at all times be your loved ones and pals to donate money.
It is due to our household tradition. Hence, you’d see many such web sites beginning in India.
I’ll conclude by saying you probably have a real undertaking or an concept then you might make it occur by means of crowdfunding. It is since you don’t have to fear about funding.
But as a warning, I need to let you know simply making a undertaking on a web site shouldn’t be sufficient as you want to promote and take it to the individuals.