Crowdfunding is an emerging concept in the world’s second largest populated country – India.
With the boom in inclination towards attaining high education as well as entrepreneurship, demand for capital is generated. Yet the creative minds having astonishing ideas lack capital to turn their ideas into reality. For this, either they go the traditional way, i.e. seek financial support from their parents or go to banks to get a loan. In either case, there is a burden of paying back. But when it comes to crowdfunding, the scenario changes drastically for you’re not actually asking for a loan, but a kind support to help start your business or to complete a creative project. Of course, there are different versions in crowdfunding such as you can offer the crowd to have equity in your company, a specific credit or any sort of mutual amalgamation.
The platform of crowdfunding is quite promising to Indian minds looking for financial aid.
With the enticing crowdfunding platforms in India, for instance CrowdIndia, there is possibility to put your dream into reality. Such platforms are very useful to entrepreneurs, artists, film makers, social entrepreneurs and you name it, to generate the required capital. What goes as the most important factor to generate fund from the crowd is the right choice of crowdfunding platform. Of course, your project needs to be strong and should appeal to the crowd. Just because there is possibility of getting money, you may think of establishing a project for crowdfunding! But it doesn’t help for there are many projects that don’t get the capital they need. And there are reasons for the same.
So, having a clear explanation about your project, its reach, final output, detailing about required capital, any in-kind return offers etc. work as USP. Crowdfunding is an ideal platform for those who are passionate about some project or idea, and want to go ahead with it in any case but lack the capital. The passion is a must here. You cannot hop on to crowdfunding with an unfinished idea or thinking that if I’ll get the fund, I will do it attitude. You need to think from crowd’s point of view as well, i.e. why should they back you up? What inspires them to support?
Once you’re aware about your project in totality and have done all the homework, crowdfunding is the best platform that can turn your dream project into reality.
There are numerous successful stories of crowdfunding where people have generated from hundreds to thousands of dollars for their projects. This tells that there is definitely a prospective in utilizing the potential that crowdfunding platforms provide. India, known for its ‘intellectual youth’ would definitely find crowdfunding as the GenNext’s favorite destination to get inspired and generate fund.
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