There are plenty of opportunities while being in college. Many of which demand expense from your hand. Be it your first international conference or summit. Or the acclaimed Jagriti Yatra. And I have seen many students who were not able to make it due to financial constraints. Let’s face it, Most of the students aren’t income generators while in college[ Blog on creating income while in college is for another day]. And place we usually go is to our parents. It’s a strong burden on them to find the large amount in short span of time. A loan is another option, which takes time and often adds up liability.

In this blog, I am guiding on ways crowdfund in India (Also tips from people who did it!)

What is Crowdfunding?

the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the Internet.” as google search returns.
Thus instead of finding large amount from one source, people can rely on small contributions from the public to reach the target amount.

How to Crowdfund?

The Internet provides us various platforms to crowdfund. I have listed few of those platforms below. In every platform the steps are same-

  1. First, you create a simple page on crowdfunding site, explaining your idea/need/why
  2. Then, you plan for success and start building a team to help you promote your project
  3. Next, you tell all the people you know about the project, and some of them share it with their friends in turn… and so on
  4. All the while, people who believe in your idea pledge money in return(sometimes donation) for a reward that they’ll receive if your project succeeds.

Categories of Crowdfunding projects

CategoriesDescription
Creative ProjectsCreative ideas and innovations that results in better tomorrow.
Social ProjectsRelated to welfare of society/people. Often raised by group/NGO
Personal ProjectsPersonal reasons which can subject to health, education and travel

Types of Crowdfunding Platforms

TypesDescription
Equity BasedYou give up equity on basis of amount raised.
Lending BasedWhere one who funded get back the amount over period of time. Similar to Bank Loans
Reward BasedWhere funders receive tangible item or service in return for their funds
Donation BasedWhere contributions go towards a charitable/personal cause and there is no reward for funders.

For Students, this would be of the 4th type, i.e Donation based

Comparison of Crowdfunding Platforms in India

Crowdfunding SiteFeesCampaign LiveSpecificLink
Impactguru5% of funds raised Waiting period for approval
Ideal for Studenthttps://www.impactguru.com/
Ketto5% of funds raised Waiting period for approval
Ideal for Studenthttps://www.ketto.org/
Milaap5% of funds raised Immediately
after set-up
For Charityhttps://milaap.org
Wishberry13,500+ 10% of funds raisedWaiting period for approvalFor Creative Artisitshttps://www.wishberry.in

Tips to run successful Crowd Funding campaign in India

My Friend and Senior Arya Murali, has done a successful crowdfunding campaign on Ketto platform in her final year. She was then selected to Jagriti Yatra(JY), which enables her to set forward on a train journey across India!

If you were in that situation like Arya, you would definitely say yes to it. But here is the catch. There is an expense of 60k+(Sixty Thousand Rupees) for the journey! She is one of person I know who was able to raise the target amount in time.

She has written a blog on Medium.

To sum up points for running a successful campaign:

  1. Tell a compelling story
    Make sure you convey Why this campaign? Why should anyone back you? What’s in it for them?
  2. Be Authentic
    Provide valid documents to substantiate the amount you are raising and also provide a detailed cost sheet.

  3. Strategise
    Set an attainable goal. Maintain a list of people you want to reach out to and keep them updated.
  4. Harness your personal network
    Write personalized emails to your friends, family and community members.

  5. Use Social Media
    Get support from everyone else. Thank your backers on Facebook and Twitter.
  6. Give timely updates
    Keep your audience engaged with updates on where you have reached. Send friendly reminders.
  7. Be supported by notable influencers
    Getting support from Influencers, Alumni and leaders add credibility to your initiative. It helps people believe in you.
  8. A picture is worth 1000 words
    Use captivating images/posters. Promote logos of organizations that supported you.
  9. Think like a backer
    Put yourself in their shoes. What would have motivated you to support your campaign?
  10. What next?
    Make sure to pay it forward and convey what you will be doing once the campaign ends. And keep your word!

Here is a 2 minute video of Crowdfunding potential in India.

 

Hope this blog has been extremely useful and I will keep on adding necessary resources. Kindly share this with people you know who is struggling/struggled due to financial constraints on their personal/professional life and spread the lights for hope.

 

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