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?
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-
- First, you create a simple page on crowdfunding site, explaining your idea/need/why
- Then, you plan for success and start building a team to help you promote your project
- 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
- 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
|Creative Projects||Creative ideas and innovations that results in better tomorrow.|
|Social Projects||Related to welfare of society/people. Often raised by group/NGO|
|Personal Projects||Personal reasons which can subject to health, education and travel|
Types of Crowdfunding Platforms
|Equity Based||You give up equity on basis of amount raised.|
|Lending Based||Where one who funded get back the amount over period of time. Similar to Bank Loans|
|Reward Based||Where funders receive tangible item or service in return for their funds|
|Donation Based||Where 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 Site||Fees||Campaign Live||Specific||Link|
|Impactguru||5% of funds raised||Waiting period for approval||Ideal for Student||https://www.impactguru.com/|
|Ketto||5% of funds raised||Waiting period for approval||Ideal for Student||https://www.ketto.org/|
|Milaap||5% of funds raised||Immediately|
|Wishberry||13,500+ 10% of funds raised||Waiting period for approval||For Creative Artisits||https://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:
- Tell a compelling story
Make sure you convey Why this campaign? Why should anyone back you? What’s in it for them?
Provide valid documents to substantiate the amount you are raising and also provide a detailed cost sheet.
Set an attainable goal. Maintain a list of people you want to reach out to and keep them updated.
Harness your personal network
Write personalized emails to your friends, family and community members.
- Use Social Media
Get support from everyone else. Thank your backers on Facebook and Twitter.
- Give timely updates
Keep your audience engaged with updates on where you have reached. Send friendly reminders.
- Be supported by notable influencers
Getting support from Influencers, Alumni and leaders add credibility to your initiative. It helps people believe in you.
- A picture is worth 1000 words
Use captivating images/posters. Promote logos of organizations that supported you.
- Think like a backer
Put yourself in their shoes. What would have motivated you to support your campaign?
- 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.