Countless entrepreneurs worldover have already sniffed out the incredible potential of crowdfunding campaigns to fund their projects. One of the easiest ways to gather funds from a like-minded global audience, it’s compounded by the reach the world wide web offers us, giving dream projects an actual chance at materialising.
Over 1000 campaigners have managed to raise a whopping INR 7.5 crore on Ketto.org itself, so it’s safe to say crowdfunding’s no sinking ship. We take a look at some of these benefits that crowdfunding campaigners enjoy:
I) A Chance to Hone Their Vision
First off, let’s address the elephant in the room: crowdfunding is hands-down the easiest way to gather funds, especially compared to looking for angel investors or applying for a loan. Skipping the heavy networking and red tape, crowdfunding gives you a chance to focus on the stuff that really matters.
Entrepreneurs get a chance to learn on the go; they gain not only clarity in their own vision, but also how to best convey the message to their target audience.
For instance, the Team 4ze Racing campaign intends to use its resources for research and development of electricity as an alternate source of energy, as well as the manufacturing of parts for their car for Formula Student Electric events in 2016.
II. Getting the Word Out
Your crowdfunding campaign with the right kind of exposure on social media would make for quite the dream team. Backers can gain access to your entire journey through your crowdfunding page, which creates a sense of transparency and ownership.
Many backers are keen on getting equity at a later stage, so by actively promoting your campaign, you’re building a loyal customer base right off the bat.
Take ‘Invisible Wings‘, for example — a film documenting the story of Vijayan, the owner of a tea stall in Cochin, who travelled all over the world; an extraordinary story about an ordinary person that resonated with various people around the world.
III. Crowdsourcing Ideas
If trial and error is the name of the game, your crowdfunding campaign gives you a chance to figure out what is a hit, and what is a miss. Here’s a public forum created especially for your target audience, where they can share with you what it is about your project that really works, and what needs some more work. It’s a two-way street, after all.
This kind of feedback is invaluable, especially at such an early stage, so that you get to test the market and create a final product that delivers exactly what it has promised.
Our ‘Spreadfoodlove’ initiative is a classic case of crowdsourcing ideas — food bloggers creating campaigns for the causes they believe in.
IV. Credibility — Making Your Project Legit
Your backers, those offering suggestions in the public forum, potential investors — these are all part of a community you’re building, who are interested in the brand of your project. This means that it’s not just your current endeavour, but many of your future ones, too, that they’re going to be following.
Networking just became so much easier, and that, too, based on the legitimacy of your campaign and its journey.
We are hoping to affect a change in the life of 21-year-old Khaliza Khatoon (or Gaja Laxmi) life, who suffers from neurofibromatosis, with Soul Angels Group‘s initiative which is raising funds for her surgery.
V. What Is At Stake?
At the heart of it, crowdfunding is really a win-win, when you think about it. Even if your project doesn’t meet its goal in a certain amount of time, you always have the chance to regroup, discuss and then come up with a new way to pitch the idea so it truly resonates with your audience.
There are countless other things that campaigners pick up along the way that far exceed the value of money, and with crowdfunding, an entrepreneur actually stands to gain much more than he does to lose.
[Feature Image Credit: Quickenloans.com]