Crowdfunding boosts ideators' dreams

PUNE: It's about having a big idea and not letting the lack of funds turn it to ashes.
City-based Zareen Cheema wanted to go to the 'Students of Ice' Antarctica expedition, Swapnil Dagliya dreamed of hosting a dance festival and Ben Hiwale sought to feed and educate 25 girls from the slums. All three turned to online crowdfunding to achieve their goals that were initially dwarfed by a lack of capital.
Cheema heard about crowdfunding when she met student participants at the NASA International Space Development Conference in San Diego. "They expressed shock that I had used my parents' money to reach San Diego. I learned that crowdfunding is used by many in the US and UK to work towards their dreams," she added.
She raised around $6,000 of the $14,500 she needed for the research trip, Dagliya raised $1,000 and Hiwale got Rs 50,000 enough to keep him going for a year - their experience an indicator of crowdfunding giving wings to students, researchers, entrepreneurs and even artists and social workers.
Hundreds of websites are platforms for fund-raising, product development and market research, with the global record standing at $10.2 million.
"I was hosting international artistes and I needed some funding, but sponsorship for my second festival was tough and taking a lot of time. I set a target of collecting 2,000 dollars - half the required funds, and raised 1,000 dollars within six months through crowdfunding," Dagliya said.
Crowdfunding may not always equate to donations from a bevy of well-wishers, and it is far from easy, all three agreed. One cannot simply raise the hand and seek money. Strategy and patience are key where the most sincere of appeals can fall flat, they added.
Crowdfunding campaigns can be long and arduous with supporters responding only after much thought, but it is gaining popularity, said city-based ideators.
Once they are able to have a community of like-minded individuals, most crowdfunding seekers are able to generate a substantial part of the intended sum, they added.
Entrepreneur and health educationist Jennifer Mayo thought crowdfunding would help take Dr Gracy Mendosa's work in a Ramtekdi slum to a higher level. Mayo raised $600 within a week to buy more medicines, blankets and equipment for a women's clinic after posting the initiative.
"Mendosa was a mentor and advisor for these women and I felt I should help the cause," said Mayo, who resides in the US, but visits Pune for a few months every year.
For 28-year-old contemporary dance enthusiast Swapnil Dagliya, crowdfunding was a boon. It helped him launch 'Avayava' - a contemporary dance festival. Dagliya opted for crowdfunding as it brought exposure for the fest, and created a buzz about contemporary dance. He already has more than 100 applications and several sponsors for the fourth edition of the festival.
Almost 25 girls from slums in Pune owe it to crowdsourcing. When pastor Ben Hiwale from India Connection thought of setting up a girls' home for the underprivileged, the only obstacle was shortage of funds.
"I saw a crowdfunding website with all sorts of funding requests, from social causes to helping the aged to new product development to scientific research," he said.
After putting up the post in the second week of December last year, Hiwale received Rs 50,000. He said it is adequate to support the girls for an entire year. "If one's project has enough stakeholders, then crowdfunding is not tough. These girls who were deprived of education are now learning life and behavioral skills," he added.
City-based Zareen Cheema, who was determined to go on a research expedition to Antarctica last year, hit the search button and set up a page on crowdfunding website Indiegogo. After the easy part was over, Cheema discovered she had to put in a lot of time and energy for the campaign. She started using her network of friends and relatives.
After 60 nerve-wracking days spent frequently refreshing the computer screen, checking and resending e-mails, Cheema raised 45% of the $14,500 for the journey. A $10 input would bring a smile, she said.
"There was no response in the initial days, but I kept at it and as I pushed the campaign, it drew traction from all over with the highest contributors from the US. There is no slack moment during the entire campaign and one has to keep trying other sources of sponsorship," she added.
Crowdfunding may not always equate with donations from a bevy of well-wishers. Reward-based funding requires the campaigner to promise a reward in return for the funds - like movie tickets, T-shirts, invites to movie premieres or even first trials of the product.
While donation or reward-based funding helps artists, musicians, inventors, filmmakers and non-profit organizations, equity or debt-based crowdfunding is suitable for startups, entrepreneurs and business owners.
Rinkesh Shah, founder of the Indian crowdfunding website Ignite Intent, helps students with their projects like electrical racing cars and robots. He said crowdfunding is not easy, but has great powers.
He said it is not enough to have a vague idea and expect people to fund it. "The groundwork involves showcasing prototypes of a product, or execution of the business plan."
Once project creators are able to find a community of like-minded individuals, most seekers are able to generate a chunk of the intended sum.
Money for something
The first step is the creation of a page on an appropriate crowdfunding platform after finalizing the amount sought and the number of days
Most platforms allow a maximum of 60 days to raise money. This is free of cost. The page can include videos and infographics
Next comes activating a campaign, by involving communities through emails, social networks and by word-of-mouth
Seek the first 20% funding through your first-level of network - close friends, relatives and well-wishers