Crowdfunding in India can help in economic development
In today’s scenario where technology has grown leaps and bounds, it is sheer stupidity if the technology hasn’t been used to the fullest. From the basic requirements of existence to the best of luxury technology has its presence felt substantially. Having considered this, the major challenge that man faces today is efficient usage of this monster called technology. Have we used it to its fullest potential? Have we got no more scope to expand and flourish? Have we restricted ourselves? The answers might well be a vehement yes!
Only if man could concentrate on the aspect of efficient usage of technology the economies of developed as well as developing nations across the globe wouldn’t have suffered the way they have been suffering off late; the conspicuous example being the lackluster use of crowdfunding. We know we are capable of reaching every nook and corner of the globe, we know we can excel by adapting technology and we also know that everyone around us is a source of money but we rarely realize this. We are ignoring the lucrative and the promising option of crowdfunding that promises to be the game changer. The raising of funds through the collection of small contributions from the general public using the Internet and social media can well be the source of acquiring the much required funds for business across the globe.
The major problem to start any business today is money – we are cash strapped. With limited options for funding and with the burden of repaying the money with interest has hand cuffed many innovators and entrepreneurs. Many of us carry ideas that can definitely change the lives of the people but the innate ability (or I would rather say disability) to stay on the safer side and not involve into risk bearing activities has restricted us from going out and exploring the world around.
Majority of the entrepreneurial ventures today, have a bank loan on their head or are funded by venture capitalists that eat into the share of profits and this distorts the actual purpose of getting into the business- profits! This unavailability of liquid money/funds has ultimately restricted innovation. Very few believe in the credibility and feasibility of their ideas. Henceforth very few startups (a major chunk believes in drawing money by taking minimum risk and end up pursuing a job) – Nevertheless, the number of startups has been on the rise but this can grow exponentially provided adequate resources are available. In India, only 15-20% of the startups end up being successful. The reasons for the failure of such a huge proportion of startups are going bankrupt, due to mismanagement of business funds, lack of vision, loss of credibility in the idea etc. The end result is they end up losing jobs and go cashless.
The probability of finding like-minded people and the people who can connect with the idea through crowdfunding grows due to the viewer base growth. Put up your idea and let the world know it, the funds shall start pouring in within no time. This is a win – win situation where you acquire money from people and also market yourself at minimal price. The visibility of your initiative goes global which couldn’t have been possible even with millions of dollars spent on marketing without going online. Once the money is acquired the cascading effect is prone to take place. Money flows in, the business grows, job opportunities increase and henceforth the productivity goes high. The ultimate result is a booming economy with the purchase power of people growing because of job creation.
is one such crowdfunding portal through which entrepreneurs can raise funds for their creative ideas. The entrepreneurs get full control and ownership over their fundraising campaigns and may offer services and products as rewards/perks.
With the multi dimensional growth of internet and social media, crowdfunding can be the next big thing if we realize its potential and start using it efficiently. Crowdfunding helps you reach out to people anywhere on the planet. Go online and reach every possible line.
