When Coldplay came out with latest song ‘Hymn For The Weekend’ there were many a detail that caught our eye. The song, shot in India, had elements of crowdfunding projects in it. See for yourself:
Did you notice ‘TaxiFabric’? We covered the Kickstarter project in our September theme of the month post. TaxiFabric provides designers an opportunity to show off their design skills using taxi seats in Mumbai as their canvas.
This instance goes to show how celebrities, especially those from the West, are exploring global stories through crowdfunding. Some crowdfunding superfans have also suggested the video has facets of another India-based crowdfunding project Tomorrow We Disappear.
Hence the point I’m making here is, if beyond funds your goal includes:
a) Reaching out to a global audience
b) Increasing your media exposure and PR
c) Getting noticed by celebrities & investors
d) Getting connected with partners & team-mates
e) Receiving early feedback from potential customers
.. running a crowdfunding campaign (if done well) can help you realise your goals quicker and amplify your message like no other medium. We know a thing or two about campaign successes as in the past we have worked closely with project-owners, ecosystems developers and large organisations to help them realise their objectives.
If you’re keen on learning more about crowdfunding, write to us and we will be happy to help you.
Crowdfunding has been enabling millions to pursue their dreams, either through their own project ideas or by supporting other projects with their time and resources. At any given point there are several thousands of projects live on a host of crowdfunding platforms around the world, with project-owners telling their story or seeking your support.
There have been many Indian projects from the technology, social and creative spaces tha have leveraged the medium of crowdfunding to realizing their goals – including in market validation and engaging with investors, customers and talents. Despite a few success stories from this region, many in India are yet to leverage the massive potential of crowdfunding.
Here are some compelling Indian crowdfunding projects that have generated a lot of interest in the community this July.
Taxi Fabric: Find your new design canvas
This creative project seeks to provide designers an opportunity to show off their design skills using taxi seats in Mumbai as their canvas. The campaign has received around 100 backers already, and upon reaching their goal they intend to create exquisite taxi seat covers and fit one taxi each week with these designer covers.
This one-of-a-kind matchmaking app focuses on those with disabilities. At this moment around 80 million people with disabilities live in India alone and of which only a small percentage manage to find partners and get married. The team behind Loveability plans to scale fast and with support can further the app development and user-experience.
On a week when Bangalore had a series of events coinciding with Social Media Week and the Construkt Festival – India’s Largest Startup Festival, it was Crowdfunding which took centre-stage.
Startups, investors, innovators and the crowds gathered for Catapooolt’s Crowd Pitch Challenge event where close to two dozen startups presented to an investors audience – both seasoned and crowd investors. The crowds were empowered with virtual voting access and had a lot to takeaway from the event.
The culmination of the week of activities also saw a local crowdfunding campaign by social enterprise Bal Utsav organise a ‘Pub Crawl for a Cause’ to raise funds for their crowdfunding campaign.
The bottomline’s that there more fun and interesting ways to reach out, not just to compelling ideas from a pool of talent but also to crowd investors to raise funds for a project. Get in touch for more unique ideas and success stories.
Infact there’s been a tremendous push across the West for its implementation – motivating its leaders to ease laws to crowdfund small businesses (equity crowdfunding) and Gold Rush‘s predicted for 2013. With crowdfunding on turbo in the West, lets look at its progress in the East and the emerging world. Crowd Navigator over the next few Months will look at the crowdfunding scenario in SE Asia, India and China. This post’s on India.
India has seen a massive crowdfunding success story many years before the actual the term was coined. Without getting into ancient India, an example from the more recent past would be the ‘rags-to-riches’ story of the Reliance Industries founder Dhirubhai Ambani. His then small yet growing textile business was crowdfunded by communities across the Indian state of Gujarat. In 30 years Reliance Industries had become 60 billion dollar business and is still growing strong. Here’s a scene from Dhirubhai Ambani’s unofficial biopic ‘Guru’-
While the above idea was sold on a physical platform (see speech to investors from the same film) and not through today’s internet-based crowdfunding platform, nevertheless there have many similarities between the approach then and some of today’s relatively smaller success stories on crowdfunding – selling an dream, gaining people’s trust and building a compelling case for its funding.
Today’s India with its huge market and human capital has moved on from the license raj regimes of the past (still more’s needed), becoming a popular destination for global business and other investments that have identified opportunities. Its crowdfunding forays however has been restricted to micro-financing category projects, and the occasional donation-reward funding category.
There haven’t been success stories of Indian entrepreneurial projects through crowdfunding yet, but looking at the global trend of easing funding laws there are reasons to remain positive. Plus India has on its side the human capital, many of them capable of small investments, and several business opportunities.
A handful of crowdfunding platforms have indeed cropped up – Pik A Venture, Funduzz, YoLaunch, Pitchhike, Fundmypitch and Wishberry.in – however most of them are still under beta. Considering the volatility of the crowdfunding platform space, as well as the reach and flexibility of global platforms, there’s going to be some competition in this space. Moreover in today’s open-source world, individuals or companies can easily self-start their own platform and or seek infrastructural assistance from experts.
The bottom-line though is, crowdfunding in India is here to stay. Get in touch if you need more information.