To understand how crowdfunding India uses technology for good, we need to first make acquaintanceship with how crowdfunding as a process works. This is a fairly simple idea and can be watered down so even children can understand and run their play crowdfunding campaigns! For those who haven’t heard of crowdfunding, it is an alternative method of raising funds online for any purpose (as long as the intent of fundraising does not clash with local, national, or international laws). The campaigner, who is the person raising funds, states a goal amount, and writes a narrative explaining their need of funds along with a brief and rough fund utilization plan.
Most campaigners will also populate their fundraising micro site with pictures and videos relevant to the campaign. Next, the campaign is shared on social media, with the campaigner asking friends and fans and supporters to donate money to their cause. Each donor typically gives only a little to a crowdfunding campaign, but with many givers rushing to the foray the amount collected in donations goes up and converges on the large target that the campaigner needs to finance his project.
In the process, a lot of good is done in the world. Crowdfunding India campaigners have historically campaigned for social causes of national importance, for example to educate children, feed the hungry, and to empower women from low income or otherwise disadvantaged backgrounds. Medical crowdfunding is also an important subset of all the crowdfunding that is done in India, and thousands of lives have been saved by donors responding to campaigners’ calls for help with financial aid so treatment could be availed for their loved ones, or for themselves.
Technology enables the crowdfunding India process to thrive as much as it does. If you stop to think of it, mass funding for projects isn’t new at all, it is rooted in our culture. But a public web platform allows a kind of visibility that fundraisers conducted offline can never hope to achieve. Technology also lets the campaigner share their story for free and access huge numbers of potential donors.
Donors also find themselves in a secure place where they can make contributions to causes of their choice from anywhere with a smart device and an internet connection. The crowdfunding process is tech friendly, and crowdfunding thought leaders have found ways to refine the process and its best practices in ways to leverage tech for making maximum positive impact everywhere.