OVER the last decade, crowdfunding in India and across the globe has emerged as a credible financing tool for various causes. These could be crowdfunding for personal needs or for others and causes close to your heart. Crowdfunding refers to the process of raising funds for a particular business, charitable cause, or specific project, like a startup business venture. In India, a crowdfunding website is more likely to raise funds for social causes to serve the needy.
But if you are planning to fundraise for a cause, crowdfunding for personal needs or a medical emergency, what are some of the things you need to keep in mind while choosing a crowdfunding website? Here’s a checklist:
1) Alignment with your goal
People can raise funds for a social cause, an art project, a business, or medical expenses. Different crowdfunding websites cater to different needs. It is important that your goal aligns with that of the crowdfunding website. The success of your fundraiser greatly depends on the nature of the crowdfunding website and the funding model it follows. You should shortlist the platform that suits your domain before moving forward with the selection process.
For instance, if your goal is to raise funds for an NGO of your choice, Give can be your go-to site, as it is India’s largest and most trusted giving platform with a large number of verified NGOs on its site. You can also raise funds for a medical emergency on the platform.
2) Reliability
It would be nothing short of a travesty if the hard-earned money of your backers would end up in the hands of an untrustworthy crowdfunding platform. It is imperative that you do a background check on the prospective crowdfunding platforms you have shortlisted.
3) Past success is important
The consequences of failing to achieve funding targets for a social cause or a medical emergency can be grave and therefore you must choose a website with strong past precedence of executing successful campaigns. Past performances are one of the most credible barometers to gauge a crowdfunding platform and should be one of the first things to check. It is only after several successful fundraisers that a crowdfunding platform in India gains domain authority and repute. Give has been India’s most preferred website when it comes to raising funds for social causes.
4) Talent matters
The team behind the crowdfunding platform is a significant factor between the success and failure of a campaign. While ongoing fundraisers on a crowdfunding website can be an indicator of the talent behind the scenes, you can do a further lookup through the platforms about us page and through social media. Give is not only India’s largest online crowdfunding platform but also the most trusted one.
5) Payment Methods
The team behind the crowdfunding platform is a significant factor between the success and failure of a campaign. While ongoing fundraisers on a crowdfunding website can be an indicator of the talent behind the scenes, you can do a further lookup through the platforms about us page and through social media. Give is not only India’s largest online crowdfunding platform, but also the most trusted one.
Not having access to the right payment method can easily deter a prospective contributor from partaking in the fundraiser. The crowdfunding website should offer all popular options for payments such as credit card, electronic fund transfer, etc. It is a strong positive if the platform allows international fund transfers as well.
6) Social Media reach
A crowdfunding campaign is not necessarily just a funding tool, it can help you get publicity or can be a test run for your idea or cause. A crowdfunding platform that has a strong social media reach can help in both, achieving your funding target and getting publicised. A crowdfunding website’s social media reach can also speak volumes about its stature and credibility.
7) Support
Working with a service provider who fails to give timely support for troubleshooting or problem solving can be a nightmare. Accessibility and availability of support staff can be the key to a hassle-free and successful fundraiser. Give has one of the strongest support teams for any crowdfunding website.
8) Campaign execution
You should always go through crowdfunding websites and observe their ongoing campaigns. How does the campaign landing page appear? Are the visuals in place? Is the campaign being promoted on other platforms and does the user interface seem appealing? Broken links on the campaign page or misplaced content should be considered a red flag.
9) Stability of the crowdfunding website
A crowdfunding website regardless of its past success and talented team members can turn out to be a damp squib if the site’s backend infrastructure is faulty or weak. It is important to analyse the stability and safety of the portal before moving forward with the fundraiser. Give has the best-in-class backend infrastructure and the ability to process hundreds of fundraisers per day, both individual and collective.
10) Platform fee matters
Assuming a crowdfunding website ticks all the boxes and you are assured of its credibility but it is charging a hefty fee or has a complicated fee structure with possible hidden charges. You would have to think twice before going ahead with a website that is not clear about its charges. There are also free crowdfunding sites.
With regard to crowdfunding for NGOs you should always choose a website that charges minimally or no fee at all. Whether you are fundraising for a cause you care about or for a health emergency, creating a crowdfunding campaign is easy and free on Give.
Choosing to tread the proverbial road less travelled, Ramon embarked upon a career in journalism and spent over 8 years working for various media organisations. A deeper calling to create a sustainable impact in the lives of the less fortunate compelled him to join the social sector. Ramon is a minimalist at heart and an explorer in spirit.
