Do you have a creative idea for a new product or business? Perhaps you do, but in business, it’s not only about concepts, it’s also about putting good ideas into practice. Anyone can have a great idea, but it takes a true entrepreneur to gather all the resources required to turn that idea into reality.
Unfortunately, gaining access to those resources is far easier said than done. Think about all the steps necessary to turn a new product idea into a reality, including getting finance from investors, creating prototypes, and developing marketing and branding strategies. But for so many aspiring business owners, obtaining capital alone has been a headache along with finding the best crowdfunding platform in India.
Crowdfunding has become very popular for obtaining capital for new business ideas, and it has given startups and small businesses new opportunities to get cash and exposure for their businesses.
Why should you think about crowdfunding and what is it?
Crowdfunding, as the term suggests, is the process of collecting money from a sizable number of people. Instead of going after a small number of investors, business owners can raise a lot of money from a variety of backers who may each just contribute a few dollars.
But the best part isn’t even the money. When an idea is posted on a platform for crowdsourcing, such as Kickstarter or Indiegogo, it is seen by potential donors, who almost certainly will be the first customers/clients after the business kick-starts. More contributors typically translate into more potential buyers. They care about what you are doing if they’re willing to give to your business idea.
In addition to obtaining seed money, crowdfunding offers insightful feedback on the viability of a project or business idea before any money is ever really spent. This represents a significant departure from the norm when startups spend a lot of time and resources on ideas that ultimately have no genuine market.
Now that you are aware of what crowdfunding is and why it can be such a potent tool for product development, you can use the following advice to make your campaign a success.
How To Choose Crowdfunding Platforms?
If you’re establishing a crowdfunding campaign, it makes sense to select the platform that is appropriate for your specific needs. Numerous platforms are accessible and choosing the ideal one can have a significant impact on the outcome of your campaign. Here are some pointers for selecting the ideal platform for your unique requirements:
- The structure of the crowdfunding platform
- The campaign’s goal
- Platform fees and missed targets
- The support that the platform offers
- The payment alternatives
- The rules and limitations
Explaining a few in detail:
- Keep in mind that a crowdfunding platform’s marketing efforts and network sharing are key to its success. Pick a platform that best suits the goals and spending limit of your campaign. For instance, a campaign centered on a product will have more moving pieces than personal fundraising.
- Establish your campaign’s timetable and goals. You may estimate how long it will take to raise the money required to finish your project using a campaign plan. You can use this to decide how many supporters to request.
- Some platforms offer prizes, while others provide a selection of reward structures. Be specific with the rewards your supporters will get on the success of your idea and provide stats for the same.
Once you are through with the process how to pick the best crowdfunding platforms in India? Keep a tick from the below list of crowdfunding platforms which meets your requirements:
- Ketto.org -Ketto.org is one of the most well-liked crowdfunding websites in India. Since its founding in 2012, Ketto has assisted thousands of people and groups in raising millions of dollars for their initiatives and causes. The website is user-friendly and provides a variety of fundraising methods, such as donations, rewards-based crowdfunding, and equity crowdfunding.
- Milaap.org – One of the top crowdfunding platforms in India is Milaap.org. With a focus on social impact, Milaap has raised millions of dollars for initiatives in Southeast Asia and India. With a strong emphasis on openness, the platform provides both donation-based and rewards-based crowdfunding alternatives. It also regularly communicates with donors and provides thorough project updates.
- Wishberry.in – Wishberry.in, is another one of the best crowdfunding platforms in India. Wishberry was founded in 2013 and has contributed to a variety of projects, including movies, music, artwork, and technological advancements. The website promotes crowdsourcing with incentives and is renowned for its steadfast support of artistic endeavors. To ensure that only the best and most viable projects are presented on the site, Wishberry has a strict screening procedure and only accepts a small fraction of the projects that are submitted to the platform.
- Crowdera.com – Crowdera.com is another popular crowdfunding platform in India that provides both donation-based and rewards-based crowdfunding possibilities. The platform, which places a heavy emphasis on social impact, has assisted in raising millions of dollars for global and Indian causes. Crowdera is renowned for its vibrant donor network, dedication to openness, and open lines of communication with contributors.
- Indiegogo – This crowdfunding platform gives producers access to a global audience while providing flexible funding options. Indiegogo’s community-based approach not only gives campaigns a platform but also streamlines the process.
In conclusion, using crowdfunding sites, in India, to gather money for a range of initiatives and causes can be successful. There are some of the best crowdfunding platforms in India that may assist you in generating money for your creative project, small business, or social initiative. You can improve your chances of success and realize your dream by picking the best platform and carefully weighing your options.