We all remember as kids - going door to door and raising small amounts of money from a large number of friends and family to bring our dreams come true. From funds for the local gully cricket team to pandals for the big festivals. :)
Online crowdfunding is essentially going door-to-door, asking for money for a project, but it’s all online. It’s where many people contribute small amounts of money to make a big difference.
We at Ketto believe in the power of the crowd. You no longer have to rely on big corporate giants and banks to fund your projects. But rather, the power has been given back to the people, where the strength of your cause/idea decides your fate. It’s where people come together to support something great, something they believe in, something where they think they’ll be able to make a difference. It’s how non-profits become self-sufficient.
Why crowd-funding works?
Crowdfunding has been around for quite some time now, but the benefits of it are only being realized now because today is the best time to raise funds using online crowd-funding. Why is that?
Everyone is online. The number of internet users has increased exponentially since the 1990s. In India alone, the number of internet users will reach around 450 million. To put things into perspective, there are more mobile phones in India than there are toilets. Hence, it's the easiest and cheapest way to reach out to people.
We're all on social media. According to Ofcom, only 30% of the world's population has a social media presence in 2007. Today, it is over 80%. This is important because Crowdfunding essentially taps into the social aspect of giving.
It's tangible. Most people do not give because they feel their contribution will not make a difference. Crowdfunding requires the non-profit to provide project details, how much money is required and when it is needed by. This adds tangibility, increasing the number of donations by three times!
It creates awareness. Not only do you raise funds, but you also manage to create awareness about your nonprofit and your project. People learn about your work. Through your crowdfunding campaign, bloggers and journalists are more likely to discover you and talk about you.
Promotes transparency. Most people feel hesitant donating to a nonprofit because they aren’t sure where the money will go. Through crowdfunding, everything is known. People have access to the breakdown of the funds, a number of donors, how much has been donated already, making the process of donating completely transparent. This increases trust. And trust gets the donor coming back.
If you would like to know more about Ketto and how they can help you overcome common problems nonprofits face, click https://techrasam.org/2017/07/16/ketto/.
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