2014-02-13 00:00:00Money & FinanceEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/crowd.jpghttps://quickbooks.intuit.com/in/resources/money-finance/5-crowd-funding-success-stories/5 Crowd Funding Success Stories

5 Crowd Funding Success Stories

3 min read

Several businesses and organisations abroad have been raising funds through crowd funding platforms for years, and now the trend is catching on fast in India, as well. Crowd funding is a new-age concept, where people from all over the world connect through online platforms to support a business idea, campaign or an organisation. This is an excellent way to raise funds for small business owners and budding entrepreneurs, as it cuts down the formalities of traditional fundraising techniques of grant applications and permissions while fostering a community of support for your business. We have previously covered – The basics of crowd funding. The basics of crowd funding. In this post, we look at 5 Small Business Crowd Funding Success Stories. The awareness about crowd funding as a platform for fundraising has grown exponentially, in the past few years. Read on to find out how small businesses have successfully used crowd funding to raise funds for their business. Spin Academy Project: Be Fit! Be Spin! Contributors: 339 Fundraising Goal: Rs 4,00,000 Total Raised: Rs 4,03,901 Campaign Duration: 60days Website: www.spinacademy.com Crowd funding site: www.start51.com Spin Academy is a dance academy based out of Ahmadabad, Gujarat. The campaign – Be Fit! Be Spin! was launched in Aug 2013. The academy raised money for their new dance and fitness DVD – 25-minute long workout session combining Zumba, Weight Training and Cardio. In a short span of 60days, the academy was able to raise Rs 4,03,901, crossing their target by a few thousands. This campaign was supported by 339 contributors, who believed in the academy’s ability and vision. Printajoy.com Project: printajoy.com Contributors: 52 Fundraising Goal: Rs 1,00,000 Total Raised: Rs 1,02,500 Website: www.printajoy.com Crowd funding site: www.wishberry.in Three young men from Gujarat came together and started Printajoy.com – India’s first affordable, online printing tool that converts instagram pictures into print copies. This start-up company approached www.wishberry.in to raise funds for infrastructure, printing, packaging and marketing their product. Through crowd funding they raised a total of Rs 1,02,500, kick starting their journey to entrepreneurial success. Dabba Radio Project: Free and open radio Contributors: 90 Fundraising Goal: $ 5000 Total Raised: $ 5502 Campaign Duration: 39 days Website: www.dabbaradio.org Crowd funding site: www.kickstarter.com Dabba Radio is a social movement targeted to change the culture of journalism. Dabba Radio has taken the initiative to open up the medium of radio to the people of India. Broadcasting any kind of news or current affairs on radio was banned in the country until very recently. In order to generate funds for equipment, production staff, and marketing of the radio, a popular online crowd funding site – www.kickstarter.com was approached. In just 39 days, they were able to raise $5502 surpassing the target amount. The Unity Movement Project: I am not a Slave – India Contributors: 101 Fundraising Goal: $ 4800 Total Raised: $ 5906 Campaign Duration: 60 days Crowd funding site: www.kickstarter.com The Unity Movement along with Mercy29, a Non-profit organisation took up the initiative to help raise awareness about slavery and human trafficking through a documentary film. The project raised funds to hire a production crew and release their film with at least 1000 DVDs. The 60 day campaign raised funds through a popular crowd funding site – www.kickstarter.com. The campaign was a huge success and was able to raise more funds than the set goal. Cake Notice Project: Expanding Business Fundraising Goal: $ 2500 Total Raised: $ 2620 Campaign Duration: 30 days Website: www.cakenotice.com Crowd funding site: www.smallknot.com Cake Notice is a local, specialty food hub in South Carolina, USA. Cake Notice was started in February, 2011 and became popular for their custom cakes, freshly ground coffee and locally baked bread. As the demand increase, the owners decided to expand business by moving to a bigger retail space. They raised a sum of $2620 in 30 days through an online crowd-funding platform – Smallknot.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Featuring 99tests

Established by Praveen Singh and Naveen Kumar, 99tests is crowd testing platform…

Read more

Ways to Finance Your Start-Up

Raising start-up capital could seem like a herculean task for any entrepreneur.…

Read more

Four Overlooked Sources of Funding

Money, as they say, makes the world go round. It is also…

Read more