Five Common Myths About Crowdfunding

Posted On: 2022-12-20 11:13:36

You must be agreeing with the fact that crowdfunding is a fairly new concept in a developing country like India. People are still often confused about what the term crowdfunding means. In simple terms, crowdfunding is defined as the practice of funding a project or venture by raising money from a large number of people, typically via the internet. Crowdfunding is a form of crowdsourcing and alternative finance. In 2021, the global crowdfunding market was valued at 13.64 billion U.S. dollars and was forecasted to double by 2028, growing at a compound annual growth rate (CAGR) of 11.2 per cent. 

 

So crowdfunding isn’t a dying market at all. On a similar note in this article, we will clear the top five misconceptions regarding crowdfunding. Here are they listed below:

 

1. Yes, All the Cases Are Genuine!

 

We at Filaantro personally go the extra mile to verify the genuinity of all of our campaigns. Moreover, these cases are evaluated on a periodic basis. We put utmost work into embedding the importance of making sure that our crowdfunding platform is safe and trustworthy of the donor's and the patient’s belief. Documents like hospital bills and doctor’s prescriptions are shared without any masking to enable the donor to confirm the genuinity of the campaign.

 

2. Yes! The Money Is Actually Being Received By The Patient/Beneficiary 

 

As far as money is concerned, for all the medical crowdfunding campaigns the money is transferred directly into the bank account of the hospital. So there is a hundred percent transparency. Whereas if there is a campaign for a personal cause the money is directed to the individual's account. We make sure to provide the correct, accurate bank account details in the campaign description itself so that any donor can verify and safely transfer the money to the needy campaigner. 

 

3. Yes, It’s Totally Safe to Donate on a Crowdfunding Platform

 

Whatever data you fill in while donating or starting a crowdfunding campaign is never shared with any third-party website. We at Filaantro use the highest SSL encryption system to make sure your data is in safe hands. You can rest assured about your data all while donating or starting a new crowdfunding campaign. 

 

4. Fundraisers Are Just for emergencies:

 

This is one of the most common myths about crowdfunding campaigns, that a crowdfunding campaign is only for emergencies. People can surely start crowdfunding campaigns during emergencies as well as during funerals, to pay for education, to pay for costly medical bills, etc. Due to the novel coronavirus pandemic, many people lost their jobs and livelihood, such people can also start a crowdfunding campaign to ask for help and gather funds to pay for their basic necessities. 

 

5. Money Can’t be Raised for an Individual:

 

Surely money can be easily raised for a larger cause but on a similar note, money can be also raised for an individual entity. If the individual’s needs are genuine and authentic, people don’t mind donating to the person’s campaign. There are a multitude of stories where people have donated generously for an individual crowdfunding campaign. 

 

 

We, at Filaantro, believe in crowdfunding for a cause. It is the platform that allows any individual, society or community across the globe to raise funds for any cause such as medical, education, natural calamity, sports, rehabilitation, non-profit, animal support, emergency, arts and media, technology, rural development, and other causes, with great ease. Our vision is to  connect like minded Individuals and communities through our platform and inspire them to raise funds for the greater good. And our mission is to help campaigners achieve their goals through trust, transparency and simplicity.

 

It takes only a few minutes to register with us and raise your campaign. We believe in your cause. We believe in your dream, We believe in you. 

 

Author : Saish Bhise