Article published by : sanjay tawar on Saturday, July 21, 2018 - Viewed 127 times

Category : Fundraising

3 Common Crowdfunding Myths Debunked



How many times have you heard “fundraising is a scam”, “fundraising platforms take all the money” or worse “fundraising requires you to pay interest”? If you answered- “I cannot remember”, yes we feel you.

Any new idea that is rapidly developing comes with its own set of advantages and disadvantages. While the nascent stage of a new industry is riddled with a lot of apprehension, questions, and rumors, the inevitable myths also tag along. While most of the times, people who know about crowdfunding know enough to dismiss ridiculous myths as baseless logic, the common folk don’t quite agree. They need for things to be explained clearer with an in-depth approach. This article debunks three myths that are commonly associated with crowdfunding.

1- Crowdfunding is a scam.

Crowdfunding has existed since the dawn of humanity, the only difference is the fact that it has gone digital now. Pooling money together from the known circle of acquaintances, friends, and well-wishers have been a way of demonstrating their support towards the required project/ cause. With the advent of the digital era, there are a lot of web-based platforms that help one crowdfund. These platforms usually charge a nominal fee for them to let you crowdfund on their website, this fee covers the maintenance of their website and operational costs. Depending on which country you live in, you may have to pay additional taxes. Crowdfunding is bound by laws and regulations that exist under a country’s jurisdiction. The concept of crowdfunding is not a scam, however, it is always good to look out for the legitimacy of the web-based crowdfunding platform.

2- It is easy for any and every idea to get noticed, so it doesn’t matter how much effort goes into preparing a crowdfunding campaign.

Every campaign that aims to crowdfund is different. There are a lot of elements to every idea/ cause or a project- starting from the end outcome, approach, reach to their target, all these elements combined together can give rise to several permutation combinations. No two crowdfunding initiatives can be the same, considering the unique set of conditions that each of them come in with. As opposed to the popular notion, it takes considerable time, effort and planning for a campaign to get noticed. It can make a lot of difference when a campaign is supplemented with a succinct summary, clear images and a good attempt at appealing to someone as opposed to any generic campaign. So it is definitely not a matter of sheer coincidence that campaigns get donors or campaigns become viral, there’s science involved. In simple terms, the clarity, appeal, organization, end outcome and the story telling abilities that have to do with the campaign definitely influence how much traction a campaign gets.

3- Crowdfunding is “begging”

Whenever crowdfunding is suggested as a solution as a solution to someone, it is always met with “but I don’t want to beg”. Crowdfunding is often equated to asking for a handout. What people forget is, crowdfunding has to do more with the way they look at it rather than the way it actually is. It can fall under “begging” if someone is presenting themselves as being desperate for money in times when luck has not favored them. Pity is not the end outcome of someone’s crowdfunding campaign, support is. The belief and faith someone has in their own project or cause will reflect on the way others perceive the cause. Contributing to the cause has more to do with what someone’s beliefs in than it has to with begging or pleading for money.

While it is common for myths and rumors to float around, time and again- it lies in one’s own ability to want to know the truth to become aware. As with every industry, the growth of crowdfunding comes with demand and need, only if the individuals of the world allow an industry to grow can it actually grow.

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Keywords: crowdfunding, crowdfunding platform

By: sanjay tawar

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