Crowd funding for financial inclusion. "Giving Has Never Made Someone Poor."

Vinod Nandaragi

Crowd Funding, Financial Inclusion, Digital Finance

The process of obtaining money by combining the efforts of several individual investors is known as crowd fundraising. The majority of crowd financing takes place online through websites and social media. Therefore, crowd financing is the process of obtaining modest sums of money from a large number of individuals, primarily through the Internet or specialized websites, in order to finance a project or business. Fund raising for entrepreneurial endeavors, including companies and artistic and creative enterprises, has also been arranged through crowd fund raising. Crowd fundraising is estimated to have raised around US$34 billion globally in 2015. You've probably heard several stories of a guy or woman using the internet to raise millions of dollars for her father's or other family members' medical care. Actually, crowd financing is used to accomplish this gathering. An 11-year-old girl in Hyderabad has raised Rs. 6.2 lacs using crowdsourcing or community finance to help feed a large number of impoverished individuals who lost their jobs as a result of the nation's COVID-19 outbreak. You must now have a fundamental understanding of crowd funding's purpose and goals. The key takeaways from this case can be summarized as follows. There is no doubt that entering the world of crowd funding is challenging and takes time, determination and a specific skill set. In the words of this entrepreneur “there are so many unknowns”. According to Simon, crowd funding involves a huge “learning curve” and requires “considerable time, skills and commitment. It takes considerable time to build trust between backers, developing a good image of the product, promotional skills and to understand details of costs and components and manufacturing and the logistics process”.

Volume 10 Issue 1, January-2025

Pages : a647-a655