Busting The 6 Most Common Crowdfunding Myths

Posted on 2 August, 2015 by Team Wishberry

  EC4 Although crowdfunding has been making great things happen in India since a really long time, it’s not uncommon for people even today to have completely wrong and often crazy ideas about crowdfunding. With a crowdfunding platform for almost every kind of cause- creative, philanthropic or purely entrepreneurial- budding in India today, one would expect the air to be clearer by now. But well, let’s save that discussion for another time. Right now, let’s clear up some of the most common misconceptions surrounding crowdfunding in India.

The crowd doesn’t give any money

There are philanthropic people, who will dedicatedly give a chunk of money for a heart-breaking cause and there are venture capitals that get behind startups and potentially-money-minting businesses. Projects like films, music, theatre, board-games etc. can’t be seen as charity nor do they hold any interest for VCs. So obviously, they’re either left to crawl deep into their pockets or gather dust, right? WRONG. There’s another breed of people- backers, also known as the unsung patrons of the arts. And as long as you have a great project, a strong network and a marketing strategy to spread the word like wild fire, there are going to be people who will back you and became your strongest supporters.
If you’re good at what you do, people will want more and more of it. EVEN IN INDIA!

It’s too risky

Crowd hesitation brings us to point number two- what if all of this is a con? After all, fake crowdfunding campaigns have happened in the past. Well, a good crowdfunding platform will always go to great lengths to make sure the campaign it’s hosting is legit. Moreover, running a crowdfunding campaign (at least in India) is a lot of work, there’s plenty of networking, marketing, following up to do- that in itself takes away any possibility of running a con. As for whether an online transaction is safe at all- of course it is! Like we mentioned, a good crowdfunding platform cares about its campaigners and backers as much as it does about its own business, therefore ensuring that it’s a safe experience for everyone.

It’s a one time thing

Most crowdfunding campaigners feel that running a crowdfunding campaign is a onetime affair, mainly because of how much of time and effort it takes, and because it seems a little pitiful to ask money from family, friends and fans over and over again. After all, when money is involved relationships enter a rather sensitive territory. While all of these are valid points, it helps to remember that the more you do something, the better you get at it. This means that, crowdfunding won’t really be as difficult or crazy as it was the first time around. As for asking people for money once again, it all depends on how community-centric you, as a creator, want a project to be. People love to be a direct contributor in a project that’s remarkable and something they can help exist even if they can’t do it themselves. Crowdfunding a creative project isn’t so much about who is doing it as much as it is about what the person is doing and why. As long as people are reminded of that, it works. Kashish Mumbai International Queer Film Festival have successfully crowdfunded on Wishberry twice- both times with great response! That in itself explains a lot, doesn’t it?

It’s not very good for an artist’s reputation to ask for money from fans

“Isn’t it embarrassing?” “Doesn’t it look very sad?” “What if they say no?” I don’t want my fans to think of me as someone who’s just trying to cream money off them. We get it. But, these are nothing more than mental blocks and preconceived notions.
In no way does asking your fans for help tarnish your image or popularity.
In fact, if anything at all, it brings you closer to them. Moreover, fans love to contribute heavily towards their favorite artist’s success. If your fans love what you do, they want more and more of it to exist and more and more people to know about it. This only makes you a people’s person!

It’s extremely easy to go viral

Don’t let a few outrageously successful campaigns abroad fool you into believing that anybody can go viral. It only feels that every crowdfunding campaign goes viral at the snap of fingers without much work, just because we still can’t stop talking about the few crazy ones. In reality, it takes some next level PR and marketing skills to snowball into a giant of creativity and break the internet.

Crowdfunding makes it easy for someone else to plagiarize your idea

Your idea is out there for the whole world to see. And you haven’t even finished it or let it see the light of day yet! What if someone with more money beats you to the finish line and snatches the one thing you have going for you- the uniqueness of your idea? As any smart creator would do- your first task, before you even go for crowdfunding, should be to protect your intellectual property, so that any chance of plagiarism is dealt with at the root! Don’t let the fear of being copied stop you from realizing your dream! We hope this clears things up for you! Got more myths that need busting, or questions that need answers? Ask away in the comments!

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