Crowdfunding In India: All You Need To Know
Posted on 26 June, 2015 by Team Wishberry
The concept of crowdfunding has been around, surprisingly, since the 18th century. It can be traced as far as to the early 1700s when poet Alexander Pope decided to have his translated works of Homer’s Iliad crowdfunded in exchange for what we’d today call shout-outs and creative collaborations with the masses. In 1783, Mozart adopted a similar approach in order to perform three of his concertos in a Viennese concert hall. And though he failed in his first attempt (see? Even the legends fail!), he tried again a year later and succeeded! Almost a year later, a crowdfunding campaign for one of the most iconic structures came underway. Americans, French and people from various parts of the world (upwards of 12,000 people), pitched in their money for a pedestal for the Statue of Liberty to stand on. Cut to 2009. Kicktstarter is founded in the US, giving the dreams of creative individuals in the country a new lease of life.
Today, millions of projects in the United States of America have seen the light of the day thanks to a strong backing from the community in exchange for simple yet fun and exclusive rewards.
Today, the crowdfunding industry is estimated to be a $95 billion dollar industry, with rewards based crowdfunding taking up and dominating with 43% of the share. It also stands to be the fastest growing model today. In 2012, Wishberry comes to India and creates a similar storm. However, if you think that the concept of crowdfunding is fairly new in India, you might want to think again. 600 years ago, mystic saint and troubadour from South India, Arunagiri Perumale sought the crowd’s help to have his manuscripts written. In 1976, Shyam Benegal raised Rs. 2 lakh from 500,000 farmers, for Manthan, a film by Amul.