How Crowdfunding is Making Student Innovation Possible
Posted on 22 October, 2016 by Team Wishberry
In the past few years, we’ve seen and helped hundreds of creative ideas come to life through crowdfunding – ideas that wouldn’t have found the sort of support from institutions or the big players. Interestingly, crowdfunding is also proving to be a ray of light for students – the one set of people who are full of ideas, initiative and innovation, but empty of money. Today, let’s look at how crowdfunding is helping students bring their innovative ideas to life.
How much have student crowdfunding projects raised so far?Students of acclaimed universities like , VIT, NMIMS and the like, have come to Wishberry to raise funds for various activities, such as building a racecar from scratch to participate in international competitions like the BAJA SAE, and for taking their college festivals to the next grand level. So far, about ten student projects have gone for crowdfunding, raising more Rs. 20 lakhs in total. Wishberry currently boasts of a 99% success rate with these type of campaigns.
What factors contribute to the students’ success?Like with every crowdfunding project, students too need to do a good amount of marketing and networking, and of course, appeal to that one specific group that will give the project a major push.
In case of such kind of crowdfunding projects, it’s the alumni!About 70% of backers for a student project come from the students’ college alumnus. Crowdfunding for innovation while in college proves to be a perfect hook for the alumni, as they all want to contribute to their Alma Mater’s glory and success in some form or another. Plus, why wouldn’t they support their juniors putting themselves out there to make something cool happen?
Enthusiasts want to support young innovationEvery now and then, these projects also get the support of random strangers, mainly out of curiosity and the heart to support innovation from Young India. In a country and time where the ‘book smart vs street smart’ or ‘knowledge vs skill’ debate between continues to rage, students are actually going ahead and applying their classroom lessons to practical situations. And how many of us can boast of being able to design, build and run a car from scratch at an international level? Those passionate about technology and innovation definitely want to help the little guys out in whatever ways they can, even if that help means small funding equivalent to a weekend’s drinking session. Students give pretty interesting and fun rewards in exchange for the monetary support. These include things like:
- Engraving a backer’s name on the car
- Performing cool stunts at the event, shooting a video of it and dedicating it to the backer
- Team merchandise, name of the backer on the team banner displayed at the event, the list goes on…