What is crowdfunding and how does it work?
Across India, critical illnesses and unforeseen medical emergencies see thousands fight for their lives every day. Often, families are either left drained of all their savings or are protected by minimal to insufficient insurance coverage. They are thus forced to take loans at high interest rates or even worse, stop treatment altogether due to lack of funds. But they can escape this dire fate, if they only knew how to crowd source funding!
What is crowdfunding’s role here? Crowdfunding can be defined as a collective effort, composed of people from different age groups, varied socio- economic backgrounds - even diverse nationalities - all becoming contributors for a legitimate cause and willingly donating to it. As opposed to traditional business finance, contributors pool their funds without expectations of personal financial gains. In today’s digital times, it has proven to be the most effective way of fundraising for urgent and important causes, be it medical emergencies or social welfare projects. How crowdfunding works is that it essentially bridges the gap between those who are in need and those who can help them in their hour of need.
Medical crowdfunding helps you raise funds online for healthcare expenses from friends, family and strangers. 20,000+ patients with following medical conditions were funded successfully.
5 Steps to start a free fundraiser on ImpactGuru crowdfunding website:
- Start a fundraiser
Start your own fundraiser for free on our crowdfunding platform. The tools on our fundraising website will help you achieve your objectives seamlessly. NGOs, families, and individual campaigners: anyone can set up a crowdfunding campaign on our platform. - Share details
Begin with sharing basic details such as the hospital-provided treatment estimate and medical test results, along with personal details, such as photo identification and address proof. This will help us guarantee you a smooth experience when you want to check your campaign or withdraw funds. - Images and Visuals
The visuals of your fundraiser reflect the situation you are in and further substantiate your cause. Make sure to upload high-quality videos and photos showcasing your predicament, to create a stronger appeal. Clear and strong visuals can help make crowdfunding work for you! - Updates It is important to keep your donors in the loop about your crowdfunding campaign. Treat them as investors in your cause: keep them updated about any progress or diversions in your fundraising goals. This way, your donors will be more than just contributors; they will become your crowdfunding cause’s biggest supporters too.
- Fund Withdrawal
In medical emergencies, you can transfer the funds raised directly to the hospital. You can also decide on how to use the crowd sourced funds: some campaigners use the funds after reaching their specified goal amount, while our medical emergency fundraisers see campaigners withdraw funds at treatment stage-specific intervals.
What Are The Advantages Of Starting A Crowdfunding Campaign With ImpactGuru?
Maximize your fundraising with 0% platform fee plan Create an automated donor appeal in 2 minutes with our storybuilder Run your fundraiser from anywhere with our iOS/Android Apps Get donations from over 165 countries with multiple payment methods Indian tax benefits available to donors Fundraise lakhs of rupees within days by using customised fundraising calendar Recover from unforeseen medical emergencies, without worrying about loans or payback liabilities. or Help your loved ones recover from medical emergencies, without loans or payback liabilities Get help anytime from dedicated Relationship Managers and Crowdfunding Experts
Crowdfunding vs Other healthcare financing solutions Hear it from our campaigners!
What Documents Are Needed To Set Up A Crowdfunding Campaign?
Timely submission of required documents plays a crucial role in making crowdfunding work for you. These documents serve three purposes
- to make your crowdfunding campaign creation, a smooth process
- to make sure that you can quickly use the funds raised in your fundraiser
- to convince donors about the seriousness of your cause and your need for their kindness
The following documents are required to start a crowdfunding campaign
- Identity proof of the campaigner and the beneficiary
- Relevant medical documents, lab reports or diagnostic test results
- In the case of an NGO, the registration documents, along with - wherever present - relevant certificates from the Income Tax Department and the FCRA certificate.
What Are The Crowdfunding Fees?
Starting a fundraiser on our crowdfunding platform is absolutely free; there are no hidden charges here! We offer three different fundraiser plans - with specific platform fees - based on your needs and your familiarity with crowdfunding.
- Our Self Driven plan is for those who know what is crowdfunding, and how crowdfunding works. The campaigners here require minimal assistance and are confident of handling the fundraising campaign by themselves.
- Our Assisted plan is for those who are familiar with crowdfunding, but will prefer some assistance from our crowdfunding team.
- Our Collaborate plan is for those who are new to crowdfunding, and will require assistance and explanation at each step of the process.
How does crowdfunding work for our campaigners? Our Self Driven option offers a 0% fundraising platform fee. This means that our campaigners can avail the maximum funds from the amount raised, making it the best way to raise money. What’s more, our platform fee is a small percentage of the amount your campaign actually raises and not a percentage of the goal amount you have set.
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