The crowdfunding is a way of raising funds through which you can collect money from many people in small amounts. It is about 300 crore industry in the country. The increasing use of social media is one of the main reasons. By 2021 the number of Internet users in the country will be 829 million. There are approximately 270 million users in the country of Facebook alone.

Apart from this, according to the World Bank report, crowdfunding has recently emerged as a multibillion-dollar global industry. It is estimated that this industry will be worth $ 300 billion by 2030. In such cases, entrepreneurs are beginning their ventures using crowdfunding in many areas such as medical, IT, entertainment in different sectors. Know how you can use it in your business

What areas are getting help

The help of crowdfunding is often easily found for social and community development projects. If you have unique ideas in the field of social entrepreneurship then you will not have much trouble getting funding. Apart from this, you can also get help from crowdfunding in the field of movie and entertainment. Recently, actor Rajat Kapoor chose the option of crowdfunding for his upcoming film.

In the film industry, a period of crowdfunding had started since 1990 when Fans financially supported filmmakers. Today, crowdfunding is the main way of mobilizing funds for filmmakers, music producers, artists etc. With this help, new producers and directors can work on innovative ideas. This is a good source for Creative Entrepreneurship. Similarly, there are many areas where healthcare, IT, etc. where you can accumulate business with the help of crowdfunding.

Types of crowdfunding

There are many types of crowdfunding:

• Donation Best Crowdfunding: In this type of crowdfunding, the campaigner does not have to return the money to the campaigner. Such funding is done for medical, non-profits, charity and disaster relief.

• Reward Best Crowdfunding: In this type of crowdfunding people want rewards in exchange for helping your business. This is similar to donation-based crowdfunding. There are no funds or equity returns. The New York-based Statue of Liberty is considered the first ever reward-based crowdfunding campaign, where newspaper publisher Joseph Pulitzer asked to give a donation to the people for the construction of the pedestal and in turn offered their name to print on their newspaper front page. Similarly, Kickstarter is a popular platform that offers artists, musicians, filmmakers, and designers funding in the field of film, music, art, games, technology, and design.

• Debt best Crowdfunding: It is also called peer to peer crowdfunding, which means that funding, where investors lend their money to the entrepreneurs on fixed interest for a period specific.

Do such a crowdfunding campaign

First of all, you should have a specific project and purpose. This can be a new service, a new project or an event. Set a fixed time frame for this. Prepare a realistic budget according to your need. Also, you must also tell that the money you are going to spend is said to be. Along with the funds, you can also ask people for their time and help of skills. After this basic preparation, pinching your idea. For this, you have to make a video in which you will have to give full details of your project, you will also have to tell how much money you spend and how you will use that money. Keep in mind that along with having your IDEA clearing cleared the logo Also be able to attract the attention of Response will start coming after uploading the video to the crowdfunding platforms.