Crowdfunding Using Impact Guru
Impact Guru is one of the leading crowdfunding platforms in India that allows individuals to raise fund to cover their medical expenses, creative projects and personal projects and enables NGOs to fund their programs. Crowdfunding has made a significant impact on the fundraising sector. Crowdfunding is a process where a lot of people come together to raise a large amount of money by contributing small amounts. It essentially harnesses the power of the “crowd”.
Crowdfunding in India has focused mostly on donation-based fundraising. Apart from donation-based crowdfunding, there are three major types of crowdfunding which are vastly used across the globe. These are: reward-based crowdfunding, debt crowdfunding and equity-based crowdfunding. In India, however, equity-based crowdfunding has not been made legal by SEBI yet.
Impact Guru is an online platform for raising funds for a variety of social causes. Any individual or organisation looking for raising money for medical causes, social causes, social enterprises, creative projects, personal causes or any worthy cause can start a fundraiser in Impact Guru.
There is no charge for setting up a fundraiser in Impact Guru and it takes less than 5 minutes to start a campaign. They offer dedicated and custom-made support for campaigners throughout their fundraising journey. Impact Guru is so far the only crowdfunding platform in India which provides international tax benefits to donors in UK and USA for their donations to Indian NGOs.
You need to submit certain documents before you can start a fundraiser. NGOs are required to submit 12A certificate and 80G certificate. In order to accept foreign donations, they are also required to share their valid FCRA certificate.
Individuals who want to raise funds for medical causes need to share the patient’s identity details along with test reports, hospital bills, name and details of the doctor and the health institute and beneficiary’s bank details. Individuals who want to raise funds for personal causes must share their identity proofs and bank details.
Before launching a campaign, make sure you have a clear objective for your fundraising. Is your project more suitable for donation-based crowdfunding or reward-based crowdfunding? This depends on the goal and situation of your project.
If you are aiming to raise fund for a person’s medical cause, then you should go for donation-based crowdfunding. Whereas, if you are planning to launch a campaign for a project like building a school or healthcare system, reward-based crowdfunding is more suitable for you.
You must have a clear understanding of how much money you are going to need. Chalk out a budget plan before you start your campaign. This is because you will need to set a target amount. At the same time, the transaction should be transparent so that the backers can see how their money is being utilised.
Running a crowdfunding campaign alone can prove to be very difficult. It is always recommended that you form a team and delegate tasks among each other.
Your crowdfunding page should consist of a thorough description of the project. Use high quality and relevant photos in your page. Include a video shorter than 3 minutes which will convey your story to the backers. Offer rewards to your backers. This helps in showing appreciation as well as encourages the backers to stay connected to the project.
Every live fundraiser project on Impact Guru goes through an exhaustive verification process before it can get an approved status. This is done to validate the authenticity of the fundraising campaign.
To pay for several administrative costs and to help you run a smooth campaign, Impact Guru charges a nominal amount of 5% platform fee for all self-driven campaigns. Additionally, a 3% transaction fee is charge as well to cover the costs incurred by payment gateways