A few days back I came across a writeup on Pebble – the iPhone compatible wrist watch which was 100% crowdfunded through Kickstarter.com. Now I may be living in a cave but this was the first time I heard about crowd-funding !
My first thoughts are that crowdfunding is a wonderful concept for very small entrepreneurs who’re finding it difficult to obtain capital for their start-up idea. And in the age of Instagram rewriting history with their billion Dolarzz (BTW, Brilliant Article Alok ! :)), I was wondering if crowd-funding can be made to work in the Indian context and whether international sites such as Profounder, Rockethub etc. can fund a startup by a bunch of Indian entrepreneurs ? We’re two friends, for instance, and we’re working on several ideas that range from SaaS to mobile apps. But for lifting these dreams off the ground, we need investment, and we often find ourselves in the corner. VC funding is obviously how everyone recommends we go about, but the complicated procedures, lack of clarity (we’re techies, we do not understand the language of business and finance that well) and so much more. In all of this, crowdfunding seems like a go to solution.
Personally I find crowd-funding a brilliant concept. Why can’t we have an Indian venture which works on crowd-funding startups ?
Please share your views.