Pakistan-Based Venture Raising Money through Crowdfunding
If you are among those that think crowdfunding in Pakistan is a gruesome waste of time then you need to have a rethink. There are lots of Pakistan based ventures out there that are utilizing the power of crowd funding to remain in existence.
A good example is a shoe craftsmanship company that is over 1800 years old called Markhor. They have been running crowd funding campaigns which has kept the business breathing for years. Another clear example is a mystery-thriller movie set in Pakistan, JOSH. JOSH is a good example of crowdfunded project. The team behind the project was able to raise money for the 2011 mystery-thriller project (it took 58 backers to raise them a whopping $5,051).
For those that are still wondering what is crowdfunding, it is the process where people raise money for projects by putting up their ideas on websites dedicated to crowdfunding. People (mostly strangers) will read your proposal and if they see prospects in your work or it resonates with them, they will donate to your course. Once your target is met, the website releases your payment.
The examples given above made use of a crowdfunding site called kickstarter.com. The examples seem to be few, however, (especially for the aforementioned website) because payment is usually an issue. The kickstarter website seems to be having issues with allowing Pakistan the privilege to raise money on the internet.
The first-ever Pakistan crowdfunding site called "Seed Out," has made it possible for Pakistani citizens to receive access to much-needed funding for their small business and educational needs.
Also, there are a lot of websites out there offering free online fundraising services that you can use in case another one denies you access due to your nationality or location. If you would like to help fund a project in Pakistan, then maybe you should consider giving crowdfunding a try.
The major difference between crowdfunded projects and those funded through traditional means is that the former relies more on passionate strangers while the latter relies on acquaintances. The problem with the latter is that with the current poverty in Pakistan, it may be hard to get even close friends to part with a dime.
As micro-Entrepreneurs, traditional funding may also not be the best because people are always scared of startups. Those who know you in person may not really look at your idea (no matter how good and practicable it may be) rather, will base their judgments on your character and personal behavior.
On the other hand, when you turn online for donations, those that will probably donate knows nothing about you and will base their judgment strictly on the ideas you present to them. Hence, if your idea is good and appealing, you are more likely to get funds.
Donating online can be a risk too because you don’t know the person in question or their real motive and there is no guarantee they will end up doing what they said in their proposal. But it is always a good feeling to know that you have touched a life in a very big way!.