Revolutionizing traditional methods is no longer as rare as hen’s teeth. Crowdfunding is one among the best instances that can be cited of relevance to the above statement. People from all over the world are highly adapting this technique as the primary source of accumulating funds for their idea or project or cause.
It is gathering funds from a large number of people (crowd) over the Internet. The people who contribute or support your project are your friends, family, relatives or your patrons. Although the concept is quite well-liked among the folks yet there exists a bunch of them who didn’t even know what crowdfunding is?
Student entrepreneurs hold the largest share of this category. There are an ample amount of reasons to why these students are unaware of the concept. The foremost being that they simply don’t know about the benefits and drawbacks that crowdfunding offers when one runs the project. As the phenomenon is getting acceptability all over the globe, there are a lot of crowdfunding platforms coming up. They are doing an admirable job in educating people about the technique, yet there’s still a long way to go. It is difficult to identify which platform suits a particular genre and where one could find the right set of target audience.
Additionally, the best way one gets influenced towards something that is avant-garde is by glancing at the role models or mentors who have got successfully crowdfunded earlier. The stories of such heroes do not get viral and, therefore, student entrepreneurs hardly make efforts to get acquainted about the same.
Crowdfunding is a win-win situation for each and every project owner, but student entrepreneurs are still at more advantageous state. As one of the checkbox that one needs to ensure while contemplating to get crowdfunded is to have a huge community of supporters or audience. Student entrepreneurs have a huge campus network. A lot of students share posts, content and images which become viral in minutes within the campus. So they already have an existing audience base to target.
Being low at professional experience and credit rating, student entrepreneurs are disadvantaged in the way that they cannot apply for a loan or can approach to Investors. Crowdfunding can avail them with funding, and they could also get the valuable feedback and mentorship from the community leaders, which otherwise would be missing. They also have the availability of an alumni network where they could find experts and professionals to support them by their contributions and guidance.
Once they begin with getting their project crowdfunded, these students get to know about the lacunae or pit holes from the feedback of their supporters where they could work to deliver a better product which otherwise wouldn’t be possible.