HOW CROWD FUNDING WORKS
CROWD FUNDING BASICS
What is crowdfunding?
Crowdfunding is all about creating a community around your project. A community that funds the project and also helps in spreading the word about your project. It’s all about asking for small amounts of money from many people instead of finding that one or two people to cut you a large cheque.
What are the advantages of crowdfunding?
Crowdfunding is not just about money, it’s about getting social validation. With many people funding your project, you can get access to direct distribution, creative independence since there is no investor, and a community that can support your creative ambitions for life!
What do people get in return for funding your project?
GIBES.CO.IN is a rewards-based crowdfunding platform, which means that funders do not get any monetary return (such as profits, equity etc.) for their funding to creative projects. They are asked for small amounts (such as Rs. 500, 5000, 10,000 etc.) in return for intangible rewards such as early bird or special access to the project they funded (invite to film premiers), limited edition merchandize, experience in the making of the project etc.
Who are the people who fund these ideas?
Funding usually begins at home! By this we mean, a project creator’s personal contacts such as friends, family, colleagues, alumni, as well as Facebook fans and friends, twitter followers etc. If the project becomes viral and gains popularity, and it connects with a lot of people emotionally, then it has the potential to even get funds from complete strangers on the internet! So, it really depends on the awesomeness of the idea.
How does crowdfunding work on GIBES.CO.IN?
If you have a project that you want to raise funds for, you simply have to submit your project on GIBES.CO.IN by filling a form. If your project gets approved, you get a GIBES.CO.IN consultant to help you prepare for crowdfunding. Once ready, your campaign goes live and you get up to 60 days to raise your funding goal. If you are unable to raise your funding goal by this time, the money is returned to your funders. Therefore, you get All or Nothing. For more details, visit our Project Rules here.
If you want to fund a project on GIBES.CO.IN, simply go to Discover Projects, choose the ones you like, select a reward and then go ahead and pay for it, using Credit/debit card or netbanking.
Why all or Nothing?
Sounds scary right? But don’t worry, GIBES.CO.IN has a 70% success rate despite this policy. What’s interesting is that all other platforms that don’t have this policy suffer from less than 10% success rate. This means you have only a 10% chance of raising funds successfully on platforms that don’t follow the ‘All or Nothing’ policy.
Globally, experts consider ‘All or Nothing’ as the best practice for all crowdfunding platforms. Under this policy, we become your partners. If you lose, we lose too. This policy also brings out trust and transparency in the project that encourages people to fund it without worrying about project delivery.
What is the GIBES.CO.IN fee?
Please click here to see our Pricing structure.