For a young NGO, it’s all about making your presence known in the field of a cause. This phase tends to last a longer while than you may be prepared for. Acquiring funds is probably the biggest challenge in the nonprofit world. It may often seem like you’re investing effort worth much more than the response you’re receiving. A nonprofit is expected to prove its authenticity and dedication to its donors before it could get real funding. Reaching out to a targeted audience, maintaining donor relations and building a donor network are slow and tedious tasks that you’re forced to work on if you want to go places. Initially, nonprofits had to plan fundraising events, pay to advertise on different media; all these activities tend to get expensive, to a point where the nonprofit simply couldn’t afford it. Soon, they were in danger of getting stuck in a dormant phase where there’s a constant lack of funds.
Then emerged the crowdfunding industry. According to the 2017 Global Giving report, over 60% of donations in India and around the world are made online. This statistic has been steeply rising over the years with the onset of crowdfunding platforms like Impact Guru. Crowdfunding platforms have an abundance of pros: they make it hugely easier for young nonprofits to get noticed (for a ridiculously affordable price!), to tell their stories to the world, to access a large audience of potential donors through social media and to nurture donor relationships. Unlike fundraising events and advertising, a nonprofit has to give nothing when it resorts to crowdfunding. Starting a fundraiser is completely free of cost on Impact Guru and other platforms. A small fee is deducted only after you raise funds.
While matching grants is an older (and narrower) option many nonprofits turn to, it’s still seen as a highly restricted option as the corporate partner will not play a role in aiding donations, but will simply double the funds you were able to raise independently. Nonprofits will still have to find a way to acquire the first half of their funding. Many corporates choose to tie up with crowdfunding platforms for their CSR, making them the ideal ground for nonprofits to find not only donors, but also partners.
Did you know that donors that give around the world are equally inspired by stories they stumble upon on social media as they are by fundraising events they attend? And as we know, the latter costs NGOs a huge price (on not just money, but time and energy as well) whereas the former takes up a few minutes on an electronic device and no money at all. The question is why shouldn’t nonprofits turn to crowdfunding? It’s the newest and best alternative for raising funds today!
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