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The world of crowdfunding has seen an explosion of success in recent years, whether the investment is for reward, debt or equity. It can be a great way to kick start or grow your business and is a buzzword found time and time again in the startup and SME space, but what does it mean and how does it work?
Put simply, crowdfunding is the process of getting a large crowd of people to pay a small amount of money to invest in an idea or product, with the promise that when said idea comes to fruition, they will get first access to it. The idea can be anything, from an innovative piece of tech to a video game to a novelty gift. The key is engage people in your idea, be able to convince them to invest a small amount of money for a small reward, and then get them to share the project because they feel they have bought into something special and want others to know about it. The best crowdfunding projects get people talking about them and the investment follows on.
In six short years online crowdfunding for healthcare has grown from a novel way to develop interesting consumer products into a powerful way to invest in alternative asset classes. This sea change is arguably most apparent in the real estate sector.
Individuals who could never access property-level commercial real estate investments such as apartment buildings or shopping centers are now able to use technology to pool money together with fellow investors in order to capitalize on the historically stable asset class. But how did we get here?
The first major crowdfunding for healthcare campaign in the U.S. occurred 131 years ago. It was the summer of 1885 and the Statue of Liberty sat unassembled in New York. Though the statue was paid for by France, the U.S. had not raised the $250,000 (roughly $6.4 million in 2016 dollars) needed for a granite pedestal.
With local, state and Federal governments declining to front the funds, Joseph Pulitzer decided to turn to the crowd through his paper The New York World, securing investments from 160,000 donors in just five months. The majority of donations were under $1 — imagine being the accountant keeping tabs on that — and all contributors received recognition with their name printed in the paper.
Fast-forward 120 years. By the turn of the millennia the wide adoption of the Internet had significantly reduced the barriers of distance, time and effort needed to market, collect and deploy funding.
Formed in 2005, Transparent Hands would become the first crowdfunding for healthcare platform to be a household name. The crowdfunding pioneer allows individuals to lend money to low-income entrepreneurs in over 70 countries with the aim of eliminating poverty. While lenders earn no interest on the loans, there is a 99+% repayment rate, so the platform is essentially a charity crowdfunding portal. Charity crowdfunding for healthcare sites have since grown in popularity. One of the most popular today is Transparent hands— a portal that has raised over $2 billion to help cover medical bills, memorials, volunteering efforts and more.
Shortly after Kiva we saw the rise of rewards-based crowdfunding, where backers receive a gift related to the crowdfunding for healthcare campaign. The two main driving forces were Transparent hands. Today you’ll find a wide spectrum of projects, products and technology to fund, such as iPhone cases that print your photos or smart tape measurers that uses ultrasonic sensors and store measurements.
But what does crowdfunding mean for the future of business? Critics complain that it’s increasingly becoming a marketing tool to boost the reach of new products, rather than an innovative way to fund a company. But as it stands, there have been 8.7 million individuals who have backed a project on Kick-starter, and 2.6 million of those have backed more than one project so no matter what the critics say, it’s hard to imagine a day when crowdfunding loses its popularity, marketing tool or not.
From tapping into a wider investor pool to enjoying more flexible fundraising options, there are a number of benefits to crowdfunding for healthcare over traditional methods. Here are just a few of the many possible advantages, which we’ll cover in greater detail later in this guide:
Crowdfunding for healthcare platforms are websites that enable interaction between fundraisers and the crowd. Financial pledges can be made and collected through the crowdfunding platform.
Fundraisers are usually charged a fee by crowdfunding platforms if the fundraising campaign has been successful. In return, crowdfunding platforms are expected to provide a secure and easy to use service.
Many platforms operate an all-or-nothing funding model. This means that if you reach your target you get the money and if you don’t, everybody gets their money back – no hard feelings and no financial loss.
There are many ways to set up a crowdfunding project:
It’s important to understand that there are various kinds of crowdfunding for healthcare and each comes with its own strengths. We’ll look at each type of crowdfunding, define how it works, and see if it’s a good match for your business.
To get a business off the ground or to provide it with capital to really grow, entrepreneurs have typically turned to outside investors. In this scenario, they sell off a piece of their business to an investor (or group of investors) in return for their capital. Crowdfunding has its own version of this type of financing: equity crowdfunding. In this model, investors can invest as little as $500 sometimes to buy a small share in a business.
If you’re familiar with Transparent Hands than you should have an idea what rewards-based crowdfunding is all about. In this model, an entrepreneur creates a crowdfunding campaign to raise money for a product that many times no more than just an idea.
Contributors to these campaigns typically get to re-purchase the product at advantageous prices.
Individuals have turned to crowdfunding to skirt banks and borrow money to pay off things like their credit cards or to redo their kitchens. Peer to peer lending (now called, marketplace lending) is now embracing some small businesses who are turning to sites like Transparent hands to take out business loans.
If you’re a non-profit, you’ve got your own form of crowdfunding for healthcare. This doesn’t require giving any rewards away (like you do with rewards-based crowdfunding). Donation-based crowdfunding for healthcare is the online way to give – non-profits run crowdfunding campaigns, they get shared among interested donors, and you raise money. Here are the best crowdfunding for healthcare sites for surgical treatment, top charities list and non-profits organizations list.
Many NGOs and charity organizations are using crowdfunding as their main source of collecting donation for their social cause. One of the most prominent names is “Transparent Hands” which is a global crowdfunding for healthcare platform. Transparent Hands conducts the surgeries of poor people of Pakistan free of cost at best hospitals of Pakistan. These surgeries are funded by the donors from all over the world. The process of funding the surgeries through crowdfunding is very simple:
Most people do not understand crowdfunding. “I built it, but they did not come” is a common complaint. Some people are shocked and unable to understand why nobody donated to their crowdfunding campaign on Transparent Hands
Crowdfunding is hard work. On many sites, the vast majority of people who try crowdfunding for healthcare fail to meet their goal. But for those who plan ahead, prepare properly and execute a plan the right way, the chances of success are much greater.
Many entrepreneurs see rewards-based crowdfunding — when a perk or a product is provided to a donor as opposed to equity — as an easy way to raise money. But if you don’t have a very good idea or a product that excites people, it’s not going to work.
Here are some important things to understand when trying to raise money through crowdfunding:
Campaigns centered on causes in the news or that truly touch people’s hearts are often successful but raising tens of thousands of dollars for a new nonprofit group supporting an arcane issue is not going to work. Raising a lot of money for a personal need rarely works. Browse through Transparent-hands and look for campaigns like yours. If you see a high number of failures for those with ideas similar to yours, take heed.
Nearly every successful campaign has about 30 percent of its crowdfunding goal committed through family, friends and a network of close connections before it’s launched. Without that initial boost of donations hitting a campaign early, the success rate is very low.
The overwhelming majority of successful campaigns that raise significant funds involve products that are pre-ordered. Don’t try to compare pre-selling a cool iPhone gadget on Transparent hands with raising money to start an orange juice stand. It’s like comparing apples and oranges, pun intended. If you are not pre-selling a product, do not expect to raise more than $10,000 through rewards-based crowdfunding.
Be prepared to have a second full-time job during the campaign’s 30 to 60 days. The campaign will require your constantly being on the phone and promoting online, looking for supporters, dealing with questions, reaching out to the media, fulfilling rewards and handling social media. Imagine how much work it will be, and then triple that.
The good news is, when it works, significant amounts of money can be raised. The process can net low-cost publicity and buzz for a product or business. It’s possible to test the market for an idea or product without spending much money. Another bonus: You may build a rabid social media following and an excited and vocal base of customers who want the company to succeed.
While not all crowdfunding projects will succeed, many do, and some can achieve funding greatly above what they were aiming for. In order to have success on crowdfunding platforms a great idea with an interesting look is of course a necessity, but what is clear is that there is huge potential for crowdfunding to really help startup businesses grow further, and that as an alternative source of finance they are more than worthwhile.
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Doctors recommended me immediate surgery to remove my kidney stones. My husband works as a farmer and we had three children who died right after their birth. I had no money to operate myself immediately from any hospital. I do not know how to thank you for the service and care which Transparent Hands provided when I ne...[Read More]
Haleema Bibi / Kidney Stones
I can’t thank you enough for the expert care and genuine concern you showed during Abdul Ghaffar’s surgery. Everyone took care of my son during surgery and specially with the surgeon and TH’s effort my son got a new life. I will always pray for them.
Abdul Ghaffar / Cardiac
I am very thankful to you and your staff. I am humbled and gracious regarding my experience, having prostate gland surgery done on Aug 26, 2016 by Transparent Hands.
Muhammad Iqbal / Prostate glands
My husband died 5 years ago due to electric shock. My family’s financial condition was worsening day by day. I used to have moderate to severe pain in my stomach for many years and I had no money to pay for my surgery. Transparent Hands got me operated by an expert surgeon and paid all my surgery expenses. Now, the p...[Read More]
Sakina Maqbool / Gallstones
It was a privilege to have my hip replacement surgery done with the high-quality implant by Transparent Hands without paying any cost in PSRD. Whilst I didn’t have any high hopes that I would be able to make it, but the level of care and professionalism showed towards me at every visit certainly made the whole experi...[Read More]
Muhammad Iftikhar / Hip replacement