Crowd Funding

Essay by shusarkaCollege, Undergraduate November 2014

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Crowd funding - Profitable Charity

Since time immemorial, human being has believed in charity. All the religions have preached charity in some way or the other. But as time progressed, needs of human being changed, from basic amenities like food, clothing and shelter at one point of time, it's also good education, clean drinking water, better opportunities to work, proper toilets, better healthcare and fitness. The basic needs are easy to fulfill with direct contribution from one person or few of them but the newer ones are not. For example, if a pauper asks for alms at a metro station, he will get some and that might be sufficient to feed him but if a person decides to dig bore well at his house, he might not be getting some kind of donations. Also, the whole concept of living a good quality of life and asking for alms don't go hand in hand as charity is usually done to people who are a subject of "Pity".

But like many other problems, internet is playing a crucial role to solve this problem as well and the underlying concept is called "Crowd funding".

Crowd-funding means a person or organization trying to achieve their financial goal by raising contribution from many parties. The contribution itself can be of two types, donation and loan. For example, student may ask for crowd-funding for paying their college fees, if they have promised to return it back then it's a loan else it's a donation.

There are numerous areas in which crowd-funding has helped people and organizations. This includes as basic requirements as building toilets at home to as elite as launching a music album or making a movie.

Few of the popular music albums which are made with crowd-funding are Anoraknophobia (2001), Marbles (2004),