The Crowdfunding Scene in India : Still a Long Way to Go.

By Raghav Hegde

India first woke up to the potential of Crowdfunding, with the huge success of the super-hit Kannada language film, “Lucia”. Made by a struggling filmmaker called Pawan Kumar, using innovative crowdfunding techniques on Facebook and Twitter, Lucia made hefty profits, making $550,000 in the box office, surpassing by far the $100,000 spent on it. But, more than the excellent box office collections, and the prestigious awards won by its filmmakers, Lucia will always be remembered for being India’s very first online Crowdfunding success.

History & Tradition

Crowdfunding has always been a part of India’s rich heritage. It may be argued that every major temple built in India over the past two thousand years has been financed through money contributed by scores of devotees. Every mass based, popular festival or event in India, is made possible only because of financial support from the local people – businessmen, shopkeepers, housewives, factory workers and so on. What is different about the new Crowdfunding wave is that the process has gone online – to social media (Facebook, Twitter), or through several new Crowdfunding websites, such as Wishberry.in, Catapooolt.com, Start51.com, Fundlined,  and a half a dozen more, many of whom are members of the new National Crowdfunding Association of India.

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Will Smoking Joe’s Horror Budget stifle or stimulate crowdfunding in Australia?

By Crowdfund Vibe Editor

The Australian Government has just handed down a tough, ideologically-driven budget that axes many government programmes, reduces benefits and abolishes dozens of government agencies.

Amongst a staggering range of headline cuts it has slashed funding for health and education, cut funding for film and the arts, and is proposing a six month waiting period for unemployment benefits for those under 30. The tenor of the government’s budget is similar to that of the 2008 Budget of the UK Conservative-Liberal Coalition albeit without the underlying Global Economic crisis that drove financial austerity there. Political opponents have attacked it as one that looks after the big end of town at the expense of the young, the aged, the unemployed and women. Commentators say it will undermine core values and the social fabric of the country.

A number of the 2014 Budget announcements will have an impact on crowdfunding in Australia.

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