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.