By Raghev Hegde
While it is becoming better known, crowdfunding is yet to take India by storm, in part due to its youth and in part because of various legal and regulatory hurdles. Despite this, some beneficiaries of crowdfunding have already captured the public imagination – none more so than the brilliant, self-taught innovator Sonam Wangchuk.
Wangchuk is a household name in India as he was played by one of India’s biggest stars Aamir Khan in the super hit Bollywood movie “3 Idiots”. As a college dropout in a society obsessed with degrees, Wangchuk was laughed out by almost all the banks he approached for a loan to finance his innovations, despite being one of the smartest men in the country.
Rather than give up on his dreams, Wangchuk did something no other Indian tech entrepreneur had done before – used the power of crowdfunding to seek investment from ordinary men and women all over the world. This helped him raise $120,000 for his new company, which has since gone from strength to strength.