Is Crowdfunding Empowering Education in India?

Education in the earlier times was a privilege enjoyed only by the elite. While leaps of progress have been made to make it accessible to all sections of society, it is still a luxury to many. Fundraising to fulfil educational endeavors has been steadily gaining traction in developed nations. A rise in these activities has been observed in India as well.

What Is Crowdfunding?

The 21st century has been revolutionary. The adoption of innovative technologies and modern solutions for age-old problems have been at the forefront in this period. Simplicity and convenience have been the top priorities of companies developing applications. A major changemaker for the education sector in the past decade has been the introduction of crowdfunding platforms.

Crowdfunding is a service that allows you to fund medical emergencies, projects, ideas, social causes, education, etc., by raising money from people you may or may not know who pitch in to help you achieve your goal via digital platforms. An intermediary such as a crowdfunding platform allows this entire activity to take place seamlessly.

Crowdfunding has made it possible for individuals and organisations to raise money to help those in need. Since a large community of people contributes, it does not financially burden the people giving the money. The collection of small sums from many people instead of a large sum of money from one person makes fundraising easier.

How Is Crowdfunding Empowering Education in India?

“An investment in knowledge pays the best interest.”- Benjamin Franklin.

The introduction of crowdfunding platforms has had a positive impact on education in India. Its flexibility and malleable nature help students raise funds for various needs. In a way, it tries to bridge the gap between the privileged and the underprivileged. Acquiring education loans is a tedious task; students from less affluent backgrounds find it difficult to get them approved. Also, the high rates of interest and mortgages required make this a less practical option for the underprivileged.

With crowdfunding, students from such backgrounds no longer need to limit their dreams due to poor financial standing. It has opened up avenues for them like never before. It serves as the perfect platform for individuals who wish to make a difference in society to help those in need. Crowdfunding helps foster talent from all walks of life, spread joy, and help people find their voice. Educating in India with crowdfunding can help empower students to take charge of their dreams and turn them into a reality.

The advent of fundraising via crowdfunding has changed the lives of so many youngsters. Let’s take a look at the numerous ways it assists in empowering education in India:

• Raising funds for tuition

Crowdfunding for education in India and abroad has been most impactful for aspiring students. Lack of financial support and complex loans cause many talented young souls to put their educational aspirations in the backseat. Especially for students who wish to pursue their studies abroad, high tuition fees, living expenses, visa, and travel costs can put immense financial pressure. Students with high potential often have to compromise on their dreams due to their inability to raise funds. Crowdfunding helps in this regard. It can help you at least partially cover your expenses to lessen the financial burden.

Recently, an Indian student, Aisha, became the first woman from Kashmir to attend the prestigious Oxford University in the UK. How did she arrange the funds, you might think? By crowdfunding the amount that was not covered by her scholarship. She raised almost 20 lakhs in the process. Other successful crowdfunding stories include Rachel Chaco, Snehal Pawar, Vijay Tayade, etc., who used crowdfunding to help fulfil their educational aspirations.

• Aiding non-profit organisations in their efforts

Non-profit organisations have also reaped the benefits of crowdfunding to raise money for developing innovative educational products. SEED schools have practised fundraising using this method.

• Helping improve the infrastructure of educational institutions

Crowdfunding for education in India is not just limited to students. Several staff members and volunteers have successfully executed crowdfunding campaigns to raise money to improve institutions’ infrastructure. Thereby helping students receive a better quality of education and a more comfortable experience.

• Funding conferences and seminars

Conferences and seminars are comprehensive learning experiences that were not accessible to all due to their high registration fees combined with travel and living costs. Students have used crowdfunding to finance these seminars successfully in the past.

Conclusion

Receiving high-quality education is the right of every student regardless of background. The socioeconomic standing in an individual’s society must not dictate or hinder achieving their goals. We need to ensure everyone with potential as a platform that enables them to change their reality as per their dreams.

We at Ketto firmly believe that financial status should never come in the way of the pursuit of your goals. One of the largest crowdfunding platforms in India, we have helped transform the lives of millions through our fundraising activities.