Although not pervasive, crowdfunding was prevalent before the dawn of the internet age. However, in the modern context, most of the crowdfunding campaigns are done online. The first instance of online crowdfunding occurred in the UK when the rock band Marillion, formed in 1979, raised $60,000 to fund their North American tour in 1997, even before the word ‘crowdfunding’ was coined. Originally a foreign concept (online crowdfunding), it has started to hold a strong foothold in the Indian subcontinent. Although slow to engulf the developing nations, crowdfunding has enormous potential to resuscitate the poorer countries at the same time ensuring the transparency.
I successfully raised $1500 through a crowdfunding campaign to fund 10% of my tuition fee deposit at Imperial College London to confirm my acceptance into the postgraduate course in Bioengineering. Here is my take on the topic.
Crowdfunding Scenario: India v/s Rest Of The World
Crowdfunding for higher studies abroad is not a very popular thing in India. At some point, I was shunned for starting a campaign.