The offline crowdfunding model has potential pick up traction and to involve corporates to become patrons of creative projects.
Leading Indian crowdfunding platform Wishberry recently experimented with 'offline' crowdfunding at The Goa Project (TGP), an annual event for like-minded individuals coming together from a diverse range of interests and backgrounds to share and learn. Six diverse and unique projects were launched for crowdfunding in front of an audience of 250 people. These one of a kind projects were selected from a pool of 65 submissions in December last year, and ended up raising a total of Rs 1 lakh funding from 30 people.
"12 per cent of the TGP's audience funded these projects which is a substantial conversion," said Anshulika Dubey, Co-Founder and COO, Wishberry.
Tulsea Pictures backed all six projects showcased, and Lightbox VC funded Greenopia -- an Internet enabled Smart Pot for urban gardening -- showing that there is indeed potential for VCs to jump into crowdfunding product startups.
"We found the projects interesting and diverse and wanted to celebrate the spirit of these entrepreneurs," said Datta Dave, Managing Director, Tulsea Pictures. "All of the projects are highly innovative and have the potential to be commercially viable, while also having social relevance. I also think an offline crowdfunding model has potential pick up traction and to involve corporates to become patrons of creative projects."
In addition to Greenopia, the other projects showcased for offline crowdfunding at TGP include The Yellow Chair, a beautiful chair handcrafted using the concept of upcycling more than 350 waste pens, Sintuics - a 3D comic book on environmental education, The Bliss of Solitude - a first of its kind immersive theatrical production that looks at the final moments of the last man on Earth and his increasingly desperate attempts to battle loneliness, For the Love of a Man - a documentary film about Rajinikanth's immense fandom in India and King's Kin - a tabletop game designed for children aged 10-15 revolving around King Kokomaharaj and finding his one true kin.
Founded in 2012 by ex-McKinsey consultants Priyanka Agarwal (CEO) and Anshulika Dubey (COO), Wishberry is India's leading rewards-based crowdfunding platform for projects spanning across film, music, arts and design, dance, theatre, food, technology innovations and publishing. More than 200 creative projects have raised Rs 4.5 crore from over 10,000 funders across 50+ countries. Wishberry has a campaign success rate of 70 per cent, which is three times higher than the global industry average, and greater than the average success rate of Kickstarter (40 per cent) and Indiegogo (20 per cent).