I am on! My first ever crowdfunding campaign is live and running. I am super excited and cautious at the same time. I don't know how these crowdfunding events work. I am using this launch to raise money for the sample and production costs of my diaper bag, and at the same time, I am experiencing first hand on how the crowdfunding works. Is it like you write your story and just launch? Is it just a click of a button? From what I am experiencing it's not.
My Pretty Pokets crowdfunding campaign is live on Kiva. I am 28% funded, and I have 22 days to go. I am super nervous as I want the funds to start the production of my bag.
Here is my link https://www.kiva.org/lend/1418549 if you want to support me!
Let me tell you how Kiva Crowdfunding Campaigns work.
Here is the process
1) You need a trustee. My trustee is SBDC- Small Business Development Center. You need someone to endorse you. Trustee endorsement gives you some credibility. Centro Business Plan Community also endorses you once you go through their basic business plan workshop( Super useful App more on it later!).
2)You need your story and purpose for launching your campaign.
3) Then you apply to Kiva to be approved for crowdfunding. The Kiva Team will help you apply. Then the Kiva headquarters will go through your profile and determine how much amount you could raise.
4)Once approved, you will have two phases.Private funding period which is for 15 days and Public funding period which is for 30 days.During the private funding phase, you will be asked to contact x number of friends or family who can support you. Naturally, they are testing your networking and your support. If you meet the condition, you will be pushed into the public domain automatically, and then the public and other lenders will be able to fund.
5) Kiva is a crowdlending campaign. Meaning whatever amount you contribute you will get it back in 3 years. The minimum you can lend is $25. There is 0% interest for the borrower. That's the best part for anyone raising the money. Becuase no bank will give you money for 0% interest.
6) Kiva is all or nothing crowdfunding campaign. Meaning if you don't hit the goal by 30 days once it's in public domain, you don't get any. All money would be sent back to the lenders.
I am thankful to my friends. Overnight they contributed, and I got pushed to public phase in 1 day rather than 15 days!.
I am not pushing all boundaries here. I am taking careful steps when it comes to asking my friends to contribute. Just because I am planning to launch Kickstarter in March and I don't want to give them an impression that I keep asking for more.
I will keep you posted on how the campaign is going. But this is nerve wrecking indeed!
See you later!
You are most Welcome Jyothi! This keeps me motivated to write more and more! The highs, the lows and everything in between! Go for it! Chase your dreams!
Hi Madhu,Super impressed with your Blogs .Your passion to start a new arena and be expressive about the challenges is the real motivation I gained ! I read every line of it :).