Maneka Gandhi inaugurates Harvard incubated crowdfunding platform Impact Guru, sees a lot of potential
New Delhi: Union Cabinet Minister for Women and Child Development, Maneka Gandhi today inaugurated Impact Guru, a crowdfunding platform for social causes in India. The platform, an innovative technology start-up incubated at Harvard Innovation Lab, works closely with nonprofits in India supporting all social causes including children and women empowerment.
“Crowdfunding for NGOs has huge potential in India, especially with our Prime Minister’s vision for Digital India” said Maneka Gandhi, Union Cabinet Minister for Women & Child Development.
According to reports, global crowdfunding experienced accelerated growth in 2014, expanding by 167 percent to reach $16.2 billion raised, up from $6.1 billion in 2013. In 2015, the industry is set to more than double once again, on its way to raising $34.4 billion.
Piyush Jain, founder and CEO, ImpactGuru.com, said “Crowdfunding can change the way people give back in India; it is a misnomer that charity is only for the rich and elite. We hope to inculcate the practice of giving among the youth and make it a more social and engaging experience.”
Impact Guru is celebrating children related causes in September and has partnered with the Harvard Club of Mumbai, and Ivy Plus Network to host a charity fundraiser event on September 19 in Mumbai to spread awareness and raise money for Indus Action, a nonprofit working towards a child’s right to good quality education. Jain further added “Social Media is playing such an important part in our daily lives that everyone’s Facebook wall is now an invaluable digital real estate that has potential to be used for social good. That’s why, Impact Guru is the first platform in the world that rewards the act of sharing a charity fundraiser on social media by making a donation per Facebook share. The amount of the donation per share could be as high as Rs 1,000 depending on certain conditions. This Impact Guru innovation is called SMILE or Social Media Impact Linked Engagement.”
Platforms like Impact Guru are trying to solve a problem the 3.3 million non-profits across India face, everyday trying to find alternatives to traditional forms of fundraising which are often inadequate and always expensive. According to Impact Guru’s research, the fundraising cost for nonprofits is as high as 35% of the funds raised. With its technology platform, the cost can drop to as low as 5%, the lowest in the crowdfunding industry. Starting out, Impact Guru is spending a lot of time approaching colleges and young professionals telling them about the power of crowdfunding and its inter-linkages with social media.