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Giving Compass' Take:
• The founder of Empowerment Bag, an eco-friendly bag that empowers survivors of sex trafficking, explains the process of successfully crowdfunding for a social enterprise.
• What makes crowdfunding a useful fundraising tool? How do entrepreneurs encourage people to connect with their cause/idea through the online platform?
• Read about what crowdfunding means for philanthropy.
I am the Founder of The Empowerment Bag. We are a brand of practical & eco-friendly bags that empower survivors of sex trafficking. All our bags are made by women at risk of sexual exploitation in West Bengal, India. These women are given an alternative to the sex trade through literacy training, sewing skills, and fair employment.
These women are given an alternative to the sex trade through literacy training, sewing skills, and fair employment. 5% of sales goes back to provide shelter, education, and healthcare to trafficked women and their kids.
If you have an idea for a social good business, find out if there is a need for your product or service. Research your market and see if people really want your more ethical version vs. the less ethical thing that probably already exists out there. Do your google searches, ask your network, and read relevant articles to become an expert in your area.
Crowdfunding is a way of raising money for your project or business without taking a loan or selling equity. The people that give you money are called backers. The only thing you give these backers in exchange for their money is whatever perks or rewards you set up. Typically, these will be some version of your product or service, so you are really just selling what you wanted to sell anyways.
There are over 600 crowdfunding platforms in the world. The two most well-known ones are Indiegogo and Kickstarter. Through crowdfunding you should be able to raise money from not just friends and family but also from people you do not know yet. This is what makes it a great way to not just make money but also to get your idea in front of strangers.
Read the full article about crowdfunding by Vaishali Umrikar at Causeartist