FundMyDream : A new and unique crowd funding platform

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India is geared to see a new and unique crowd funding platform. Launching in Dec’ 2013, FundMyDream will fulfill the dreams of thousands of entrepreneurs who couldn’t start because of money. FundMyDream is a brain child of Rohith. Rohith has entrepreneurship in his DNA, he did his first internship in the age of 14, made his first b-plan very next year and he started an NGO (Unity of Youth) when he stepped in the “Youth Phase” of his life (i.e., 18 yr  old).

Rohith started FundMyDream in Oct’2013. At this platform you can contribute by bare minimum amount of INR 100.

What makes them different from other crowd funding platform is that they assign a team for every project which goes live in the site and take personal care of it till its date of completion.

Techaloo got an opportunity to have a chit chat with Rohith, Let see what does he have to share with Techaloo readers.

Techaloo : What motivated you to move into entrepreneurship?
As an entrepreneur you’re taking a personal stake in building a product or service that you can call your own and will become part of your legacy. This was one of the main inspirations for me to become an entrepreneur

Techaloo : What kind of difficulties you had faced while starting/doing business?
The initial challenge was to set up a process to identify genuine projects from not so genuine projects. We overcame this by setting up a panel of experts who pitch in with their view and opinion in approving the project to be taken up for funding. But the biggest challenge we face now and even in the longer run will be to integrate all potential Benefactors under one roof.

Techaloo : Did you get any kind of funding?
To start fundmydream yes I did approach my parents with this idea and they liked it and they told me to prepare a complete business plan and I did. After reviewing it they accepted to fund us.

Techaloo : Share some info about the founders

fundmydream_1Rohith is a budding young entrepreneur who is currently perusing his final year of integrated MBA in Bangalore. He was an entrepreneur right from day 1. Did his first internship when he was 14 and created his first business plan when he was 15. He started the NGO (Unity Of Youth) when he was 18 (2012) along with his friend Mr.Zoheir Ali and Ms.Mahalakshmi, the main focus of the NGO is to unite the youth of the nation together and bring a change. He is also a writer whose novel “After all its your life” is in the verge of completion. He is a short film maker and also has made a few street plays. He founded fundmydream in October 2013 which will be launching in the month of December. He is a bike enthusiast and also a traveler.

He is a go getter and a person who does not differentiate between success and failure

  1. What was the vision mission of the Fundmydream? What exactly you wanted to do when you started your business?Vision – In the future money should not be a barrier for talented people to reach where they are destined to be.

Mission- we want to educate as many people as possible about what crowdfunding is and also find more and more genuinely enterprising dream that could see the light

Techaloo : Do you see “Fundapeer” and “indiegogo” as your competitors? What different you are doing from them?
No we don’t see fundapeer or indiegogo as our competitors, we all are there in the same eco system it doesn’t mean we have to be competitors. The real competitors for fundmydream will be anyone who is mobilizing money the conventional way (Movie Producer, Publishers etc.)

We are different from the other crowd funding in a very big way, We assign a team for every project which goes live in the site and we take personal care of it till its date of completion , which none of the other crowd funding website does.

Techaloo : What are your future plans? Or now what is your vision for next five years?
We are looking to build a platform for the all the talented and creative people in the country. In the future there should not be anyone in the country who says I have talent but don’t have funding. If you have talent post it if people like it they will fund you.

Techaloo : It is generally said that “India doesn’t have a good eco-system for entrepreneurs”, do you agree with this?
No not really. There is problem everywhere but being a entrepreneur it is our job to deal with it and not crib about it.

Techaloo : Are you targeting any particular market or business or anyone with any business Idea can participate?
We have different segments like: 1.Music 2.Dance 3.Shortfilm 4.Theater 5.Publishers 6.Authors 7.Sports 8.Ngo 9.Events 10.Technology. Anyone who is talented in these fields can come and send us their projects details with the fund requirements our expert panel will look into it and take it further.

Techaloo : How the site works (from both contributor and project point of view)?

  • From the project point of view, any one with a creative idea & skill on any of the domain expertise that has been mentioned above can approach us and go through the preliminary documentation process that we request them to go through.
  • Once done with the documentation work, a panel of experts will analyze the proposal on all relevant metrics and take a final decision after meeting up with the prospective project owners.
  • The projects thus shortlisted are listed in www.fundmydream.in for sourcing funds from the potential contributors. The projects hosted in the domain will carry all necessary information, including a video pitch and past credentials which will influence the contributors and facilitate the decision making process easier for the contributor.
  • The contributor can sponsor any money starting from as low as Rs.100/- and upwards for the project that he chose to support.
  • Once the payment is enabled, the same is accounted for the individual projects and the details of the contributor is shared with the project owner for facilitating the transfer of rewards
  • Upon receiving the desired level of funding for the project, the funds are transferred to the project owner.

 

Techaloo : Who can contribute into a project?
Anyone who appreciates the concept of supporting creativity, skill and talent can contribute.

Techaloo : What will be the modes of payment?

Online – Credit card or Debit card or Netbanking

Offline – Cheque, Demand Draft

Techaloo : Are there any security checks prior or post the funding, so that you can guarantee the authenticity of a project?
There are two levels of checks that are deployed to ensure the authenticity of any project supported by us.

  • First Check – The project hosted by us are the ones which has gone through a thorough scrutiny by our project team to start with and then followed up by discussion, meeting and presentation with our expert team of panel members. This would ensure that any project that is hosted by us is genuine
  • Second Check – Post the funding stage, the project team keeps a tab on the progress in the projects vis a vis the timelines committed by the project owner.

Techaloo : Are you launching in India only or planning to launch internationally?
As of now we are launching only in India in the future we do have plans to spread across to other countries.

Techaloo : As you are in pre-launch phase do you have any project as of now?
There are 10 projects which we have right now which will be part of the  first set of projects launching in the site.

Techaloo : Apart from funding, are you helping projects in other fields also?
We have a dedicated project team which will help the project owners create the marketing pitch for the projects right from preparing presentation, video pitch, rewards program and fine tuning the project to suit the market conditions without altering the core of the idea.

Techaloo : What will be your advice/suggestion for new entrepreneurs for starting new business?
Have passion for what you’re doing & never give up at any point. One main point which you all should keep in mind is: no dream too big, no dream too small

Techaloo : Few words about techaloo.com
You guys are doing a great job. This is just the beginning. Sure that you will reach greater heights as an organization. All the very best.

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Mohit Bansal(23) is B.Tech in Electronics and Communication Engineering from Indian School of Mines, Dhanbad, India. He has interest in business and entrepreneurship and has published couple of research articles. He is also associated with various NGOs. He is with Techaloo when it was just in concept stage. The Techaloo site was not existing even then. Currently Mohit is working with Mu Sigma as a Business Analyst Profile.

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