Oh boy, this is interesting!!! Just found out that there is a crowdfunding platform in Malaysia whereby individuals can source funding for their projects. The company's name is pitchIN. Any Malaysian citizen above the age of 18 can pitch their projects in pitchIN. Joining pitchIN is FREE. It is only when your project is successful in getting the required funds will you be charged a commission of 5% and a processing by Paypal. If your project doesn't get the required funds, there will be absolutely no charges. Here's the link if you are interested to find out more:
There is an interesting story I got from the pitchIN site. Seems that crowdfunding was already applied in Malaysia way back in 1982. Yeah, I remember that time - I was studying in UM then. There was no Astro back then, but the World Cup was on in Spain. RTM would only broadcast live the opening, semi-final and final matches. But, Malaysians wanted more, so Patrick Teoh suggested hey, why not Malaysians donate RM1 each to raise money so we could watch more. One local newspaper (if I remember correctly, it was the Malay Mail) picked up the cue and started a People's Live Telecast Fund. There was overwhelming support and the amount raised was RM300,000 and we got to watch an extra live matches. Those were the days!!!
I am now toying with the idea of getting Entrepreneurship students to do some crowdfunding. Hmmm, wouldn't it be interesting? Let it be part of the coursework - if successful, get a straight A for coursework. LOL!!!!
Anyway, for those of you still in the blur as to what crowdfunding is, here's a bit of enlightenment. Crowdfunding is a way of sourcing for funds for a personal creative project. Funds are raised through people in the internet. They don't know you and neither do you know them. They contribute non-equity money to you to help you kickoff your project, mainly because they share in the cause that your project is fighting for. You don't do crowdfunding to startup a chicken rice stall!!! But you may try out crowdfunding if your project has something to contribute to society, for example, you want to start a center to teach single mums how to be economically independent. People around the globe who love your idea may pledge monetary support to you. That's it - just like that. But, it is important that your project has a cause that you are passionate about.
Anyway, for those of you still in the blur as to what crowdfunding is, here's a bit of enlightenment. Crowdfunding is a way of sourcing for funds for a personal creative project. Funds are raised through people in the internet. They don't know you and neither do you know them. They contribute non-equity money to you to help you kickoff your project, mainly because they share in the cause that your project is fighting for. You don't do crowdfunding to startup a chicken rice stall!!! But you may try out crowdfunding if your project has something to contribute to society, for example, you want to start a center to teach single mums how to be economically independent. People around the globe who love your idea may pledge monetary support to you. That's it - just like that. But, it is important that your project has a cause that you are passionate about.
I remember the Malay Mail crowd funding cause my uncle and myself contributed to the fund...
ReplyDeleteI recall that it was a great way to raise funds then - Malaysians were so passionate with sports that time. If not mistaken, the Mohammad Ali fights went through similar fund raising.:))
Deleteoh by the way... Roland some of your students from previous years are already involved with this project, especially with startupMalaysia.org
ReplyDeleteMaybe some of my students from now might also want to be involved!!! :)) Wanna get them to link up with each other? :))
DeleteThis is interesting... helpful for new young entrepreneurs... :)
ReplyDeletehttp://tenshichn.blogspot.com/2013/12/032-christmas.html
Yes, Tenshi, you too can try something like this if you have a project that reaches out to the community. Give it a go!!! :))
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