Mumbai (Maharashtra): Online crowdfunding platforms have emerged as a source of financial support for people in need of huge financial support.
Same is the case of Tira Kamat, a kid, who was diagnosed with Spinal Muscular Atrophy (SMA). The only medicine for this disease is an injection of gene therapy which costs Rs. 16 crores.
Tira is being treated in Hinduja hospital in Mumbai. Experts say the kid can live for a maximum of 18 months. There are medicines available to save the kid but, they are available only in foreign countries and are extremely costly.
It was extremely urgent to make the injection available for treatment. As Kamats are from the middle class, it was impossible for them to raise such a huge amount on their own. But, they did not lose their perseverance and made relentless efforts to raise the required money.
Eventually, they came across the option of Crowd Funding. Using this option, Kamats have collected fund for her treatment. Not only from India, but the couple also got financial help from abroad.
Mihir Kamat, the father of the Tira, said that they raised money for the treatment of Tira through Crowd Funding. "We used concerned websites ImpactGuru and GoFundMe. While seeking help, we had given the people every information about Tira’s disease in a language easy to understand. People considered our problem and they started to donate money to us. This is not rocket science but we had to work very hard", Mihir further explained.
In Equity, small investors raise the capital in lieu of companies share capital. Start-Ups mainly raise capital in this way.
In Donation, money is raised by people mainly for a social cause or personal reasons (Exp. education, medical treatment or financial collaboration for a special cause). The people who donate money don’t get payback in this type. Cloud Funding is another option Crowd Funding has limitations, but Cloud Funding has no such limits.
In Cloud Funding, barring economic assistance, extreme profits can be made in investment. This is the reason, that cybercrimes have been on rising in this field. So, users need to be cautious. The care to be taken while donating money in Crowd Funding, it is essential to check the credentials of the person. It will be right to invest the money only after checking ID of the person, whether person seeking help has used fair cause for his business or financial help.