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Crowdfunding tips and tricks for your teen

By Dhrubaa Ghosh,

Crowdfunding is a big buzz with teens. Make sure they know enough before venturing into it.

Through crowdfunding, a large group of people can fund a project or venture by donating online.

Kids today have come a long way from selling cookies and lemonade to raise money for a cause. Whether it is raising funds to help friends and family or a cause they believe in, or even raising money for their first venture, today’s teens have a distinct advantage. They can tap the power of crowdfunding as digital natives. They are more linked to social media than parents, and know how to use it. Here are some tips and tricks you can share with your resourceful teen to make crowdfunding better for them.  

What are the types of crowdfunding?  
Donation is the most obvious form. Crowdfunders donate money without any thought of return because they believe in a cause, want to help someone, or just out of a spirit of adventure. Next comes reward based crowdfunding. People expect a special mention in a film they have funded, tickets to a funded rock concert, or free goodies from a crowd funded start-up. Then there is equity based crowdfunding, where the funder becomes part owners of the project or venture,  sharing both risks and rewards.  

How should crowdfunding pitches be formed  
Irrespective of what they are raising money for, here are some tips to make a successful crowdfunding pitch:  

  • Choose the crowdfunding platform only after research, and talking to at least 3 platforms on pricing and other options  
  • Tens should never rely entirely on the platform. They should create their pitch, keep track of the campaign, and only ask for help from the platform to improve and increase reach 
  • It’s always important to adopt a story approach, no matter what the pitch is about. This story should appeal to a wide range of donors, because your teen never knows who would be looking at their campaign  
  • Teenage campaigners are sometimes unclear on basic details. They have to keep facts straight – what is their name, what do they want, how much they want to raise and by when, what will be the impact of the project – and all this is as important as the story  
  • Teens need to market themselves too, not just the project. Ask them to pay special attention to their bio blurbs and edit it in a way that appeals to target donors