Started on 16th June 2014 in Ahmedabad, Crowdfunding initiator (CFI), is a summer boot camp, being organized with the support of Start51.com, an indigenous crowd-funding platform in India and supported by the Gujarat Technological University (GTU). CFI is a month long event organized in order to make the potential entrepreneurs & innovators funding-ready through use of this internationally successful tool called “Crowd”.
The four-week programme : (16th June- 11th July) will have different modules to train young innovators and will include focused sessions with industry experts, case studies, mentor session and hands-on-exercise on different aspects of crowd-funding with selected finalists. At the end of the programme, all the selected finalists will go live on a dedicated crowd-funding platforms and not only learn how to get funded but “do-it themselves”. Also a mega public launch of crowd-funding projects in Gujarat will be attempted.
More than 90% of student start-ups, based on good ideas and prototypes, die a premature death despite having a huge potential. Most of them also suffer from incomplete market research. Crowd-funding permits the use of the connected
world as a market research tool for innovative ventures, which want to find their target consumers.
By using crowd-funding a budding entrepreneur can market the concept to numerous stakeholders, can get insightful inputs from them and can obtain help in product validation. In addition, of course, Crowd-funding can help raise funds during the crucial phase of product development.
Crowd Funding Initiator (CFI) in Ahmedabad is a one month event by which a startup is initiated and is taught the fundamentals/basics of crowd funding in order to make it successful. This boot camp undergoes a series of programs which will clear the basic thoughts about crowd funding, prepare a startup to be able to crowd fund by applying the most appealing qualities to the startup and making the crowd funding a very successful process in the current system.
A lot of successful startup case studies are there in India who have backed by crowdfunding platforms one to name is – RHL Vision, which among top startups in India to have raised big sum of Rs.77 crore via crowdfunding from Indiegogo similarly Menstrupedia also one of a successful Indian startup first backed in similar way.