Crowdfunding is a fresh concept that has emerged as a sustenance for budding creators and innovators to turn their ideas into a corporeality. In the recent years, the crowdfunding industry has grown multifold and has helped crowdfunding projects grow into great business ventures. In the world of small biz, it has become one of the go-to choices for startups and provided them financial support to get off the ground. Simplifying the concept of crowdfunding and pushing aside the hand-wringing of startups, ZingoHub is a platform that comes to the rescue!
Est. In: 2015
Team: Sayantan Das(Co-founder), Haider Aly-Reza(Co-founder)
SHOW ME THE MONEY
ZingoHub is a crowdfunding platform designed to pull in funds from as many people as possible in exchange for tangible rewards closely related to the startup. What sets the company apart is that it also features some elite services. It is the complete platform to support and provide the passable environment to nascent projects. ZingoHub comes with the following four services, exclusive to their platform:
- Crowdfunding: Raise funds for your idea, from the crowd in return of rewards.
- Pre-order: Creating an activity before the actual launch of your product to get a head-start on sales and marketing.
- Storefront: An exclusive feature to showcase your brand or product and sell your merchandise by registering just once.
- LIVE: A feature that helps to raise funds in real-time. A direct session to shoot queries, providing clarity and increase the funds raised.
The transactions are accepted at a global level, hence anyone from any part of the world can contribute in any project regardless of the precincts of currencies.
ZingoHub has an All or Nothing Price Model. The primary target is to successfully fund the specified goals for the project. A nominal percentage of 9% is charged on the amount of funds raised.
In case the expected amount has not been raised, the money will be refunded to the backers, and the creators will not receive the funds. The fee is charged only if the expected goal has been reached. Hence it is a risk-free investment for the supporters and makes the process transparent and easy to understand.
“We basically want to create an offering from the point of view of the creator, about all the things he might need to reach out to his audience!”
“Anyone from anywhere in the world can back the project! So we are going global, by reaching out to Middle East, UAE, North Africa, Taiwan, Australia etc. We already are partners with National Arts Council in Singapore!”
In India, the concept of crowdfunding is pretty new and the market shelters a huge potential. In fact, choosing the right target goal for the crowdfunding campaigns is a huge predictor of success. Companies that set lower and realistic target goals (the minimum amount they need to raise to be allowed to keep the committed investment funds) have exceeded these by manifold.
ZingoHub has a customer base of more than 50K and continuous subscriptions on EDGE – A resource blog on crowdfunding to ensure the launch of a successful campaign.
“We created a platform where creators and innovators could come and launch cool ideas, brands and even music videos. Seeing them fulfill and set-up their businesses through our platform is very satisfying”, Haider co-founder ZingoHub.
In India, the biggest challenge is pushing the concept of crowdfunding in order to garner the attention of vendors and related applicants. This relies on active content marketing and educating people at a global scale.
Rewards based crowdfunding is sometimes confused with equity based crowdfunding, and sometimes even with sponsorship.
The funds that come through crowdfunding are not without any strings.
The backers are to be provided with rewards in return of the amount that they put in.
A FINAL MESSAGE
ZingoHub is a platform that allows entrepreneurs raise funds and validate their idea. It is a reliable alternative to reaching out to Angel Investors. ZingoHub is democratizing both the process of fundraising as well as fund innovation!