I was scrolling through my Facebook feed, and I came across a very interesting post. A young bright woman who had been selected for higher studies at the prestigious London School of Economics was asking for money. She resorted to crowdfunding from her Facebook friends and strangers as she was about to emigrate to
Crowdsourcing or Crowdfunding is basically a method of raising money on the internet. People who are in need of money pitch in their ideas/cause, and others who think the concept is worthy, donate money.
Now coming back to the Facebook story, what struck a chord with me was how she called her fundraising exercise as 'Crowdsourcing' when it was in reality just a modern, suave term for 'begging'.
In an era when banks provide education loans easily, was it necessary to take the easy way out? Did she choose this route to avoid paying interest? Plus what happens after she completes her education, will she track down all the people who funded her and repay them back?
The Good, Bad and the Ugly!
Crowdsourcing is a brilliant initiative and there are several instances of communities joining hands to bail out those in need. During the 2015 Greek economic meltdown nearly 14,000 people pitched in 220,000 Euros after a 'Greek bailout fund' campaign was initiated by a businessman named Thom Feeney. Another excellent example is how several good Samaritans funded the education of Tibetan refugees across
The concept of Crowdsourcing has widely been panned by its critics. Who verifies if the cause is genuine? What if the person disappears after taking your money? Also what about the credentials of the person donating the money, can crowd funding become another method of turning black money into white?
In 2015, a woman in
While the concept of crowd funding is still new in