While the efforts of the state and social sector have put primary education within the reach of underprivileged sections, the mounting cost of quality higher education tests the pockets of even the relatively affluent classes. The last thing we need, as a nation with the youngest manpower, is our youth skipping or dropping out of schools and colleges due to lack of funds. A rise in education loans turning into non-performing asssets (NPAs), has forced the Indian Banker’s Association (IBA) to revise its policies in 2015, thereby making it a harder prospect for students.
Innovative financing
With much at stake, it is high time we look beyond loans for funding education. The ongoing digital revolution, coupled with how our new middle-class is warming up to a philanthropic way of life, has given rise to innovative financing models like crowdfunding. Educational crowdfunding is the process of raising funds online through a large number of people for any education-based project. The additional advantage of crowdfunding is that individuals/NGOs do not have to repay that money to funders, as the money provided online is a donation and not a loan. Apart from its obvious viability in funding personal education, there are many other ways in which it can boost the country’s educational sector.
Most non-profits working in the rural belts, towards raising awareness are often cash-strapped, considering the sheer scale of their work. Traditionally, they generated funds through costly and time-consuming methods such as charity galas or door-to-door fundraising, but many of them are now favourably turning towards crowdfunding due to its convenience and efficiency. It also allows them to innovate and diversify their operations. 17,000 ft. foundation, for example, raised significant funds towards translating storybooks into Bhoti, the mother tongue of 30, 000 kids living in the harsh landscape of Ladakh.
There is a serious need for innovation in the educational sector, be it technical or infrastructural, and who better than social enterprises to bring about the change? Chalk, for example, is a social enterprise that has raised ₹2.3 lakh through crowdfunding, to provide state-of-the-art education in affordable schools through technical innovation.
Upgradation
Not just enterprises, teachers and independent volunteers too are leading from the front when it comes to showing initiative. A group of committed humanitarians are raising funds for Sankalp, a school they run for highly disadvantaged kids of labourers, in Gurugram.
Global cultural diversity ensures that there is a global educational diversity, and provides a goldmine of opportunities for aspiring minds through international seminars, conferences, and educational tours. But, the exorbitant cost of international travel keeps these prospects out of the reach for most. Crowdfunding gives an excellent opportunity to those willing to expand their horizon. Yamuna, a young student from Tripunithura in Kerala, was able to successfully crowdfund to attend a MOOT conference held in Singapore.
Research
Scientific and academic research are the cornerstones for systemic development across sectors. While developed countries, on an average, spend 2-3% of their GDP on science, India lags behind at just 0.9%, in the last decade. P. Shravan Kumar, a 27-year-old from Telangana, is leading the way by starting India’s first crowdfunding platform for scientific research, known as ‘Research Funders’.
Offering such convenience alongside its wide scope and reach, education crowdfunding is surely going to play a crucial role in India’s journey towards educational self-sufficiency.
The writer is co-founder and CEO, ImpactGuru.com
