What’s the biggest need of a startup? Probably, the fund. Isn’t it? You can’t start a business without cash. If you have it, you can always invest your own funds, but if you’re like most, you’ll need a little help. Raising capital is the most difficult task for an entrepreneur who wants to start a startup from the scratch. FundMyDream, is a unique crowd funding platform officially launching tomorrow on 23rd December, 2013. We took exclusive interview of Rohith Subramaniam, founder of FundMyDream to understand his venture in details. Have a look at our conversation with Rohith.
Who is Rohith Subramaniam?
Rohith, a bike enthusiast and traveler is a budding young entrepreneur who is currently perusing his final year of integrated MBA in Bangalore. Rohith did his first internship when he was 14 and created his first business plan when he was 15. He started the NGO (Unity Of Youth) when he was 18 (2012) along with his friend Zoheir Ali and Mahalakshmi, the main focus of the NGO is to unite the youth of the nation together and bring a change. He is also a writer whose novel “After all its your life” is in the verge of completion. He is a short film maker and also has made a few street plays. He founded FundMyDream in October 2013 which is launching on 23rd December 2013.
What is FundMyDream? What’s the idea and concept behind your startup?
FundMyDream is a crowd funding platform for genuinely enterprising projects. We see a lot of dreams/ aspirations ambitions which were very close to one’s heart, but had to discard them over a period because of lack of funds.
FundMyDream also creates a platform for individuals and organizations where they could fund specific projects that interest them. FundMyDream plays a role in sourcing funds through the platform that we have created for these projects & making their dream come true.
The whole concept behind FundMyDream is crowd funding which in simple terms is making a wide segment of people participate in a funding activity for a particular cause or a project.
Who are faces behind this startup?
The faces behind this start-up are Rohith the founder and CEO, Debashis Chakravarthhi the CFO and Sarah Betgeri the COO. Our core team includes of Anisha Pahwa, the Blogger/ writer/ editor. Nisshtha is the person behind the design and the photos. Jophin George the Market research guy. Ashvarya is the Strategic Analyst.
These are three final year students doing their integrated MBA in Bangalore, started this company to make other peoples dream come true.
Debashis is the big brain. The Finance guy who has a lot of experience in his back. He has a vast experience in event management & music industry. He’s the guy who has never say never attitude. He is no son of a celebrity but works with full integrity.
Sarah is an Optimist & a Perfectionist. She is the one who gets things done at the right time. One of the most dedicated & strong woman who gives her 100% in whatever she does.
How did you initiate FundMyDream? What is the story behind starting up?
We came across a lot of people around us who had very innovative and creative ideas but couldn’t transform these ideas into reality for want of funds. So we looked into this topic very seriously and found that funding a project from one pocket won’t solve the problem.
The alternate which we came up with was FundMyDream (crowd funding) and we also found that there are a lot of people who have dreams & are not going ahead with the project for lack of funds and also found a lot of people who are generous enough to part with a portion of their money towards funding a deserving project but do not know how to go ahead. We are a platform which bridges the gap between creators & the funders.
What was the motive behind starting FundMyDream?
To ensure that we create a scalable platform that offers seamless connectivity between the Beneficiaries – “Project Owners” and the Benefactors “Project Backers”. This would enable most of the creativity and innovation see the light at the end of the day.
How much time and money did you invest in this venture?
We spent about six months in market research and strategizing the project. We are now in the pre-launch phase and launching on 23rd December, 2013.
Tell us about the revenue model of your startup.
Posting a Project is absolutely free, subject to the approval of the expert panel on the genuineness. All funds received for the projects hosted by us will attract a small percentage of fee towards administrative expenses.
Which challenges have you faced while converting your idea into reality?
The initial challenge was to set up a process to identify genuine projects from not so genuine projects. We overcame this by setting up a panel of experts who pitch in with their view and opinion in approving the project to be taken up for funding. But the biggest challenge we face now and even in the longer run will be to integrate all potential Benefactors under one roof.
Which is the major challenge you are facing right now?
Crowd funding – being a relatively new term in this part of the world, the current challenge is to familiarize the concept and most importantly differentiate this concept from the term “Charity”. The second challenge will be to connect with majority of the benefactors who wish to fund genuine projects.
What is failure according to you?
Not willing to adapt and innovate would be the biggest failures in any ones life. Failure has played a major role in my life and it has made me the person who I am today. I owe all my success to the failure’s I faced without which I’m not who I am. I also say that failure is a must in everyone’s life which everyone has to face, that’s what makes our life complete.
What’s your future plan?
We have started this humble journey by educating people on “crowd funding” and how it differs from “Charity”. In this process we aspire to connect with a minimum of 15 unique projects a month with the network of supported who will fund them. In the longer run, we will work towards being identified as the most successful Crowd funding organization across the World.
What’s your success mantra?
Success becomes a tangible metric once the goal is identified. Having identified the goal, the attributes that are synonymous to success will be Discipline, Dedication, Innovative and logical approach to any situation.
What is Entrepreneurship according to you?
Entrepreneurship according to me is survival. There maybe times when things don’t go as per planned & your patience will be tested & things may not happen asyou wish them to happen but still keeping up the fighting spirit & putting backlash at every instant makes you a complete Entrepreneur.
Which message would you like to give to upcoming entrepreneurs?
Have passion for what you’re doing & never give up at any point. One main point which you all should keep in mind is: no dream too big, no dream too small
What do you think about BuddyBits.com?
It’s a great upcoming platform sharing some really good insights. All the Best for you to make it to the next big league.
Well, thanks Rohith. We wish you all the best for all your future endeavors.
Want to get featured in this column?
Do you run a unique startup? Are you doing good for the society? Tell us. We would love to feature you in Startup Talk. Write me an email at email@example.com.