3 Ways Crowdfunding Helps in Medical Research
The new century has seen a lot of advances in the field of science and medicine. Technological advancement has made medical practice better, more economical and quicker. The best thing about this advancement has been the type of benefits that patients are now able to get. The innovations and scientific advancements in the domain of medicine has helped also doctors and medical researchers to devise newer and easier methods of treatment, and experiment more as far as treating patients is concerned. But the lack of funds can kill the progress, and it is a fact that only grants are insufficient where medical innovation is concerned. Added to these, there are continuous budget cuts in these programs which make it quite tough to initiate and carry on meticulous research. Crowd source funding, one of the best ideas for fundraising, proves to be assistive in at least 3 ways.
It can help raise money more easily
With medical research, it can be quite tough to get government grants and even private organizations seem disinterested at times to loosen their purse strings without enough scope of profitability. However, there can be a major benefit in the field of medical research with the help of crowdfunding. It can help research organizations to publicly advertise their requirements and make use of online ways to raise money. It is able to create awareness even among investors who have been hitherto unaware of the scope of this type of investment. Investors can be wooed into backing these types of research projects for various reasons – any personal interest in the research, an interest to earn decent returns on investments or an inherent interest in the domain of medicine and medical science.
There are many platforms available
There is a wide range of crowdfunding platforms available, which are reward based in nature. These have assisted researchers to gather enough money from many investors, even total strangers, to finance their medical experiments which would not have been finished otherwise. With the availability of many crowd source funding platforms, there is the scope to get more and more backers interested. However, it is tougher to set up a biotech firm or a life science organization only from donations. With reward based crowdfunding, funds can be raised for the starting research. Once enough information is obtained and experiments are carried out for the medical trials, researchers can catch the interest of many VCs, economical strategic partners and dynamic partners more easily.
It helps broaden the investor population
Online fundraising is also one of the best ways to raise money for clinical research, considering the fact that it helps democratize investments as it lets any individual earn through investments in private organizations that solely aim to improve life science There is enough chance for patient communities to lend their own support to researches and innovations in medical and life science. Crowdfunding platforms are helping even people interested in bringing about a change in the healthcare system to make their monetary contributions, in however small way possible. This is undoubtedly one of the best ideas for fundraising.
Keyword: crowdfunding, crowdsourcing, online fundraising, ideas for fundraising, ways to raise money, crowd source funding, grants
