Tech Reviews

Crowd Funding Portals

How to pick the wheat from the chaff ?

The virtual world is a wonderful place for a lot of things. And is not very different from the real world that exists offline. You can make new friends, you can sell a great idea or product and most of all, you get to meet people of different races, cultures and likes. Like in the real world, there are deviant people on the internet as well and it is important that one is aware and hence prepared for all risks that are inherent when one logs on to the worldwide web. And when it comes to giving out any personal or important information online, always exercise appropriate caution.

One of the most exciting online platforms is that of crowd funding. Crowd funding makes it a level playing field for both the seller and the buyer, the innovator and the end user. If you have a great idea that you are passionate about but do not the have the resources, tell the world of your passion and let them fund your dreams. On the other hand, end users get to have the proverbial cake and to eat it too. Where they not only decide what to buy & what not to but also what gets made & what doesn’t. Crowd funding websites feature thousands of products and services that are inventive, offer great value for money and make use of cutting edge technology.

The question then arises whether all that glitters is indeed gold. In other words, are all those products which are looking for backers above board and to be trusted blindly. The answer is a resounding NO. For even on these platforms, there are a few individuals whose sole purpose is to make a fast buck. As on every other. And the products that they are showcasing on these forums might not be genuine. But how is an average user to know this and are there ways in which the veracity of what is being claimed can be checked? There indeed is a certain modus operandi that most of these miscreants follow. All you need to do is pay proper attention and look for the signs.

Firstly check the ‘Timeline’ of these products for typically the makers keep updating their donors and backers on a frequent basis about the progress made. The fake ones do not have these status updates on a regular basis. Secondly, we are all familiar with the phrase ‘Too good to be true’ and it is something that can be a great help in identifying the fake products & profiles. So if a product that is on offer is priced way too less, that must alert you to the possibility of this being a con job. Also double check the antecedents of those behind the innovation and if they are a new entity with little mention or presence anywhere online, that must ring a few alarm bells.

User reviews and feedback from those who have had first-hand experience can also turn out to be a big help in many of these cases. Make sure to factor in all of this before you decide to back any of these projects. More than the money that you might lose in the bargain which might not really be a lot, fact is the same funds could have perhaps helped bring to fruition another project. That had something genuine to offer and was deserving of your attention and backing. Crowd funding platforms can help shape the future of business and technology and make our daily lives that much more joyous. And that much more fun. As long as we can pick the wheat from the chaff.