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Crowdfunding Lithuania: Current Scenario
Crowdfunding in Lithuania has occurred to be a prevalent alternative to traditional fundraising methods in today’s world. It provides a platform for individuals and organisations to raise funds for their projects, products, and causes from a large pool of people. Lithuania, a country in the Baltic region of Europe, has witnessed significant growth in crowdfunding in recent years, with several platforms offering various options for creators to seek funding.
However, with so many European crowdfunding service providers available, it can be impugning to choose the right platform that meets the specific needs of a project or campaign. This article aims to provide an in-depth analysis of the 5 best platforms for crowdfunding in Lithuania, offering insights into their features, benefits, and drawbacks to help creators make an informed decision when choosing a platform for their fundraising campaign for crowdfunding Lithuania.
Best Crowdfunding Platforms In Lithuania
Many online platforms are there that allow crowdfunding in Lithuania. However, only some of them are there that hit the mark. So let us have a look at the top 5 platforms for crowdfunding Lithuania:
1. WhyDonate
WhyDonate has proved to be the best option for raising funds for their campaign by reaching out to a network of over 400,000 donors worldwide. With a great customer experience, over 15,000 fundraisers have become successful with the help of a network of loyal supporters. The best part about creating your fundraising campaign on WhyDonate is that you do not have to spend any extra money.
With a 0% platform fee, non-profits can take their crowdfunding campaign to the step of success without worrying about additional charges. It has a user-friendly interface so that you can work on your campaign without any hindrances and keep moving forward for your good cause. Responsive design, instant customer support, direct payouts, and custom branding are some other features that add value to your experience. You can also access everything on the WhyDonate Mobile App.
2. Go Get Funding
Go Get Funding is an easy-to-use platform that is suitable for entrepreneurs. In a matter of just ten minutes and with platform fees of 4%, you can create your fundraising campaign and start raising funds for good.
However, this crowdfunding platform is a good choice for entrepreneurs, non-profit organisations, medical, volunteering, relief operations, and many more campaigns that can take advantage of this platform. You can get support for 23 currencies on this platform, so remember to check that before getting started. It can be a little difficult for the countries to raise funds here if they do not currently support your currency.
3. Kickstarter
Another reliable source for crowdfunding Lithuania is Kickstarter. With commission fees of 5% on the total amount raised, Kickstarter has funded around 237,000 projects in the past years. It was launched in 2009 and has created a good network of supporters over the years. The good news is that campaigns that fail to achieve their goal do not have to pay the commission charge. So, 55% of failed campaigns would not have to spend money on fees. You can handily stay up-to-date about your campaign and communicate with your backers.
However, you must remember that you will not receive anything if your campaign fails to meet its goal. All the campaigns that meet their goal will have to pay the commission fees. So if you are a company with a tight wallet now, you must consider these factors closely.
4. Indiegogo
Launched in 2008, Indiegogo is another reputed platform for crowdfunding in Lithuania. It offers services around 235 nations and enables more people and organisations to raise funds for their campaigns without hassle. Unlike Kickstarter, you can receive your funds even when the goal is not achieved.
However, the processing fee for that would be different, but at least you are getting something, which is better than receiving nothing. Another thing that you must consider while going for Indiegogo is that the fees can go as high as 9%, which can be difficult for some campaigns. But the good thing is that the fees caused for charity campaigns can be lesser than the standard ones.
5. GoFundMe
Business and charitable obligations can easily be fulfilled with GoFundMe. It is a platform for crowdfunding Lithuania that was launched in 2010 to serve organisations. The fundraisers can instantly collect their funds, and it offers some useful tools for raising funds with the best practices. A standard transaction fee of 2.9% has to be paid when withdrawing your funds. This site has no specific campaign goal, and the people can see whether you have received the money you require.
However, certain requirements must be met before you can withdraw the money your campaign has raised. You also have to focus a lot on marketing your campaign so that many people can see it. There is a chat-based support system which means that you can’t connect with them via phone calls.
What Are The Benefits Of Crowdfunding Lithuania
One unique aspect of crowdfunding is the ability for individuals or small groups to raise funds for their projects, products or causes from a large pool of people who may have never met or even heard of them. Unlike traditional fundraising methods, such as seeking donations from friends and family or applying for grants, crowdfunding platforms provide a platform for creators to reach out to a broader audience and share their vision with people worldwide.
Another unique aspect of crowdfunding is how it enables creators to build a community around their project or product. By engaging with their backers through updates, comments, and perks, creators can develop a loyal following that may extend beyond the initial funding campaign. This community can become an invaluable source of feedback, support, and promotion for the creator’s work.
Finally, crowdfunding has the potential to democratise access to capital by making it easier for individuals and small businesses to access funding without relying on traditional financial institutions. This can be especially beneficial for underrepresented groups that may face systemic barriers to accessing capital, such as women, people of colour, and LGBTQ+ entrepreneurs.
Frequently Asked Questions (FAQs)
1. How can startups raise funds with crowdfunding in Lithuania?
Startups can make the most out of crowdfunding by choosing an ideal online platform to support their cause. The best option they can go with is WhyDonate, which supports several charity crowdfunding campaigns without any platform fees.
2. Is it a good idea to invest in crowdfunding in Lithuania?
Crowdfunding is a great option to raise funds for your business or cause. However, there are some things to consider before doing the same. The initial step of crowdfunding is to choose the most trustworthy and genuine platform, like WhyDonate. It offers several amazing features that will allow you to raise funds without issues.
3. What crowdfunding types are available in Lithuania?
There are various types of crowdfunding donation-based, reward-based, equity-based, and debt-based. However, the best option is donation-based crowdfunding, in which you can raise funds without adding more liabilities to your list.
