You Need Money
The idea for building medical devices for developing countries is great, but…
if you don’t have the capital, it’s hard to build something out of nothing.
How do you fund a developing world project?
Below are three ways to fund your project!
Don’t Break the Bank, Make the Bank
- According to HongKiat.com, “Crowdfunding… is a funding method where common people like you and me, henceforth the crowd, fund your personal or business project with their own money.” Crowdfunding allows other people to become involved in your project financially. Depending on the site you use, the supporter may then receive a product from you based on their level of financial giving. Forbes has outlined the Top 10 Crowdfunding Sites for Fundraising; Engineering for Change has added their two cents as well.
- If you have time, check out this great report for the Department for International Development of the UK government regarding crowd funding.
- Crowdfunding in Action
i. The Aezon X-Prize Team from Johns Hopkins is a prime example of an engineering design team using crowdfunding. They are using the Indiegogo crowdfunding site to raise funds to develop their device which will be capable of diagnosing 15 diseases. They are in the running to win the Qualcomm Tricorder X-Prize, with prizes of up to $7 million.
- Universities love innovative, motivated students that they can brag about. Many universities try to promote collaboration and creativity through dispersing student research grants. I can only point to specific grants for Johns Hopkins, but many universities provide funding for extracurricular student projects.
- It’s time to harness your inner neighborhood kid on the streetcorner selling lemonade! Get creative and think of ways in which your group can raise money for your project. I’ve listed some examples to help you get started.
i. Organize a 5k (UMassAmherst Engineers Without Borders)
ii. Organize an auction and social
iii. Hold a recital, like UCSB EWB
iv. Plan a dessert reception and project showcase
v. Organize a Quidditch Tournament
Check back in next week when I overview the top competitions to raise money for your engineering innovation. How have you raised money in the past for your engineering projects? What did I miss?