For the first time in Albania, an online platform has been created which enables the gathering of resources from the “crowd” – from anyone interested, wherever they may be in Albania or in the world. The resources are then directed to specific projects undertaken by implementing bodies. The core philosophy of crowdfunding is to enhance awareness among the public and to motivate people to contribute, as much as they can, to the implementation of projects that are needed by Albanian society.
The program covers projects falling within the 7 following thematic areas:
- Health and solidarity
- Promotion of cultural heritage
- Social entrepreneurship
- Innovative entrepreneurship
- Education and training
- Sporting Activities.
The various smile.al actions are being implemented by bodies with a solid track record in such activity, through the program’s website www.smile.al, by leveraging the potential of the crowdfunding financing model.
The funds raising through the smile.al are donations.
What is crowdfunding?
Crowdfunding is a simple, widely known fundraising concept and practice, by which an entity, either individual, business or any other entity, can contribute, in line with their means, in kind or in cash, to various initiatives such as social welfare, solidarity and business initiatives that often focus on the community and the environment.
In recent years crowdfunding has become a valuable tool for supporting agencies and NGOs in their efforts to acquire the funds needed to gain objectives such as carrying out welfare and social solidarity actions, or implementing innovative business ideas. The practice of seeking funding from a large number of people – thus giving rise to the term “crowdfunding” – emerged on the margins of the traditional financial system and has become easier to achieve thanks to the spread of the internet. Besides the speed and immediacy that this fundraising model offers for the presentation of an idea and the networking of the agency that implements it, crowdfunding has the added advantages of low operating costs and wide coverage and promotion of the projects to be financed.
Crowdfunding motivates the public to contribute to the achievement of specific goals and encourages people to support on a collective basis and in a truly practical way any kind of social or business venture that they feel merits their support.