Filmmaker sees crowdfunding as tool to cut unemployment

Crowdfunding can be a good source of raising capital for investment in small and medium enterprises (SMEs) and a way to reduce unemployment, filmmaker Abu Sayeed who has put the idea into practice said yesterday.

Crowdfunding is a practice of funding a project with relatively modest contributions from a large group of individuals, rather than seeking substantial sums from a small number of investors.

Abu Sayeed is crowdfunding to produce his feature film "Songjog", and urged the government to adopt the concept to boost economic growth.

 "The alms of Tk 2-5 given to beggars are nominal but they can add up to a huge sum and can be used for new productive ventures," he said.

Abu Sayeed was addressing a roundtable discussion, "Crowdfunding: A New Promising Way for the Development of Bangladesh's Economy", organised by him at Shilpakala Academy.

The award winning filmmaker has already collected Tk 6.85 lakh from 700-800 people although it is little compared to the film's primary budget of Tk 85 lakh.

Shooting will start on December 16.

"If the fund can be raised, it will be spent for taking service, buying goods, and giving remuneration to individuals. None could take away money without any contribution or service," he said, explaining the process of crowdfunding to the audience.

Sayeed said the earning from the film would be spent for making another film in the same way. He believes that crowdfunding can reduce begging by creating jobs.