Let's Crowdfund an Engineering Student

Crowdfunding allows us to raise sums of money from various sources by using a convenient online platform. This is an effective way of accumulating funds because it draws on the collective resources of a community (crowd) and it does so in a way that benefits the recipients of the funding as well as those contributing to the funding.

Contributing to student crowdfunding is a great way for businesses to gain B-BBEE points with the minimum admin and restrictions because most of the work gets done by the platform itself (well, that’s the case with us here at Feenix, anyway). Funding can be paid as and when it suits you. We then compile everything and provide you with the report you need to gain access to your B-BBEE points. But there’s more to it than just improving your company’s B-BBEE scorecard in a simple and no-fuss way...

1. Providing access to education for real people

For a lot of companies aiming to contribute towards skills development for points, the process can sometimes lose ‘the human element’. It can be arduous if it involves having to set up bursaries and then identify and locate who the recipients for these funds will be.

It can even become just about the numbers, paying the money over and tallying the points, rather than making a difference in the life of an actual human being.

A human being who will, in turn, impact the lives of many others around them. A reputable student crowdfunding platform can familiarise you with that specific person in a more meaningful and less impersonal way.

2. Access to education should not be dependent on wealth

All South African students want is a fair chance. Our government has acknowledged that households earning under R600k per annum need assistance in providing access to tertiary education for their children, this accounts for about 94% of households in South Africa, with current funds only covering a small percentage of students eligible for assistance.

Student crowdfunding offers the opportunity to bridge the gap for those who cannot afford the high cost of student fees but do not qualify for some of the bursaries that are made available.

Credible student crowdfunding includes many of these “missing middle” students, offering them the opportunity to further their studies in a way that other bursaries and funding bodies might not. This will allow access to studies to a wider spectrum of income groups within society.

3. A personal investment into a student

When making use of an established student crowdfunding platform you can get to know the student that you plan to fund. More than accruing professionals and B-BBEE points, we are people at the end of the day and using Feenix, for example, you can put a face and story to the funding that you are providing.

You can see what this person is studying and where they are studying, read their motivational story and learn how much they require to reach their goal. It makes funding a student a far more rewarding process if you can see that this individual is not just another number.

Also, you can then play an active role in determining which skills are being developed too. Focusing on engineering skills that your company recognises will be a much-needed boon to the industry.

4. Skills development

Harnessing a student crowdfunding platform like Feenix allows you to decide who you want to support, where you want to support them and in whichever field you prefer.

With the amended B-BBEE Skills Development scorecard, there is a very specific focus on providing bursaries and support for higher education students. 2,5% is a significant part of the Skills Development target and companies need to invest in this to maintain their B-BBEE Levels.

With crowdfunding platforms like Feenix, each student is vetted and all appropriate B-BBEE verification support documentation is conveniently provided.

You can support individuals locally or remotely, and you can even focus on skills development in specific areas that you know there may be a skills shortage.

If engineering is the industry that you or your organisation is the most passionate about, you can cherry-pick students that will be studying in these specific fields in the best way to benefit your industry.

5. Reporting and admin

Orchestrating your own skills development programmes and ensuring that the administration of your funding is effectively executed can be rewarding, but it can also be time-consuming and labour-intensive.

If you have other responsibilities beyond skills development and accruing B-BBEEE points, using a smart student crowdfunding platform like Feenix makes the most sense, especially if your other responsibilities will often take priority.

At Feenix, we take most of the admin away from funders and we compile everything for you in a convenient report so that you can focus less on admin and reporting and more on what is a priority.

6. Reaping the rewards of a bigger talent pool

Access to highly-skilled talent is a challenge for any organisation. Playing a vital role in the advancement of engineering studies will have an obvious long-term benefit for your industry.

Moreover, crowdfunding engineering students will also provide you with a database of talent that you can draw from without the added expenses of recruitment and with far less vetting required.

If you have followed and also been instrumental in an individual’s academic career, you are well-positioned to determine how much of an asset that person will be to your organisation.

Crowdfunding an engineering student is a win-win situation that benefits the student, but you and your organisation too.