P. Abraham Paul. Thiruvananthapuram, 18 Oct 2018
Short link: https://wp.me/p1ZsI2-1dx
CROWDFUNDING WITH ONLINE AUTONOMOUS DAILY RAFFLES.
1. The idea is to start a ONLINE DAILY RAFFLE that can be autonomously contributed by calling a TOLL FREE code from any Mobile phone from anywhere during daily 24 hour window, between 00 to 00 Hours IST and Digitally settled and announced on line by 06 Hrs IST on the next day and Prize Money less Tax due is transferred into the winner’s mobile wallet, on 365 days round the year.
2. Raffle Token and cost per Token.
Each Raffle Token cost hypothetically say Rs.10 charged automatically on each call and an exclusive 14 digit Token number linked with Mobile phone number and Time and Date send back to the calling mobile for record.
Any number of calls can be made from same Mobile for entering the Raffle and different unique Token number will be sent back each time. Each Token is individually entered in each draw.
14 digit Token numbers send back to the Mobile phone when the raffle are booked are used in the digital draw. Prize amounts given as a percentage of the amount collected in that day’s Raffle can be in different Modes. For example:-
i) Mode 1. First prize. One. Prize amount: 10% of the day’s total collection in the system, Second Prize. Two. Prize amount: 5% each and Third Prize Five. Prize amount: 2% each. The total prize amount works out to 30% of the days total collection, paid on line to the Token holders MOBILE and REMAINING 70% goes to the exchequer. Being fully automated, Operation cost will be negligible and borne by the RAFFLE authority.
ii) Mode 2. 30% of the total collection amount of the day equally distributed to 2% of the total Tokens sold on the day and remaining 70% of the days collection goes to the State Exchequer.
iii) Mode 3. 50% of the total collection given out as prizes for 10% of tokens each getting 5% of total collection as prize Money, offering higher winning probability.
It may be seen that the Prize amount is not fixed; but depends on the daily token sale. There can be different modes on different days that can be pre-programmed and run autonomously. There can be different payment Modes with different Token Values and different Prizes on Sundays , or on Special on festival days. Once set up, the system can function and pre-planned programs can run autonomously with little human intervention.
The parameters given are hypothetical to explain the idea and can be varied as required. Users get one token on each call; can buy more Tokens with more calls. Token number is send as online message at the time of booking. Prize if won is also intimated the same way.
4. Revenue expected. There are over a Billion Mobile phones in India. With easy to manage autonomous system using online collection and payment method, Token value only Rs.10, and attractive prizes and probability of winning, the proposed Daily Raffle will attract huge volume of contributors. With just 1% of India’s Mobile users using the Raffle every day, can contribute about Rs. 1500 to 2000 Crores annual to Kerala Exchequer for funding Kerala Rebuild plans.
Please see my blog “KERALA – Flood and after” in the link:
P. Abraham Paul. Freelance Consultant.
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