The academy needs to raise Rs 5 crore to organise the festival.The Mumbai Academy of Moving Image’s (MAMI) film festival, slated to take off in October, will complete its 16th year of existence. That is, if it manages to stay afloat this year. The Academy needs to raise Rs 5 crore to cover the expenses for the festival, one of the most revered among alternate cinema enthusiasts.Festival chairperson Shyam Benegal, however, seemed confident of managing to put up the show.“Like any other set-up hits a rough patch, we are facing a crisis of sorts this year. But things aren’t so bad and I am hopeful that we will pull it off and cinema lovers won’t be disappointed. The thing with sponsorships is that it is not wise to rely on them completely. Now we have a better strategy in place, which includes crowd funding. At the end of the dark tunnel, I see light,” he said.When contacted for reaction, filmmaker Mahesh Bhatt quoted Warren Buffet, “Rule number one, never lose money; rule number two, never forget rule number one”, adding, “So anything that loses money will not be able to stay afloat. Anything that doesn’t have the power to generate its own survival within the marketplace, will not be able to negotiate the harsh times we live in.”Director Hansal Mehta, who was given his first award for his film Shahid in 2012 by Mumbai Film Festival, said, “I am saddened by this news. A city that gives Hindi cinema its highest revenue might not have a film festival,” he said, hoping the crowd-funding route helps the festival survive. “If 5,000 cinema lovers and industry giants contribute Rs 10,000 each, the required Rs 5 crore to sustain the festival can be raised,” he added.Filmmaker and social activist Ashoke Pandit also strongly voiced his concerns. “In an industry where films are making Rs 200-300 crore, a film festival shouldn’t have to struggle to survive.Top producers and film associations should come together and work out a way to ensure that this festival doesn’t die.”Meanwhile, some sources said the festival organisers were planning to launch a website next week, which will accept contributions from film enthusiasts and industry veterans in support of the festival. The organising committee will release a statement about future plans on Monday.