This seems to be the life force of many open source projects. But for mid level and small level ventures, do you think it is a viable source of income ? Will there be enough support from the community ?
Depends a lot on how you support it. If you are planning to simply release a software and make money, that is not going to work. You will need some sort of support facility. Either through Github issues or a product forum. If there is support and interaction, I don't see why it won't work out for you.