Whatsfund is a crowdfunding platform that helps entrepreneurs/SME to fulfill their dreams via fund raising. A campaign has a clear goal, like making new products, new design gadget, a book, or a service. A campaign will eventually be completed, and there should some form of fulfillment. Whatsfund does not allow campaigns to fundraise for charity or offer financial incentives.
A campaign is a finite work with a clear goal that you’d like to bring to life. The funding goal is the amount of money that a campaign owner needs to complete their campaign. Funding on Whatsfund is based on fixed or flexible basis. Fixed funding is successful only on the amount reaching the funding target. Flexible is such that the campaign owner receives whatever the amount raised, even if the target is not reached. A campaign owner is the person or team behind the campaign idea, working to bring it to life. Backers are people who pledge money to support campaign owners in bringing campaigns to life. Rewards/Perks are a campaign owner's chance to share a piece of their campaign with their backer community. Typically, these new designs, innovations, limited editions, or copies of the product or services being produced.
It's less risk for everyone. If you need $10,000 to complete a campaign, it's tough having $4,000 and having people expecting you to complete a $10,000 campaign. It motivates. If people want to see a campaign come to life, they're going to spread the word.
Many backers are rallying around their friends campaigns. Some are supporting a new effort from someone they've long admired. Some are just inspired by a new idea, while others are motivated to pledge by a campaign’s rewards — an early buyer, a limited edition, or a special experience related to the campaign. Backing a campaign is more than just pledging funds to a campaign owner. It's pledging your support to a creative idea that you want to see exist in the world.
The majority of initial funding usually comes from the fans and friends of each campaign. If they like it, they'll spread the word to their friends, and so on. Press, blogs, Twitter, Facebook, and Whatsfund itself are also big sources of traffic and pledges.
Backers that support a campaign on Whatsfund get an inside look at the creative process, and help that campaign come to life. They also get to choose from a variety of unique rewards offered by the campaign owner. Rewards vary from campaign to campaign, but often include a piece of the final product, or a service unique to the campaign. Campaign owners keep 100% ownership of their work, and Whatsfund cannot be used to offer equity, financial returns, or to solicit loans. However, backers may also choose just to back the campaign without receiving any perks or rewards.
Whatsfund applies a standard 5% fee to the funds collected for campaign owners. Our payments processor will also apply payment processing fees (2-5%). Social campaigns are charged at 2% only. The complete fee breakdowns are as follows. Platform fees: 5% of fees raised. Payment processing fees: Local bank transfer: 0% Payment Gateways: 3-5% (PayPal, Stripe, others)
It's the campaign owner’s responsibility to complete their campaign. Whatsfund is not involved in the development of the campaigns themselves. Whatsfund does not guarantee campaigns or investigate a campaign owner's ability to complete their campaign. On Whatsfund, the backers (you!) ultimately decide the validity and worthiness of a campaign by whether they decide to fund it.
Whatsfund has a unique feedback system, where campaign owners can give their rating on each campaign. The platform will collate the feedback, and give a rating on each campaign, based on the backers’ feedback.
Launching a Whatsfund is a very public act, and campaign owners put their reputations at risk when they do. Backers should look for campaign owners who share a clear plan for how their campaign will be completed, and who have a history of bringing their creative ventures and other campaigns to fruition. Campaign owners are encouraged to share links and as much background information as possible so backers can make informed decisions about the campaigns they support. If a campaign owner has no demonstrable experience in doing something like their campaign or doesn't share key information, backers should take that into consideration. Does the campaign owner include links to any websites that show work related to the campaign, or past campaigns? Does the campaign owner appear in the video? Have they connected via Facebook? Don't hesitate to request information from a campaign owner. You can always reach out before pledging via the "Contact me" button on the campaign page.
Perhaps you are friends with the campaign owner, or you heard about the campaign from a trusted source. Read through the description and watch the video to get a better sense of the person or team behind the campaign. Campaign owners are encouraged to provide as much information that will help them to raise funds successfully. If you have more questions, you can send the campaign owner a message to ask them.
If problems come up, campaign owners are expected to post a campaign update explaining the situation. Sharing the story, speed bumps and all, is crucial. Most backers support campaigns because they want to see something happen and they'd like to be a part of it. Campaign owners who are honest and transparent will usually find backers to be understanding. It's not uncommon for things to take longer than expected. Sometimes the execution of the campaign proves more difficult than the campaign owner had anticipated. If a campaign owner is making a good faith effort to complete their campaign and is transparent about it, backers should do their best to be patient and understanding while demanding continued accountability from the campaign owner. If the problems are severe enough that the campaign owner can't fulfill their campaign, campaign owners need to find a resolution. Refunds are usually difficult, as the money may have already been spent.
We started Whatsfund as a new way for campaign owners and audiences to work together to make things. Many traditional funding systems are risk-averse and profit-focused, and tons of great ideas never get a chance. Whatsfund opens the door to a world full of creative possibilities, one where anyone can help decide which bright idea will become tomorrow's reality. Whatsfund is full of ambitious, innovative, and imaginative ideas. Many of the campaigns you see on Whatsfund are in earlier stages of development and are looking for a community to bring them to life. That Whatsfund allows campaign owners to take risks and attempt to create new things.
We have a dedicated team that monitors the system for suspicious activity. This team screens reports that are sent to us by our community and they take action if they find something that does not align with our rules. We also encourage campaign owners to provide useful feedback on their campaign owners. Our rating scheme provides a systematic rating as well. However, it is the backers’ responsibility to do their own evaluation and judgement, on whether to back each campaign.
Campaign must design their perks carefully, in order to be successful at crowd funding. Backers are getting perks as rewards for the investment that they put in. Perks fall into 4 categories:
a: Products: These are the final products that the campaign owners are fund raising for. Examples could be the new innovative gadgets, appliance, travel accessories, furnishing, fashion products, etc
b: Service: If the funding is expected to invent or design a service, then the perk can be in the form of services, e.g food delivery, home repair, maintenance, etc
c: Coupon: Perks may be offered in the form of coupons, used a form to redeem the product or service, e.g performance, entertainment, concert, product collection, hampers, etc
d: Experience: Perks may be design in the form of enjoying a certain experience, e.g, music concert, visit to animal farm, airplane joy ride, etc
The first perk is a straight “donation” where the backer is not looking to collect any rewards, but purely to support the campaign. It is important to set multiple levels of perks, which will attract increasing higher level of investment from the backer. Below is an example of a set of perks for an electronic gadget designer:
Perk 1: Any amount donation
Perk 2: Early bird discount: 50% (State quantity available)
Campaign owners must register on our platform before they can launch a campaign on Whatsfund. Check out our “How it works” page. All campaigns must be approved by the platform, before they appear in the open pages.
If you're not sure whether material on Whatsfund infringes your copyright, please talk with a lawyer before filing a complaint with us. Misrepresenting that material infringes your copyright may subject you to liability for damages, including attorneys' fees and costs incurred by campaign owners or other parties. If you've spoken with a lawyer and think your material is being infringed, try contacting the campaign owner directly using the "Contact me" button on the campaign page. You can also submit a complaint via email to CustomerService@whatsfund.com In the event of such report of incidences, Whatsfund reserves the right to suspend any campaign during investigation.
" We want to provide multiple funding avenues to the millions, using new financial technologies. We encompass the vision of a champion for SME funding, marketplace, and financial transactions including fund transfer and payment processing"