Highlights
FundYourselfNow is a revolutionary crowdfunding platform that aims to reinvent the crowdfunding industry, using the latest innovations in blockchain technologies and virtual currencies. Our product allows project creators to request for project help, funding and reward backers.
In the last few years, there has also been many virtual currency crowdfunding projects (also known as Initial Coin Offering (ICO)). A total of 1 Billion USD was raised via cryptocurrency crowdsale in 2016 and over 1b was raised in the first 7 months of 2017. Our main competitors are existing players in the crowdfunding space, with the biggest being Indiegogo and Kickstarter. Growth in the crowdfunding space has been explosive over the last few years and is projected to continue growing at 26% a year till 2020.
We are a passionate team of people aiming to make virtual currency crowdfunding more accessible to the masses.
Currently, ICO projects are manually created and our platform will facilitate this ICO process and make it as simple as possible. This will allow non-technical project creators to successfully seek funding for their projects. A demo of the product has been built at demo.fundyourselfnow.com.
FundYourselfNow will be a rewards based crowdfunding platform and we do not allow any equity or debt crowdfunding to be conducted for regulatory reasons, similar to how Kickstarter currently operates.
We are looking to tackle 3 key problems faced by existing traditional crowdfunding platforms: Lack of control once crowdfunded money is disbursed
In traditional crowdfunding, the backers have very little control over the project as the money is disbursed to the project creators at the end of the crowdfunding effort. When a project fails, most of the backers do not get anything back at all. We aim to implement a milestone based funding system, using bitcoin and ETH smart contracts. These smart contracts will come with a system where users can vote to delay, or stop further milestone payments in the event that project promises are not met,so that backers are protected partially. On the project creator’s end, they will need to deliver on their agreed milestone deliverables to get further funding
. Lack of Support/Mentors
One reason why many crowdfunding projects fail to get funding or deliver on their promise is due to a lack of support or expert knowledge. One of the largest failures on Kickstarter is the ZANO Project and the main reason was because the project creators were not skilled enough or up to the task.
Many good crowdfunding projects also get put on hold or fail to get the required funding due to a lack of marketing support. For example, most of them would not have the budget or expertise to make good marketing video, do translations in different languages and promote their product on social media networks.
Our platform will allow project creators to seek project help from the community for their existing ideas/projects. Project helpers will be reward with Bounty credits, which can be exchanged for Project Tokens, which are created during the project crowdfunding place. Project Tokens entitle backers to access the rewards listed on the project page. They will be tradable through our internal crypto currency exchange, so helpers can eventually convert their tokens to virtual currency.
High Transactions Cost
Traditional crowdfunding platforms suffer from high payment transaction fees. A project creator on Kickstarter would typically have to pay up to 9% of the amount raised to Kickstarter after including the transfer fees (3-5%) and listing fees (5%).
On our platform, we are not charging any transfer fees and our platform will charge a 5% listing fee for each successful project fundraising. A typical $10000 project will have fees up to $900 on Kickstarter, but it will be about $500 on our platform, a significant 44% savings.
