What is YoungFundr?
YoungFundr is a reward based crowdfunding platform. YoungFundr was set up because there are so many barriers in society preventing young entrepreneurs to go out and make their dreams a reality, therefore through YoungFundr we aim to reduce the barriers and create opportunity.
How does YoungFundr work?
YoungFundr is a simple way to crowdfund for your project and works in the following way: For campaigns owners - Sign up, Launch a campaign and once live, market your campaign to as many people as possible to get mass exposure. Once your campaign has finished and your target amount was successfully raised, YoungFundr will handle the payment transfers. For backers - Sign up and pledge to any projects you like.
What does reward based crowdfunding mean?
Rewards based crowdfunding is when an individual contributes a small amount of money to a project target, and in return they may receive a reward. The reward can be something which has the same value of the amount that the individual pledges, therefore can be in the form of a thank you email, through to a version of the product that they are crowdfunding for.
What is a young entrepreneur?
At YoungFundr we believe the term young entrepreneur should be self-defining. Maybe you are a young person who is looking to launch a business, or maybe you are an individual who has left a corporate job and are new to the entrepreneurial scene? These are both young entrepreneurs. At YoungFundr, we want to create opportunities for as many people as possible, therefore we do not restrict the usage of our website.
What are the fees of using the YoungFundr website?
The YoungFundr fees are: For project owners - We charge a total of 4.4% +20p (Broken down into 3% YoungFundr fee and 1.4%+20p stripe fee) on a successful project. For project backers - We charge 10% for backing a project (this will be added on to your pledge amount). As YoungFundr is an all of nothing crowdfunding site, if the project does not reach its target amount, no money will be taken from a project backer and no fees will be charged.
How do I edit my account information?
To edit your account, log in to your account and click on the ‘my account’ button at the top right of the page. You will be redirected to your profile where you can then edit the necessary information.
Can I launch a campaign if I am not from the UK?
The site is currently only available for those looking to launch a campaign in the UK.
What are the rules of the YoungFundr site?
What happens if a project does not reach its target amount?
The YoungFundr website is an ‘all or nothing’ site, which means that project backers will not be charged and project owners will not receive any money if the campaign target amount is not reached.
What does ‘all or nothing’ mean?
An all or nothing crowdfunding means that if you do not reach your target amount, then nothing will be collected from the project contributors. This crowdfunding style can be beneficial to the campaign owner as it will allow you to be more focussed to achieve your target amount, by working to drive more traffic to your campaign. This crowdfunding style is also beneficial as it is a lot safer for everyone involved. This is because if you need £10,000 but only raise £2000 you cannot do everything you initially proposed with the £10,000.
Will I be able to reach my target amount?
The more preparation and planning you do before launching a campaign may put you on the right path. A good rule to follow is, if you need to raise £10,000 and have an average pledge of £50, this means you will need 200 people pledging.
Can I launch a campaign if we are not from the UK?
The site is currently only available for those looking to launch a campaign in the UK. However, project backers do not only have to be from the UK.
I contributed to a successful campaign but have still not received my reward what do I do?
We highly recommend that you send the project owner an email or contact them via social media. It could be that there has been a delay in getting the rewards sent out.
Do I need to be young to back a project?
Absolutely not! You can be any age to back a project
I am not from the UK, can I back a project?
Of course! You do not have to be from the UK to back a project
I am having problems with Stripe what do I do?
Please contact stripe to resolve any issues that you may be having with your account. Please also email firstname.lastname@example.org to let us know of any issues that you may be having with the Stripe integration on our site.
What is the maximum time a project can be live?
We highly recommend having a project live for 30 to 45 days as this is the most effective time frame to raise. However if you wish to raise for a longer period, we can only support campaigns for up to 90 days (3 months)