What is MySaidia.com crowdfunding?
It is our easy-to-use, donations and/or rewards-based crowdfunding platform. It connects people from around the world to some of the greatest ideas and projects from visionaries from around the world.
Are there different types of crowdfunding platforms?
Donation-based crowdfunding – no legally binding financial obligation
to funders/donors incurred by fundraisers/recipients; no expectation of
financial or material returns.
Reward-based crowdfunding – funders/donors have an expectation that
fundraisers will provide tangible but non-financial rewards or products
in exchange for their money.
Equity-based Crowdfunding – Investment for an ownership stake in the business. Mostly used for high-risk investments, returns are based on profit- or exit-revenue-sharing calculations.
Lending-based crowdfunding – Capital repayment most often with interest. Mostly used for low-risk investments, returns are based on interest-based calculations.
How does donations and rewards-based crowdfunding work?
In crowdfunding a large number of people (e.g. family, friends, people with shared interests) donate small amounts of money to a project they are interested in. These donations add up to a much larger amount, enabling you to bring your project to life.
The rewards-based element means donors receive a small reward related to the crowdfunding project – e.g. a special thanks video, a voice-recording, a T-shirt, or a some other type of gift or reward as result of a successful outcome from the project or campaign which they backed.
Project Fundraisers/Campaigner – FAQs
Starting Your Project
What types of project can I post?
The sky is the limit! Projects can focus on anything from a business idea, to a creative or community project, an event, sports team, a research project, a personal challenge and much more. Each project is judged on its own goals and merits, and the level of organisation and commitment demonstrated by the individual or group of individuals involved. A few rules do apply and you can see these in the Terms of Service.
What are the platform fees?
We cover the costs of operating the platform and payment processing fees.
How many projects can I post at the same time?
As many as you wish. It may be in your interest to keep the number of live projects low. This prevents you from exhausting your networks of potential Backers/Donors as they are unlikely to donate several times to the same person or organisations.
How many Fundraisers/Campaigners can I have on my project?
There can only be one Campaigner account per project, but you should definitely get help from your friends and other members of your organisation to create and promote your campaign.
Can I split funding for one project into several projects?
Yes. Backers may be more interested in one aspect of your plans than another and, in doing so, you are giving Backers the choice to select where to put their money.
Can I share my project with friends before I submit?
Yes. It is strongly recommended that you start sharing your campaign with friends, family and networks before it goes live and try to secure potential donors.
When will my project go public?
Once you’ve created your project you will need to press the ‘submit’ button. If it meets all of our guidelines, we will make it live immediately. The review process takes about 5 working days. Please note that you cannot edit your project once it is live but you will be able to add updates.
Do I have to make a video?
No, but a video is highly recommended as it greatly improves your communication with potential Backers. We recommend you to use YouTube or similar platforms and then post the link on your campaign page.
Can I embed media?
You can add images to the description section of your project, but not videos.
After Submission of Campaign
Can I edit my project after it goes live?
No! You can only add updates to your project once published so that Backers can keep track of the latest developments. Reasons are that, apart from us needing to keep reviewing amended proposals, we feel this allows too much room for Fundraisers to change the deal after Backers already donated funds.
Can I change my funding goal or completion date once live?
No! We may be able to extend your campaign duration for you if you contact us.
After Your Project Goes Live
Where can I find Backers?
You will have to market your project fundraising campaign to different platforms such as social media, friends, networks etc.
Can I raise more than my target goal?
Yes you can! There is no cut off. If donors continue to donate once you have reached your goal, this will be reflected in your campaign total.
What happens if funding is completed before the completion date?
Nothing happens unless you ask us to bring your end date forward for you by contacting us.
Can I cancel my project?
You can cancel a project by informing us. We will notify your Backers.
What if I can’t complete my project as listed?
You must cancel fundraising immediately by contacting us. This could damage your reputation and that of your colleagues. We will notify your Backers.
What is my responsibility for answering questions from Backers?
Backers will ask you questions about your project. They may want more information on your rewards or to ask for more details about how you will carry out your project, or even for more information about you! Backers should be answered promptly. In cases where many Backers ask the same question, you should answer with an Update to your project so that anyone viewing it can see this information. If you are unclear about your responsibilities to your Backers, please re-visit our Terms of Service.
Transfer Of Funds Raised
If my project is successful, how are Backers’ donations collected and transferred to me?
We use PayPal to process online project donations. We do not support any offline donations.
We will contact you to obtain your bank details so we can transfer the funds securely to you via Paypal. Payment will only be made by bank transfer to a bank or building society account held in the name of the project creator. If you do not have a bank account, you need to contact us 2 weeks in advance before the end of your fundraising campaign.
For money raised via PayPal, please allow up to 25 days from the end of your campaign.
Can I edit my project after funding is completed?
No! Fundraisers cannot raise money donated by Backers for one purpose and then spend it on something different, which would be breaching the contract your Backers have entered into with you.
What if I can’t deliver a reward?
Get in touch with the Backer(s) immediately. Fundraisers who are honest and open will find Backers to be far more forgiving. You may be asked to provide a different reward. In very rare instances, a Backer may request a refund. When you submit your project you will be asked to agree to a refund policy, which we will also display to the Backer when they make a pledge.
Can I retry if my project was unsuccessful?
Yes. If you didn’t reach your minimum fundraising target you can re-submit your project. However, we recommend that you make some alterations after asking and answering yourself why you were not successful last time.