What is FundaGeek?

FundaGeek is a crowdfunding platform for – commercial projects based on technology, scientific research projects at universities and research institutions, inventions, education, outreach and community support. FundaGeek is designed for securing funding for these projects without giving up equity interest and without incurring debt. Funding is provided via micro-pledges through use of social media in return for rewards.

FundaGeek is part of a new trend of tapping into the power of crowds. Crowdsourcing has become popular in many areas of business, so it is a natural progression to make its way into funding new ventures.

Many excellent ideas never become a reality because the odds of obtaining funding from a traditional Angel investor, venture capitalist or lending institution are like hitting the lottery. Finding sources of seed capital may not be realistic for you, and maxing out your credit cards is just a bad idea.

If you have a compelling idea, you can post a project on FundaGeek for free and anyone, anywhere in the world, can pledge money to support it. We accept innovative projects from all areas – computer software/hardware, web services, bio-tech, inventions, renewable energy, robotics, smart phone apps, research, education, etc.

Why FundaGeek?

We feel the timing is perfect for a new funding paradigm like FundaGeek. The Great Recession has tightened credit sources and restricted the flow of traditional venture investing. Many great innovative ideas are not moving forward due to lack of funding. Over the past few years, this means the world has undergone a period of “innovation atrophy.” We hope to break this unfortunate trend and get the ideas flowing again by – engaging innovation, starting new businesses and creating jobs. In a small way, we hope that FundaGeek will help turn around the global economy.

The Concept

Crowdfunding is a rapidly emerging phenomenon that combines small online contributions (“micropledges”) from many individuals who want to support a project. Crowdfunding circumvents traditional funding mechanisms such as bank loans, venture capital and individual investors for obtaining early-stage financing. Anyone can make online monetary pledges in return for a reward or as a donation just because they’re excited about the project. The major benefit is that project backers do not expect to be paid back or receive any ownership interest in the project, nor are project owners shackled with onerous State, Federal or International regulations in the process.

How it Works for Backers

If you are looking for a project to support, simply create a FundaGeek member account and search our project catalog for interesting projects that match your areas of interest. You can search by category and/or keyword. Once you find a project that you may be interested in backing, you should review the project profile carefully to make sure it’s right for you. We encourage you to verify everything for yourself so you feel confident the project is viable. If you decide to back the project, simply click on the Pledge button on the Project Detail page to make your payment. You will not be charged until the end of the campaign period. You can back as many projects as you wish. The project owner will contact you about reward fulfillment.

How it Works for Project Owners

If you are seeking funding for your project, then you can follow the process for Project Owners. Start by creating a FundaGeek member account and be sure to complete your member profile in full. Potential backers want to know all about you so they’ll feel comfortable supporting your project. To create your new project, just use the New Project Wizard process to enter your basic project profile information.

You will likely need to revise your profile several times in order to come up with the most compelling story that will attract backers. Show your passion, and make your project come alive and scream - “This is a great idea!” Make references to images, videos, recordings, and anything else you can think of that supports your case. Answer who, what, when, where, why and most importantly how. Give people a reason to want to see your project funded. You can return to edit your Member or Project Profiles as often as you’d like through the My Account menu option on the Main Menu which appears after you’ve Logged In.

Once you’re happy with your project profile, you must submit it to us for approval. The approval process is a manual one that involves a thorough review of all details of your project. We may choose to contact you directly with questions we might have. We may also provide you with useful suggestions to better maximize attraction by backers. Approval usually takes only a day or two. Once your project has been approved, it becomes visible to other members (or to the public at large if you specified “Public” view) and backers can then submit pledges. It is now time to aggressively work your social network to drive potential backers to your project and to encourage them to share your project with their social network.

At the end of your campaign period, your project is funded.