FREQUENTLY ASKED QUESTIONS
What is crowdfunding?
Crowdfunding is the modern method of funding a project by raising money from a group of people online, declared “the future of early stage finance” by Forbes.
What is Women You Should Fund?
Women You Should Fund is a rewards-based crowdfunding platform that follows an all-or-nothing funding model. It works like this…
1. A woman or woman-led team – the creator – launches a campaign to FUND a creative project or new venture. That campaign has a specified FUNDing goal, as well as a start and end date.
2. The crowd then responds with their wallets (credit cards really, since this is all done digitally). Individuals who want to help get an idea off the ground, financially contribute to that campaign by pledging the dollar amount of their choice, or as we say, they FUND her. This generous pledge of support officially makes them campaign backers.
3. In return, backers receive a preset reward (e.g. special perk, unique item, service or experience) commensurate with their level of financial support from the creator, but only if the campaign is successfully completed (i.e. reaches its full FUNDing goal by the preset campaign deadline).
4. All campaigns are all-or-nothing meaning creators only receive the funds they raise if their campaign is successfully completed.
How is Women You Should Fund different?
Traditional crowdfunding is typically limited to the size and engagement of an individual campaign creator’s personal social network. And that’s because most crowdfunding platforms do not come with an already engaged, platform-loyal community. Backers are driven to a specific campaign by someone they know, not to a specific crowdfunding platform.
That’s where Women You Should Fund swoops in and disrupts the norm. Our platform can expand a campaign’s reach exponentially by getting it in front our firmly established, robust Women You Should Know community. That means added campaign exposure before an ever-growing force of mission-loyal individuals who believe in the power of supporting women and their ideas to change the world.
Is my project right for Women You Should Fund?
Our mission is to support entrepreneurial women founders and women-led, gender diverse teams looking for a way to get started on their path to success. If you are based in the United States and identify as a woman doer, creator, innovator, change- maker or thought leader who wants to employ crowdfunding to FUND your new project, idea or business, then, yes… Women You Should Fund is for you.
What does it cost to run a campaign on Women You Should Fund?
Registering an account on Women You Should Fund and submitting projects are FREE! If your campaign is successfully completed, the following fees will apply:
– Women You Should Fund Fee – 5% of total funds raised
– Stripe Payment Processing Fees – 3% plus 30 cents per transaction* Our fees are competitive with other popular crowdfunding platforms
*All transactions are between backers and creators directly. Income received from a successfully completed campaign may be subject to taxes. We recommend creators speak with an accountant or tax professional for guidance.
How do I launch a campaign?
The first step is to create a Women You Should Fund account. That officially makes you a creator. The next step is to create your project, which involves filling in all of your project details, visual assets and content. Once submitted, your project will be reviewed by the Women You Should Fund team. You will be notified if there are any questions or concerns. Once the project has been determined to meet all Women You Should Fund requirements, it will be approved and your crowdfunding campaign will go live.
Women You Should Fund reserves the right to cancel, reject, interrupt, suspend or remove any account and/or campaign at any time for any reason.
Do I need to produce a video for my campaign?
We agree with Catherine Clifford of Crowdfund With Cat for Entrepreneur… “If you are serious about your crowdfunding campaign, you absolutely have to make a video.” And that’s because research shows that crowdfunding campaigns with a video component succeed at a significantly higher rate than those without.
In fact, in her March 2016 Forbes article titled “Crowdfunding Is A Female Founder’s Best Friend”, Geri Stengel notes that by making a pitch video, “You’ll raise four times more money than a company that doesn’t.”
How do I promote a campaign?
Campaigns are most successful by engaging with your community and social network early and often. To make it easy to share your campaign, we have incorporated social media sharing tools on campaign pages.
My campaign reached its deadline for fundraising, what happens now?
If your FUNDing goal is reached (or exceeded) by your preset campaign deadline, all backer credit cards will then be charged, and successfully processed funds will be transferred to your account (less fees). It is your responsibility to ensure that the rewards you offered are fully delivered to each of your backers.
What happens if a project doesn’t reach its funding target?
If a campaign’s FUNDing goal is not reached, backer contributions will not be processed (their credit cards are not charged) and the creator is no longer responsible for delivering the rewards offered.
I want to FUND Her… how do I become a campaign backer?
Explore campaigns for diverse and promising projects on Women You Should Fund. All it takes is the click of a button to make a monetary pledge and contribute to bringing a new woman-powered idea or venture to life.
What type of payment options are available?
All transactions on Women You Should Fund are between backers and creators directly. They are managed by a third party payment processor, Stripe, considered “the best online credit card processing solution” for both businesses and consumers.
Am I debited immediately when I contribute to a campaign?
No. When you pledge to a campaign, the payment is submitted as a “pre-order”. Your credit card will only be charged IF the campaign succeeds in meeting its funding goal by their deadline. You will be notified via email when the campaign is successful and will be informed as to what date your credit card will be charged.
Can I update/cancel my pledge after the campaign has ended?
Once the campaign has ended and the funds have been processed you cannot cancel your pledge or receive a refund. All processed contributions are final.