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crowd funding course

FAQ

General

 

What is mimoona?

 

We’re a community dedicated to helping entrepreneurs and innovators get the funding they need to turn a small start into a big finish. Our website offers an online “crowdfunding” platform which is a way to raise money by attracting many small donations from a large group (friends, family, professional & social contacts) to meet a funding goal. “Investors” give contributions in exchange for rewards or perks offered by those who post (rewards can be any product, service or experience to which the project owners have access).

 

Do I have to be incorporated as a company to post?

 

Nope.

 

Who can start or fund a project?

 

Anyone with an idea, project, business or invention can apply to post on our site from anywhere in the world.  This fundraising approach is not only ideal for seed capital or for expanding an existing venture, but it is also good for proof of concept or creating a product proto-type as part of a larger venture. This approach can really be used for funding any project or idea that is worthy of support.

Anyone with even $5 or $10 to spare can fund a project. All contributions are made online and processed through Pay Pal (see Backing a Project) and can come from anyone, anywhere in the world.

 

Do I have to pay the funds back?

 

No. The money contributed is not a loan or an investment – they are good will contributions made to support the project owner. Backers get rewards as well for their donation so it is a win-win.

 

Do I have to join as a member to back or start a project?

 

You do not have to join the site (it’s free) to browse projects but to back someone or to start a project – or to do cool things like follow your favorites ventures – you do need to join us and create a profile – but it just takes a minute! Did we mention it’s FREE?

The reason backers have to sign up (join) to donate is that their contribution has to be trackable – to a specific project (their contribution gets a transaction ID when they are registered) and the entrepreneur has to have at least minimal information about them (backer’s name and email) so they can fulfill their rewards.

 

Will mimoona sign a Non-Disclosure form?

 

No, as we aren’t involved with evaluating your venture. It is up to you to decide how much you want to disclose about your idea or business to excite people to back you. Having said that, we are believers that ideas are, as they say “a dime a dozen” – it’s the execution that matters - so we say put it out there and get the support you need to launch!

 

Starting a Project

 

How do I submit my business or project?

 

Just click on the Start a Project link here or on the home page and fill out the submission form. Before you submit your idea or business, be sure you are prepared to do what it takes to run your fundraising campaign. Take it from us – it’s not a “build it and they will come” proposition. You’ll need to have an understanding of how to create a community around your project (via frequent social media updates, videos, email campaigns, etc) and give them a reason to fund you.

 

Why are submissions reviewed?

 

Our staff reviews submissions to ensure that the project creators understand how our funding platform works and what will be required of them in terms of their commitment to get out there and engage their community. We also want to make sure the content is suitable for our site and would not make your grandmother blush! We are not judging the viability of your business concept, nor do we limit the amount of submissions we approve…so feel free to tell your friends about us!

 

Any advice on submissions?

 

Hava a look on mimoona university for tips.

 

Is there a fee to post?

 

No, there is no fee to post as we did not want to create a financial barrier for entrepreneurs or others to use our funding platform. Instead we charge a 5% success fee on funds raised to cover our costs on the "all or nothing" program and 10% if it's a flexible project (please see further details below). Those who post their ventures are also responsible for 3rd-party payment processing fees via credit card on their donations so please keep these 2 fees in mind when deciding on your funding goal.  (Note there may also be additional fees charged by the credit card companies for cross border payments and currency conversion).

 

Why do projects require a funding goal and deadline?

 

Every project has a funding goal (a specific dollar amount) and a time limit (60 days) set by the project creator as we believe in the power of a deadline as a motivator. It motivates the entrepreneur to keep their campaign fresh & energetic and it encourages the backers to take action to help before time runs out.

 

Under which languages may I submit the project?

 

Each project must be submitted in Hebrew first and afterword it may be submitted in English. In case you need help with translating it from English to Hebrew we would be happy to assist. 

 

What if I exceed my funding goal before my deadline expires?

 

That’s a great problem to have. Exceeding your funding goal just means you’ll have more capital with which to launch or grow your business so keep those contributions coming until your campaign deadline ends!

 

What if I don’t reach my funding goal?

 

There are two courses towards one's dream:

 

1. "All or nothing"- By choosing this option, the project owner would be required to meet his goal amount within a maximum period of 60 days. If he secedes, all the collected funds, minus credit card fees (4-5% of the collected funds) and "all or nothing" fees of 5%, will be transferred to him. If he don't, he won't get any funds as backers won't be charged. We do this primarily so that you aren’t expected to accomplish what you told folks you would with their contributions (buy an oven or build a website). In a nutshell – this protects both parties from disappointment and unmet expectations…and most importantly you have to be able to fulfill the tangible rewards you offered.

 

2. "Flexible project"- This option is applicable in some cases and enables a project owner to get all the funds collected in his project, even if he won't meet his funding goal. In that case, he'll get all the collected funds minus credit card fees (4-5% of the collected funds) and "all or nothing" fees of 10%.

 

 

Is there a limit to how much a venture can raise?

 

No. But try the keep a reasonable amount which fits your venture.

 

Backing a Project

 

Who can back a project?

 

Anyone, anywhere in the world can contribute to a venture on our site. All you need is a working Visa, MasterCard or American Express. Sorry we can’t accept cash or checks.

 

Are there fees for me to back a business?

 

Nope.

 

How do I back someone?

 

To contribute, just select a project and click the “Invest” button. You can then choose the level of funding you’d like to give and select your reward. From there, you will go through the secure credit card checkout process to complete your backing.

 

Can I pay with cash or check?

 

Unfortunately no – payments can only be processed through a valid credit card. Also, in order for the project creator to have your contribution count towards their funding goal, the pledge has to be made online through our payment system.

 

What happens when the funding campaign ends?

 

It depends on the type of the project. If it is an "all or nothing" project, then upon meeting the funding goal, backers will be charged and the funds (minus the fees) will be transferred to the project owner. If it is a flexible project then the backers are charged (when backing the project) and the project owner will receive all the funds, even if the project has not met its goal.  

 

 

Who is responsible for sending my reward and when will I get it?

 

Each project owner is responsible for developing and fulfilling the rewards they offer. If you have any questions about the rewards, you can always email the individual directly from their venture page. If applicable, be sure to note sizes or colors, or formats required, etc with any rewards that you are selecting. The rewards will be sent out only AFTER the fundraising campaign is concluded.

 

Can I ask the entrepreneur for stock instead of a reward?

 

Unfortunately due to SEC regulations, entrepreneurs can only offer cool rewards – and their undying gratitude - at this time! They are not allowed to solicit investments through our platform or offer any equity in their ventures or financial return in exchange for your support. 

 

Rewards

 

Who creates the rewards to give the backers?

 

The project owner is responsible for coming up with their rewards. In many cases, it is simply the products the business already creates but they can be any product, service or experience you have access to, the sky is the limit so be as creative as you can. You will want to use a tiered reward system (offering something at $10.00 and $25.00 and $50.00 etc).

 

Can a reward be limited?

 

Yes. You have the opportunity to limit the rewards at each pledge level and the number still available will automatically be updated on your page as the rewards are selected by backers. This is particularly useful for one-of-a-kind products or experiences.

 

Who delivers the rewards and when?

 

The entrepreneurs who post for funding are responsible for fulfilling the rewards to backers.  When calculating your reward levels, as well as your overall campaign goals, keep in mind that you will have some expenses for packaging and mailing the perks to your backers when your fundraising concludes.  Remember, you do not send out the rewards until your funding has been successfully concluded as if you do not reach your goal, the contributions will be returned to your backers so the rewards will not be sent out.

 

What can be offered as a reward?

 

Almost anything. See our mimoona university for ideas.

 

How many reward tiers should I offer?

 

Having too many tiers is very likely to discourage supporters. People want to help you and give you money so keep it simple – don’t make them stumble through too many choices in order to back you.  Anything more than five or six tiers are probably too many.

 

Administrative

 

I forgot my password. What do I do?

 

Just go to the Forgot Password page and we’ll email you a link to setup a new password. If that doesn’t work, you can always email us at admin@mimoona.co.il

 

 

 

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