What is crowdfunding?
Crowdfunding is when a project or a cause is funded by a large number of people each contributing a small amount of money. Most people donate to project areas that interest or excite them, causes that they believe in, or to support people they care about.
Who supports the projects?
The people who support your projects will be individuals such as your friends, colleagues, and family members. Alumni and Supporters of the University also often engage with student led projects, and occasionally; complete strangers with a particular interest will choose to support you!
The important thing to remember is that the number of people your project reaches is in your hands!
Can I raise more than my funding target?
Yes! There is no limit to how much you can raise and it is common for projects to raise more than
their minimum target, and sometimes more than their ultimate funding target!
What is a project?
When you publish your idea or event, we call it a project. For your idea to become a project, you must have a clear goal and be able to explain what you will be doing with the money you raise, and the impact and benefits it will have for your group, the University, or the wider community.
How do funding targets work?
When you set up a project, we will ask you for two amounts - the minimum amount you need to make your project viable, and your ultimate funding target for maximum impact and benefit..
You only need to carry out your project and deliver rewards if you achieve the minimum target. If you don’t reach your minimum, donors will be offered a refund.
We recommend setting the minimum target at the smallest amount you will need to be able to complete your project and successfully deliver your rewards. You will still set an ultimate project target as well, and most projects do receive considerably more than their minimum!
Are there any fees?
Here at Reading FundSpace we want to make sure that you receive every penny of the funds you have worked hard to raise. We cover the costs of the platform, as well as any payment processing fees, so that all you need to worry about is making sure you deliver your rewards in a timely and efficient fashion!
Resources
The Crowdfunding Handbook
Rewards Guide
Promotion Guide
