We love this crowdfunding company and according to them this is what they do:
“StartSomeGood empowers people from around the world to become social innovators. By connecting social entrepreneurs with the financial and intellectual capital they need to transform an idea for improving the world into a reality, together we can turn ideas into action and impact.
There are no shortage of problems in the world, and no shortage of people with ideas to address them, yet they lack the resources that they need to get started. StartSomeGood provides social entrepreneurs with a platform to raise start-up funds and build a community of supporters — all in a fun, engaging and community-driven way. Our site taps into the power of the crowd, allowing social entrepreneurs to ask for small amounts of money from supporters from around the world, and gives them the tools to update their supporters, provide unique rewards in exchange for support and run multiple campaigns over time.
We’ve taken the crowdfunding model — which is growing in popularity world-wide — and customized it to reflect the unique needs of social entrepreneurs.
If you are visiting for the first time, we know you will find many worthwhile initiatives and inspiring changemakers here. We hope you will choose to chip in to help make these important ventures start and thrive, to help those who are helping our world. And then we hope you think about what your community needs, and the good you might start yourself. We are here to help you turn your ideas into action and impact.
Creating a more sustainable, equal and just future will take all of us.
How will you StartSomeGood?”
We like this site because of it’s overall message. Here are some things to consider:
1. As stated on their website, ?StartSomeGood levies a fee of 5% of the total funds received by a campaign (after 3rd party transaction fees of ~3%). However, we only receive our share if a campaign reaches its tipping point. If a campaign fails to reach its tipping point, then, just like the campaign itself, StartSomeGood does not receive any fees.”
2. Startsomegood.com also has to approve all the entries before posting. We like this idea as it ensures that companies, projects and ideas fall within their mission of promoting good.
3. www.startsomegood.com does not do the work for you. However, they do offer help in getting set up. Still, the most important aspect of the crowdfunding campaign is marketing and managing the campaign.
4. Rewards are still key for this site.
5. Equity exchanges are not allowed and www.startsomegood.com is not up to date on SEC requirements as evidenced by their disclaimer: “Due to SEC regulations, you are not allowed to offer any type of equity in your venture in exchange for support. Other no-no’s: loans, lotteries, raffles, sweepstakes, and coupons/discounts on future goods. Like a chaperone at a middle school dance, we don’t make the rules, we just enforce them.” This is not longer true but still applies on their site, which does not deter us from recommending them.
6. One key aspect we identified is the following identified on their site:
“A: Starting strong is both a recommendation and a requirement. Like a tip-jar at a coffee shop, no one wants to be the first person to put their money in the jar, so thatʼs why smart employees stuff it with a few bucks ahead of time. You should do the same thing with your campaign — make sure to get your first five pledges of support lined up and ready to go before your campaign starts. That way, immediately upon being approved as a campaign your best friend, college roommate, and Mom (awww) can pledge their support right away and give you that crucial momentum. How important is starting strong? It’s so crucial that we’ve created the following requirement: in order to have your campaign appear on our homepage, our list of campaigns page and to remain active, you must receive three pledges within the first 7 days of your campaign launching. The size of the pledges does not matter. What does matter is getting momentum from the start. Nearly every campaign that has successfully reached its tipping point on StartSomeGood received a good number of pledges in the first day and first week of their campaign. We’ll send you reminders if you haven’t received three pledges, because we want to make sure your campaign remains active. But as long as you plan ahead and tell your community about your campaign, it shouldn’t take long at all to start off on the right foot. For more, check out this post about our Start Strong Requirement on our blog.”