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according to wikipedia, crowd funding " describes the collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or organizations."
simply put, it is a diverse group of people supporting a particular project, through financial commitments.
by encouraging a community of people to finance indigenous ideas and projects we are able to stimulate local participation and awareness of issues and solutions that affect us.
all project contributors who fund over $10 receive a reward.
an important part of our rewards are discount offers at local businesses. we want you to support local projects and also enjoy great detroit businesses. detroit has many wonderful businesses offering unique products and services and this is an opportunity to take advantage of some of detroit's commercial offerings.
Once your payment is made, we will contact you regarding the redemption of your rewards.
Generally, you should receive your e-coupon via e-mail, you will be able to print out your coupon and redeem at merchant's location.
For contributions made in the "other amount" category, the rewards are consistent with those that accompany the funding buttons [$10, $15, $20, $30, $50]. Amounts under $10 receive a thank you card, while amounts over $50 receive all rewards outlined plus additional rewards not mentioned on the website ( its a secret, but its good...trust us). Funding amounts that fall between the outlined funding choices, receive rewards consistent to the nearest funding button.
Monies disbursed to finance projects are not awarded as investments or loans, which means contributors do not own equity in the project or receive interests or dividends from their contribution. Also monies you provide to projects are NOT tax deductible.
Project proprietors have unrestricted use of all money generated from the fundraising process
We (Detroit Big F Deal) will vet all projects before funds are solicited and track funds spent after the close of the funding process. We will update everyone on the projects via the website.
All payments are processed by PayPal.
PayPal assesses a fee for processing each transaction; 2.9% + $0.30 USD.
Detroit Big F Deal receives a 7% commission per transaction, for providing this fundraising platform.
The project receives 90% of all monies contributed.
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