Questions about UFunded:
How does UFunded work?
UFunded is the only crowdfunding platform dedicated to accelerating entrepreneurship within university communities. UFunded leverages the natural connections among students, alumni and faculty enabling entrepreneurs to showcase their product, service or creative vision to an existing but untapped resource of alumni Funders, advisors and collaborators.
1. Entrepreneurs create a campaign for products, services or a creative vision that has commercial appeal.
2. Funders give money in exchange for rewards offered by the individual campaigns.
3. If the fundraising goal is met then the entrepreneurs receive the money and then deliver the rewards to their Funders.
4. UFunded only hosts non-equity based campaigns at this time. Entrepreneurs keep 100% ownership of the product, service or creative vision. UFunded currently does not allow equity investment or lending at this time.
Who can use UFunded?
Anyone who is 18 years old can submit a campaign on UFunded. There are no limitations on who can fund a campaign. UFunded only accepts U.S. currency.
What are the requirements for fundraising goals?
Crowdfunding campaigns for university-affiliated, 501(c)(3) non-profits do not have to reach their fundraising goals to receive donations. If the affiliated university recognizes the donation as a tax-deductible charitable contribution, the crowdfunding campaigns will keep all funds donated. Please read the individual campaign descriptions to verify this. You will receive a tax receipt from UFunded after making a donation.
Every other crowdfunding campaign on UFunded must reach its fundraising goal to receive the donated money. For-profit companies and non-profit organizations not affiliated with a university will use an all-or-nothing format. Any Funder that contributes to a campaign that does not reach its goal will have their money refunded. Entrepreneurs must explain what the funds will be used for and need to reach that goal to execute their plan. Of course, every campaign is allowed to exceed their fundraising goal!
The all-or-nothing format ensures that entrepreneurs set realistic goals and work hard to engage their networks for funding. An entrepreneur that falls short of their fundraising goal will have a hard time executing their plan.
This protects the Funders of campaigns as well. Funders are only charged for campaigns that can execute their plan.
Who provides the funding?
Entrepreneurs need to engage their friends, family and extended networks for support. UFunded gives entrepreneurs a larger, more supportive, extended network by encouraging alumni Funders to participate in your university community. Alumni Funders share the emotional connection to your alma mater and want to help worthy entrepreneurs get the support they need.
Anyone (over 18) can donate money if your product, service or creative vision is compelling enough to create demand for your rewards.
How do I get started?
Start a campaign using UFunded’s customizable template. Create a 1-5 minute video. Post photos of your product, service or creative vision. Give a detailed explanation of your funding needs and how the money will be used. Create some awesome rewards that provide Funders an incentive to give and then share your campaign using built-in social media tools.
UFunded allows an entrepreneur to build a campaign, save it and preview it before submitting it for approval. Check out UFunded’s Tips for Entrepreneurs to learn the best practices of a successful campaign.
Questions for the Entrepreneur:
Am I eligible to run a campaign?
You must be 18 years old.
Is a PayPal account required?
PayPal is the 3rd party payment processor that enables UFunded’s all-or-nothing format. Having a PayPal account makes it simple for UFunded to transfer your funds following a successful campaign.
Can I change my funding goal or campaign deadline?
Entrepreneurs need to think carefully and deliberately about their funding goal and campaign deadline. Once your campaign is submitted the funding goal and campaign deadline cannot be changed.
Can I edit information about my campaign after it starts?
Typos and mistakes do happen. UFunded allows you to edit your campaign, give updates, and add new pictures and videos. UFunded wants to give you the best platform to showcase your product, service or creative vision.
Questions for the Funder:
When am I charged?
You will be charged when you pledge your support. If the fundraising goal is met the money will be transferred to the entrepreneur. If the fundraising goal is not met your pledge will be refunded.
If the campaign falls short am I charged?
Funders will have their pledge refunded if the fundraising goal is not met.
How do I get my rewards?
The entrepreneur is responsible for delivery of the rewards. UFunded tracks the Funders of the campaign for entrepreneurs to simplify the process. Email addresses will be shared with the entrepreneur to help communicate with Funders.
How can I get updates?
Stay plugged into the campaigns you support by checking back on UFunded. Entrepreneurs are encouraged to share updates using built-in social media tools to keep Funders dialed in. Entrepreneurs also share links to their company websites and social media profiles to make communication easy.
Does anyone have access to my credit card?
UFunded uses PayPal as a 3rd party payment processor to ensure that campaigners or UFunded never have access to any of your credit card information.