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What is SPURstartup?
SPURstartup is an online incubator for aspiring entrepreneurs to live, grow, and be discovered. At SPURstartup, entrepreneurs can incrementally crowdfund their ideas to grow their concepts one step at a time, take startup courses, and transform their ideas into their dream businesses. To learn more about what we do, click here.
Is SPURstartup for student ideas only?
No. SPURstartup is for any aspiring entrepreneur looking for the resources and guidance to take the first steps towards building their dream business. To learn more about student projects, please check out our Affiliated Organizations.
What are the basics of the funding platform?
- A project is a small campaign with a clear goal to raise enough funds to reach a milestone in the startup process such as building a prototype, contracting a graphic designer, or developing an app.
- The funding goal is the amount of money the entrepreneur needs to accomplish their project and fulfill rewards.
- A project owner is the entrepreneur who is the main point of contact and representative for the startup.
- Backers are supporters who pledge money to help the startup succeed.
- Rewards are ways for the startup to show their appreciation for their backer’s support and get backers involved in their journey.
- Funding on SPURstartup is all-or-nothing, meaning no one will be charged for a pledge towards a project unless it reaches the funding goal. This ensures the project has enough funds to meet their goals and follow through on rewards.
Can SPURstartup be used to fund anything?
How does funding work on SPURstartup?
Most funding on SPURstartup is all-or-nothing, meaning no one will be charged for a pledge towards a project unless it reaches its funding goal. This way, entrepreneurs always have the budget they planned for before moving forward. We do have special promotions or collaborations with charities. In that case, projects participating use a keep-it-all funding structure. This means they keep whatever amount they raise, less fees.
What are funds raised on SPURstartup used for?
Funds raised by projects on SPURstartup are used for various objectives that accomplish important steps in the startup process, like building a website or manufacturing a prototype.
Who can use SPURstartup?
- You are 18 years of age or older.
- You are a permanent resident of the country you are creating a project in either in your own name or on behalf of a registered legal entity.
- You have an address and bank account.
- You have a major credit or debit card.
Why is most funding all-or-nothing?
SPURstartup uses an all-or-nothing funding model because it is less risky for both backers and startups. Entrepreneurs set their funding goal as the budget needed to achieve their project’s objectives and fulfill their rewards. It’s difficult to complete a project and deliver rewards with a smaller budget than anticipated.
Do entrepreneurs have to give up equity to raise money on SPURstartup?
Nope. SPURstartup does not make entrepreneurs give up any equity to use the platform and prohibits equity crowdfunding. SPURstartup gives backers the opportunity to get involved in the startup process without bearing the risk of having any ownership of the startup itself.
Why does SPURstartup encourage multiple rounds of fundraising?
SPURstartup helps entrepreneurs start their businesses, step-by-step. Our incremental approach helps entrepreneurs build their startups according to customer feedback, research, and discoveries made throughout the concept development process.
Why do people back projects?
Generally, people support projects because they want to see the startup succeed and become involved in the startup community. Sometimes it’s to support their friends and family or they might be inspired by the idea.
What are Affiliated Organizations?
Affiliated Organizations give alumni and backers the chance to get involved in the college startup scene by supporting projects from specific colleges and programs. Programs can have a page on SPURstartup that discusses what they do and showcases recent projects. Backers can support the school they love and stay in the loop with what’s happening on campus. To learn more, checkout our Affiliated Organization Page.
How can my program or school become an Affiliated Organization?
To get an Affiliated Organization page on SPURstartup, please contact email@example.com
Where do backers come from?
Most backers come from the entrepreneur’s friends and social networks. If they like the idea, they spread the word to their networks, and so on. Backers also find out about projects through Facebook, Twitter, blogs, and the press.
What do backers get in return for funding a project?
Who is responsible for completing a project as promised?
What does SPURstartup do to help backers know if an entrepreneur and project is credible?
Certificates for taking startup courses (coming soon). The project owner’s profile will show certificates earned by successfully completing courses over startup fundamentals. Check out our Startup Courses for more details. Affiliated Organizations. SPURstartup works with accredited organizations and universities with strong entrepreneurship programs. Direct messaging. Backers can reach out to project owners and ask questions before pledging via the ‘Contact me’ button at the bottom of the project page.
What are project owners obligated to do once their project is funded?
Can SPURstartup refund money if a project is unable to fulfill rewards?
Does SPURstartup review projects before they launch?
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