Frequently Asked Questions

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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?

No. SPURstartup is a crowdfunding platform for the startup process. You can crowdfund for steps in your startup journey, like market testing or manufacturing a prototype, for example. We do not allow projects to fundraise for charity or offer equity. All forms of illegal content will not be accepted on this site. We conduct a screen of your campaign before it goes live to make sure it abides by our Terms of Use.

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?

We accept entrepreneurs for a variety of startups, including small businesses, tech innovations, social enterprises, and lifestyle startups. SPURstartup is open to backers all over the world and is available for entrepreneurs to launch projects to individuals in the U.S. and Canada who meet the requirements below and abide by our Terms of Use.

  • 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 info@spurstartup.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?

Backers that support a project on SPURstartup get the chance to be involved in startup process for an idea they love and help aspiring entrepreneurs achieve their dreams. Backers also get to choose from a variety of creative rewards offered by the entrepreneur. Entrepreneurs keep 100% ownership of their startups, and SPURstartup cannot be used to offer equity, financial returns, or to solicit loans. Please look at our Terms of Use for more info.

Who is responsible for completing a project as promised?

It’s the project owner’s responsibility to complete their project. SPURstartup offers resources to help entrepreneurs build awesome ideas but is not involved in the development of the projects themselves and does not guarantee projects. Please see our Terms of Use for more details.

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?

Project owners are responsible for fulfilling each reward and meeting their project goals. Backers need to be aware that SPURstartup is not a store. When you back a project, you are helping entrepreneurs develop ideas and grow their startups. Remember that these startups are often in very early stages of development, and there is a chance that something could happen that prevents the project owner from finishing the project as promised. Please take a look at our Terms of Use for more details.

Can SPURstartup refund money if a project is unable to fulfill rewards?

No. SPURstartup doesn’t issue refunds. Transactions are between project owners and backers directly. Please read our Terms of Use for more information.

Does SPURstartup review projects before they launch?

Yes. Every project launched on SPURstartup undergoes a two-day screening process to make sure it follows our Terms of Use.

How do I report a copyright violation?

Please talk with a lawyer if you believe material on SPURstartup infringes your copyright. If you and your lawyer conclude that the material is being infringed, please try to message the project owner directly using the contact button on the project page. If you are unable to resolve the issue, please see our Terms of Use for our DMCA policy and instructions to file a complaint with us.