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How to avoid bad crowdfunding campaigns and put the money we’ve saved you into worthy projects. You can thank us later.
Crowdfunding on tiny Malta and Gozo can be both a disadvantage due to the limited size of the potential pool of backers, but also an advantage when it comes to the chance of having knowledge of the organisation or individual that’s collecting the funds. Despite this, here are a few tips on how to watch out for bad crowdfunding campaigns, whether local or foreign, to avoid disappointments:
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”1_2″][et_pb_blurb admin_label=”Blurb” title=”Look up the company/organisation that’s launched the crowdfunding campaign” url_new_window=”off” use_icon=”on” font_icon=”%%52%%” icon_color=”#ffffff” use_circle=”on” circle_color=”#7ebec5″ use_circle_border=”off” circle_border_color=”#7EBEC5″ icon_placement=”left” animation=”off” background_layout=”light” text_orientation=”left” use_icon_font_size=”off” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_margin=”0px|0px|0px|0px” custom_padding=”0px|0px|0px|0px” custom_css_blurb_title=”font-family: IntroBlack;” header_font=”|||on|”]
It goes without saying that many of the projects that need to crowdfund, especially start-ups (as that title suggests) will be new companies or organisations that are just entering the market, so information about them online might be limited. However, it is still always a good idea to do your research and see what’s out there, as past projects will give good indication of the creators’ level of commitment. If the information you find looks trustworthy or if the campaign is organised by an NGO or charity with a strong reputation, you can rest assured that your money is going to the right cause.
[/et_pb_blurb][et_pb_divider admin_label=”Divider” color=”#ffffff” show_divider=”off” divider_style=”solid” divider_position=”top” hide_on_mobile=”on”] [/et_pb_divider][et_pb_blurb admin_label=”Blurb” title=”Is the amount of money requested realistic? Is the timeline planned realistic? ” url_new_window=”off” use_icon=”on” font_icon=”%%167%%” icon_color=”#ffffff” use_circle=”on” circle_color=”#fdb414″ use_circle_border=”off” circle_border_color=”#7EBEC5″ icon_placement=”left” animation=”off” background_layout=”light” text_orientation=”left” use_icon_font_size=”off” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_margin=”0px|0px|0px|0px” custom_padding=”0px|0px|0px|0px” custom_css_blurb_title=”font-family: IntroBlack;” header_font=”|||on|”]
A serious project, which has been well-researched before being put up for crowdfunding, will be the result of long-term planning, so the business and financing goals should look feasible and viable. The timeline is another indication of a less-than-serious project, and any limited-term campaign promising things that seem too good to be true in unbelievably short deadlines should be avoided at all costs.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_2″][et_pb_blurb admin_label=”Blurb” title=”Research the actual product or event” url_new_window=”off” use_icon=”on” font_icon=”%%147%%” icon_color=”#ffffff” use_circle=”on” circle_color=”#fdb414″ use_circle_border=”off” circle_border_color=”#7EBEC5″ icon_placement=”left” animation=”off” background_layout=”light” text_orientation=”left” use_icon_font_size=”off” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_margin=”0px|0px|0px|0px” custom_padding=”0px|0px|0px|0px” custom_css_blurb_title=”font-family: IntroBlack;” header_font=”|||on|”]
Even though the product or event being crowdfunded seems new to you, it might have been around for some time already, or perhaps the crowdfunding is meant for a new or updated version. Googling it will be enough to get an idea of its quality, reach and the feedback it got through any online reviews. It’s also a good idea to google the images presented in the description, as in dodgy cases or scams, these could be standard stock images copied from somewhere else rather than true representations of the product you’re about to fund.
[/et_pb_blurb][et_pb_divider admin_label=”Divider” color=”#ffffff” show_divider=”off” divider_style=”solid” divider_position=”top” hide_on_mobile=”on”] [/et_pb_divider][et_pb_blurb admin_label=”Blurb” title=”Trust your instinct” url_new_window=”off” use_icon=”on” font_icon=”%%95%%” icon_color=”#ffffff” use_circle=”on” circle_color=”#7ebec5″ use_circle_border=”off” circle_border_color=”#7EBEC5″ icon_placement=”left” animation=”off” background_layout=”light” text_orientation=”left” use_icon_font_size=”off” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_margin=”0px|0px|0px|0px” custom_padding=”0px|0px|0px|0px” custom_css_blurb_title=”font-family: IntroBlack;” header_font=”|||on|”]
If you’ve read the project details carefully and there are a few things which you aren’t convinced about, hold those fingers from entering your bank details. Smoke signals, like the lack of a prototype for example, might suggest that the project is not fully developed yet and hence the risk of it never actually materialising. Follow your gut and go for the projects that give you the sense of security that you’re funding a great cause!
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