How It Works
Project owners create and promote project profiles
Each project undergoes review and requires approval before it can be launched for funding. The following guidelines should be considered when creating a project profile.
All projects need to be science and technology related. We have condensed the various sciences to 30 categories and projects need to fall under one of the following: Aerospace, Archaeology, Astronomy, Biology, Botany, Chemistry, Computer Science, Earth Science, Electronics, Energy, Engineering, Environmental, Fisheries Science, Forensics, Forestry Science, Genetics, Linguistics, Materials Science, Mathematics, Medicine, Nanotechnology, Nuclear Technology, Physics, Robotics and A.I., Science Fiction, Security Engineering, Social Science, Software Engineering, Systems Engineering, and Zoology.
Owners should provide a title, an overview, and a detailed description of their projects. A concise and appealing summary is encouraged. It is required to include a creative photo of the project or an image that uniquely describes the project. Funders will usually determine to visit the project page based on the immediate information presented to them.
In the detailed description, it is good to include transparent funding goals and indicate how the money is going to be utilized towards completion of the project.
Owners can upload files related to the project which can be of type jpg, jpeg, png, gif, doc, xls, txt, wmv, flv or pdf. These files can contain detailed project plan, images of products and phases of the project, and other necessary documents.
Video and Social Media Links
Projects with creative and informative video content are more likely to get funding from backers. In addition, owners can provide links to their LinkedIn, Facebook, Twitter, and other social media websites. They can also provide project updates through their feed accounts.
ScitechStarter is not a marketing expert. It is the responsiblity of the owner to promote the project via various media. However, we do have an affiliate program that can help entice other users to promote the projects for a commission. That said, please note that we do not tolerate spam.
Funders pledge money and offer assistance to projects
Funders, backers, and pledgers are used interchangeably to refer to the user that gives money to the project owner. They browse projects and follow the ones they want to support and fund.
Here are some things to remember when funding a project:
1. Backers can fund multiple projects but is limited to 3 pledges on the same project.
2. Backers can cancel pledge 7 days prior to project end date.
3. Backers can view other backers and their pledge amounts.
4. Backers can post comments on projects and project updates.
5. Backers can receive RSS and feed updates from project owners.
6. Backers can offer advice and assistance to project owners.
7. Backers can report a project and we will review if the flagging is appropriate.
8. Owners are not allowed to fund their own projects.
9. Owners are allowed to fund other projects.
10. Owners can cancel backers pledge for their projects.
Project owners receive all or nothing funding
Projects need to reach or exceed (if overfunding is allowed) the goal amount in order to receive funding. Owners are allowed to set a maximum of 90 days or 3 months as a limit for their funding duration. That is because PayPal authorization will expire in 90 days.
Two types of fees apply to any project:
ScitechStarter Commission Fee
We collect 5% of the total amount X raised as commission. The new amount Y will be the basis for the fee in item 2 below.
PayPal Adaptive Gateway Fee
Since we use PayPal Adaptive to process the funds, owners get charged 5% plus $0.05 of the remaining raised amount (i.e. amount Y minus gateway fee).
There are several types of pledge amount an owner can set the project to collect:
Any - Pledger can pledge any amount.
Minimum - Pledger has to pledge at least minimum amount.
Fixed - Pledge amount is fixed.
Multiple - Pledge amount can be multiples of specified amount.
Suggested - Pledger can pledge from given set.
Funders receive and enjoy excellent rewards
Rewards are mandatory and they need to be related to the project. The better the rewards, the faster funding goals are met, and the more money will be raised. Rewards can be real objects, experiences, or other cool stuff. But they should be achievable and realistic.
For example, rewards can be prototypes of products developed during the project itself, signed first copies of a science fiction saga, meet-and-dine with the inventor, published reports of a medical research, limited edition cool gadgets, models of a next generation nuclear fusion reactor, newly discovered planets named after the funders, etc.
Rewards need to priced reasonably. Based on the pledge amount, funders can receive rewards accordingly as if the rewards were purchased in the real world. It is the discretion of the project owner to set a limit to the maximum number of users who will receive the reward.
ScitechStarter has also made it easier to track rewards by adding barcodes in reward vouchers.
ScitechStarter monitors transactions
Scitechstarter will work alongside any law enforcement investigation in assisting and ensuring any illegal activity is stopped and punished. Scitechstarter does monitor all transactions and in the event of any illegal activity is recognized, it will be reported.
Please view PayPal's Acceptable Use Policy.