StartSomeGood

Author: Kaitlyn Short

StartSomeGood has been a crowdfunding platform since 2011. Designed specifically for cause and enterprise fundraisers, their website has helped raise over $5 million in 30 different countries around the globe. An impressive 50% of fundraisers reach their fundraising goal. Their website targets individuals looking to affect social change through non-profit organizations, social entrepreneurship, and charities. 

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The Good

• Model type
• Fund type
• Maximum allowed raise
• Deadlines
• Receiving funds
• Administrative work options

Model Type

StartSomeGood operates on a Rewards model. To sign up to launch a campaign, fundraisers must offer a tier of at least 3 rewards. They make this a requirement because they believe it helps donors feel more connected to your campaign.

Fees

Creating and launching a campaign is free. In order to submit a project, candidates must have the following:

• A verified PayPal or Stripe Account
• A description of your project and how you'll use the funds you raise
• An original project or organization specific video
• A minimum of three reward levels

After the completion of each successful campaign, StartSomeGood deducts 5% from the total funds raised. They do not deduct anything if a campaign fails to reach its goal. Unlike other crowdfunding sites, some who charge transaction AND processing fees, StartSomeGood does not charge processing fees; however, since the funds raised are transferred through third party processors (Paypal or Stripe), there are transaction fees additionally withdrawn, currently at 2.9%.

Fund Type

StartSomeGood primarily offers an All or Nothing fund type. This means if you don't reach your total predetermined monetary goal you don't receive any funds. This method protects fundraisers from having to pay the money back to donators upon failure to reach their campaign goal. StartSomeGood campaigns must establish a 'tipping point' of funds for their cause. The 'tipping point' refers to the minimum amount of funds that must be raised in order for the campaign to make a difference in their chosen cause. The tipping point must be at least 25% of the overall fundraising goal. A fundraiser will not receive any of the donations they raise until the tipping point in their campaign is reached. This 'tipping point' may seem like a stumbling block at first, but it's beneficial because it adds credibility and transparency to campaigns and makes it easier for donors to support new projects or organizations. With such a valid track record with successful campaigns, StartSomeGood has demonstrated that having an 'all-or-nothing tipping point ' helps you raise more and increase your success rate more than "keep what you raise" funding models.

Maximum Allowed Raise

There is no limit to the amount StartSomeGood lets you raise. The only caveat is that the monies you raise has to hit the 'tipping point' before you can begin receiving donations. After that, the sky is the limit.

Deadlines

StartSomeGood is different than most crowdfunding platforms in that is does not have a cookie-cutter deadline for campaigns. Most have a 30 or 45 day time limit. On the contrary, StartSomeGood's campaign deadlines vary per project. This makes sense when you consider that unlike many crowdfunding platforms, StartSomeGood has to approve an applicant before they can launch a campaign and start raising funds. Each campaign is unique and StartSomeGood's Team works with you personally on your project, so how long it takes will be specific to your own needs.

Receiving Funds

At the end of each campaign, StartSomeGood processes its pledges and delivers them to fundraisers through their Paypal or Stripe account. This means donations can be collected quickly once your campaign is completed and the funds are processed.

Administrative Work Options

When you submit your project on StartSomeGood for approval, you get personalized feedback and advice from StartSomeGood's Global Support Team on your project. This is a great feature (especially for first-timers) to ensure your campaign is set up to win before investing the time, money and other resources a fundraising campaign requires. With such a high success rate, StartSomeGood offers credibility and a solid track record, making their input invaluable. The people behind StartSomeGood have also made it possible for each fundraising campaign to receive individualized and ongoing customer support throughout their fundraiser. Customized feedback on each project submitted is sent quickly to the fundraiser, typically within one business day. Once a project is approved, a member of the StartSomeGood Support Team will continue to work with the fundraiser throughout their campaign. The Support Team member is chosen to work with a particular campaign based on their geographical proximity to the fundraiser or their experience in fundraising for similar causes. This ensures the fundraiser the support of someone who has experience in successfully launching a campaign similar to their own. They will receive individualized feedback about their campaign as well as have their Support Team member available to provide assistance when needed. The StartSomeGood team also utilizes their own social media connections as well as eBooks and online events to promote campaigns, making it possible to reach an even wider audience than could be obtained solely through personal connections.

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The Bad

• Receiving Funds

Receiving Funds

Since the funds raised are transferred through a third party processor (choice of Paypal or Stripe), transaction fees are withdrawn on top of the 5% already taken by StartSomeGood.

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The Bottom Line

StartSomeGood is an excellent crowdfunding platform for those looking to create positive social change in the world. Their completion fee may seem heavy, but they don't charge processing or transaction fees like many crowdfunding sites do. The down side is that and have an extensive approval process, their dedicated Support Team and use of social networking to expand a campaigns pool of potential donors provides invaluable support. With a success rate of 50% of campaigns reaching their fundraising goal, we recommend giving StartSomeGood a try.