What is Crowdfunding?
Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.
Crowdfunding projects on Grouphunt mostly take the form of rewards-based crowdfunding, which involves individuals contributing to a business in exchange for a “reward”, typically a form of the product or service the company offers. This framework has been made a popular approach through crowdfunding platforms like Kickstarter and Indiegogo.
How does it work on Grouphunt?
Grouphunt is a platform that helps communities of like-minded people get the things that they want at a group price.
When we Grouphunt a Crowdfunding project, we help the community place a group pledge in support towards the project. This often results in everyone being able to pledge less for the same reward, hence saving everyone some money as opposed to if one were to pledge individually. We also repack and distribute the rewards to you the moment we get hold of it.
In addition, Crowdfunding campaigns often have stretch goals which rewards backers coming together to unlock certain perks or versions of the product, so buying in bulk adds up!
What everyone should know
- Buying from a crowdfunding campaign is not like buying physical stock from a shop. People aren't buying things that already exist — they're helping to create new things. Creating things isn't always easy. Some projects will go wonderfully, and others will run into obstacles. Be prepared for a little bit of each.
- We take our responsibility to the Grouphunt community very seriously. It's our job to provide a system deserving of your trust — by proactively screening for potential problems, by investigating issues brought to us by our community, and by still being exceedingly clear that even with these steps not every project will go as planned.
- Hunters decide what's worth funding and what's not. When you back a project, you're trusting the creator's claims, so do a little research first. Even with a creator's best efforts, a project may not work out the way everyone hopes. As a conduit, Grouphunt is unable to resolve disputes, or offer refunds (similar if you were to pledge individually) - keep this in mind when you back a project.
What hunters can do
- Explore the project page. It should tell you everything you need to know, including details about the project and information — including a Verified Name — about the creator who's vouching for it. Don't forget to read the comments (to see what others are saying) and any updates (to see how the creator communicates with backers).
- Read what others say. If you're not sure about something, you can look elsewhere on the web. Does the creator have an online presence, or past work you can look at? Do people say good things about them? If you're curious about the thing they're creating, you can look into that, too. Has it been tried before? What happened then?
- Ask questions. If there's something you want to know about a project, ask the creator — there's an "ask" button at the bottom of each project page. And if you come across anything suspicious, just let us know — there's a “report this project” button on each page. That feedback helps us make sure no one's trying to abuse the system.
What we do
- We listen. Grouphunt is built on our community's requests. If you see a crowdfunding project you'd like to hunt, start one here. Likewise, we listen to what the community has to say - in a few cases the community has suggested the implausiblity of a product which has resulted in us not taking the risk of running the hunt.
- We take transparent action. When a hunt ends sucessfully, we place orders and make payment on behalf of the group. We also forward backer updates so you're kept in the loop of any product improvements or potential delays.
- We deliver. While we aren't able to be responsible for the project creator's delivery date (and delays do happen) our promise is that the moment we get the goods, we repack them immediately and get the goods to you.