What You Need to Know
Seed Match
Foodstart is committed to making your business a success... if you raise at least $5,000 on our platform, we'll pitch in an extra $500! Try getting Bank of America to do that! (more info)
Yes - it's true. There are just two restrictions...
- Your campaign must be completed by August 31st, 2013
- Your campaign must receive backing from at least twenty different individuals.
That's all the small print. Not too bad, right?
Social Media Marketing Program
Exclusive to Foodstart... we'll help you market your campaign by providing press release distribution, online advertising, printed fliers, and more – all, for free! (more info)
Backer Cards
Also unique to the industry, Foodstart sends everyone who backs your business a physical, embossed cards that they can present to your staff to redeem perks and rewards. (more info)
The cards are made of high-quality, 30 mm PVC and are the exact same thickness as a credit card. They come embossed with your business's name, the backer's first and last name, and the level they have backed your business (i.e. Supporter, Partner). We will send these (and replacements if necessary) directly to the backers so you don't have to worry about fulfillment.
Also, these are not credit cards or gift cards so there is no need to integrate with a point-of-sale system. Instead, they are more like identification cards backers can show to your staff... and show off to their friends to prove they were an early supporter of your business
When Funds Are Released
For existing businesses...
when your campaign deadline ends, we will send you a check, less our fees, for whatever funds have been raised - even if you haven't made your funding goal. (more info)
For existing businesses we waive our funding threshold requirement because backers still will be able to receive perks from your existing operation.
This is the opposite of some other platforms which return all funds for existing businesses, even if a campaign is just a dollar short of its goal!
For new businesses...
we require that the campaign's funding goal be reached before releasing funds.(more info)
We require a funding threshold be met for new business in order to protect backers who need confidence the project will get off the ground and that they will have a way to redeem their perks and rewards. The solution: make sure you set a reasonable goal.
Fees
There is no setup fee for a Foodstart project. We get paid only when you get paid. Foodstart charges just 5% of the total amount raised and passes along an additional 2.9% credit card processing fee from Amazon.com (backers use their familiar Amazon username and password to back your business.) That's a total 7.9% - the lowest fees in community-funded finance - so you can keep more of the money you need to grow your business.
Promotional Toolkit
Few people are looking around the internet for businesses to give their money to so we'll give you the tools to get the word out. In the meantime, start thinking about future customers, vendors, family, friends, former colleagues, friends from college - anyone who will be excited to see your business up and running.
