Fondomat
Encyclopedia
Fondomat is an online
crowd funding
platform
founded in 2011 by Joe Wakeford and Conrad Watts in Prague
, Czech Republic
quickly and effectively in the Czech currency.
The website handles the administration of charitable donations and the funding of individual projects. Online fundraising
tools are used to raise awareness of projects via social networks while enabling the electronic collection of donations.
Fondomat provides its service throughout the Czech Republic for charities and individuals wishing to raise money for charitable endeavours, creative projects and business start-ups. The site uses the power of social networks and the wisdom of crowds to help fund these activities
The concept gives charities a distinct advantage by offering a significantly lower cost way to raise money than traditional fund-raising methods. It is currently the cheapest to use on the market compared to those companies who offer similar services.
Competitors include Kickstarter
(USA) and RocketHub
(USA).
or investment
, Fondomat claims no ownership over the projects and the work they produce.
If the selected funding target is not reached by the deadline, the project owner is still able to keep the collected funds (unlike US site Kickstarter
). The site levies a 4% fee for fund-raising campaigns. As of 2011, it offers funding in Czech Koruna
(CZK) and is bilingual in both Czech and English.
Fondomat is the first crowd funding website in the Czech Republic and the only service of its kind to accept transactions in the Czech Koruna. Fondomat is not an investment vehicle, a broker or a business networking institute.
ONLINE
ONLINE is a magazine for information systems first published in 1977. The publisher Online, Inc. was founded the year before. In May 2002, Information Today, Inc. acquired the assets of Online Inc....
crowd funding
Crowd funding
Crowd funding describes the collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or organizations...
platform
founded in 2011 by Joe Wakeford and Conrad Watts in Prague
Prague
Prague is the capital and largest city of the Czech Republic. Situated in the north-west of the country on the Vltava river, the city is home to about 1.3 million people, while its metropolitan area is estimated to have a population of over 2.3 million...
, Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
quickly and effectively in the Czech currency.
The website handles the administration of charitable donations and the funding of individual projects. Online fundraising
Fundraising
Fundraising or fund raising is the process of soliciting and gathering voluntary contributions as money or other resources, by requesting donations from individuals, businesses, charitable foundations, or governmental agencies...
tools are used to raise awareness of projects via social networks while enabling the electronic collection of donations.
Fondomat provides its service throughout the Czech Republic for charities and individuals wishing to raise money for charitable endeavours, creative projects and business start-ups. The site uses the power of social networks and the wisdom of crowds to help fund these activities
The concept gives charities a distinct advantage by offering a significantly lower cost way to raise money than traditional fund-raising methods. It is currently the cheapest to use on the market compared to those companies who offer similar services.
Competitors include Kickstarter
Kickstarter
Kickstarter is an online threshold pledge system for funding creative projects. Kickstarter has funded a diverse array of endeavors, ranging from indie film and music to journalism, solar energy technology and food-related projects.-Model:...
(USA) and RocketHub
RocketHub
RocketHub is an online crowdfunding platform for creative projects. Creatives including musicians, filmmakers, photographers, theatre producers/directors, writers, entrepreneurs, fashion designers, etc. use RocketHub to raise funds and awareness for particular creative projects and...
(USA).
Model
Project owners choose a timeframe deadline and a target funding goal; they can add a description, a relevant YouTube video and photo to their project page along with non-monetary rewards if desired. Unlike many forums for fundraisingFundraising
Fundraising or fund raising is the process of soliciting and gathering voluntary contributions as money or other resources, by requesting donations from individuals, businesses, charitable foundations, or governmental agencies...
or investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
, Fondomat claims no ownership over the projects and the work they produce.
If the selected funding target is not reached by the deadline, the project owner is still able to keep the collected funds (unlike US site Kickstarter
Kickstarter
Kickstarter is an online threshold pledge system for funding creative projects. Kickstarter has funded a diverse array of endeavors, ranging from indie film and music to journalism, solar energy technology and food-related projects.-Model:...
). The site levies a 4% fee for fund-raising campaigns. As of 2011, it offers funding in Czech Koruna
Czech koruna
The Czech koruna or Czech crown has been the currency of the Czech Republic since 8 February 1993 when, together with its Slovak counterpart, it replaced the Czechoslovak koruna at par....
(CZK) and is bilingual in both Czech and English.
Fondomat is the first crowd funding website in the Czech Republic and the only service of its kind to accept transactions in the Czech Koruna. Fondomat is not an investment vehicle, a broker or a business networking institute.