1. What is Innovation Factory and why would I use it?
We’re an online crowdfunding platform that offers users a way to raise funds for creative projects in the areas of Art, Business, Design, Fashion, 3D Printing, Film, Games, Music, & Technology. Each campaign must have a clear goal, such as “designing a better boat,” “writing a book” or “hosting a dance workshop.” A campaign will eventually be completed, and there must be a clear result. Our staff reviews each campaign to ensure it meets these criteria.
2. How do I start a campaign?
Click “Start” in the top left hand corner of the website. The “Start a Campaign” page opens to a wizard that takes you through the building of your project.
3. What makes me eligible to start a campaign?
In order to start a campaign on Innovation Factory, you must meet the following requirements:
- You must be 18 years of age or older. If you’re under the age of 18 you can start a project in collaboration with a parent or teacher only if he or she is the one registering with Innovation Factory and receiving payments.
- Businesses, nonprofits, and other organizations can also use Innovation Factory to fund their creative projects.
4. How does the campaign process work?
We offer organizations, groups and individuals a means to raise funds by posting a campaign on Innovation Factory. All campaigns must have a funding goal and a time limit.
5. Who can fund a campaign?
Anybody, anywhere in the world with a PayPal account and $10 or even $5 to spare can fund a campaign. Fans, friends, family members, and strangers: any sponsors you can wow with you pitch during this time can simply register with Innovation Factory to help raise funds for your campaign. Many backers are just inspired by a new idea. Others are people in your network who are big supporters of your dream. Some are in it for the rewards: having the first copy or a limited edition of your work, or having their name linked to your creative project.
6. How will I receive funding for my campaign?
When you start a campaign, we ask for the email address associated with your PayPal account, so that your backers can make payments to you via PayPal.
7. How much does Innovation Factory cost?
It’s free to join Innovation Factory. If you meet your goal, we collect 8% of the money you raise, and if you do not meet your goal, we collect 4%.
8. Will my backers be charged any fees?
No. Backers are not charged any fees for funding your Innovation Factory campaigns.
9. Which crowdfunding model do you follow?
We support both the flexible funding and the fixed or “all-or-nothing” crowdfunding models. You decide which model best fits your needs, and specify when you’re creating your campaign. Flexible campaigns may attract higher fees.