Frequently Asked Questions
What is TechnoFunding?
TechnoFunding is a “Crowd Funding” website for Technological Projects and Inventions. “Crowd Funding” is the term used when people from all around the world decide to fund a certain project, idea or invention in order to bring it to life. People can fund as little as €1, $1 or £1 or as much as they like. Collectively this all adds up, so the Project Creator may have the possibility to realize the Project or Invention.
The Project Creator will offer “Rewards” for people who fund the Project. The Reward usually depends on the amount the sponsor funds. The Project Creator defines the Reward, which may range from a simple “Thank you” to a copy of the finished Project.
The Project Creator also defines the “Target Goal” – how much funding is needed to realize the Project. The Project will be published on www.technofunding.com for a period between 1 to 60 days, the Project Creator will decide how long to publish the Project. Within that period, sponsors from all around the world may fund the Project with as little as €1 / $1 / £1 or as much as they want. If the funding reaches 100% of the funding goal within the defined period, then the Project Creator can realize the Project, and the Project Sponsors will get their Reward. If the Project does not reach the target of 100% funding within the period, the sponsors will be refunded 100% of their money.
How much does TechnoFunding cost?
It is free to use TechnoFunding. There is no cost for Project Creators to submit projects. Only if a project reaches 100% funding or more, then there will be a small charge of 5% commission on the funds raised.
Why should I sponsor / fund a project?
Normally someone will sponsor a Project because the Project Creator has offered a Reward for people who sponsor the Project, or simply because they want the project to be realized. Sponsors may fund as little as €1, $1, or €1, or as much as they want. Usually the Project Creator will offer better rewards to sponsors who fund more. If the Project does not reach its funding goal within the time limit, then the sponsors will be refunded.
What happens if a project is NOT funded 100%?
If the Project does not reach its goal of 100% funded within the maximum of 60 days, then in this case the sponsors will be refunded their money and the Project Creator will not receive the funding. In this case, the Project Creator may re-plan the project to make improvements and re-submit it at a later date to try again.
What happens if a project is funded more than 100%?
Sometimes Projects can reach much more than 100% funding during the time online at TechnoFunding. The Project Creator will receive all the funds made to the Project as long as it is 100% funded or more. Only if a project receives 100% or more funding, then a small fee of 5% commission will go to TechnoFunding. But the more funding that is received means more project rewards to be sent out, which also means more cost to the Project Creator.
Does the Project Creator get the funds before the project is fully funded?
No. The Project Creator will only receive the funds if the Project is 100% funded or more. If the Project does not reach its target of 100% funding with the maximum of 60 days, then the sponsors will be refunded.
When will the Project Creator receive the funds?
The Project Creator will receive the funds only if the Project has reached 100% or more funding. The Project Creator will have to supply TechnoFunding with full identification before the funds can be transfered.
What is the minimum amount I can fund a Project?
The minimum amount that can be funded is 1 € (EURO), or 1 $ (US DOLLAR), or 1 £ (GB POUND).
What guarantee do I have that the Project Creator will supply the reward?
If the Project Creator does not supply the rewards to the project sponsors, they may be subject to legal action. If that happens, TechnoFunding will permanently remove the Project Creator from the website and communicate the fraud with other crowdfunding websites. We have a “Project Creator Rating System” here on TechnoFunding which shows you any positive or negative feedbacks from Project Sponsors. As a Project Sponsor, you must decide whether or not you trust the Project Creator.
When will the Project Reward be delivered?
Each Project has an Estimated Delivery Date which is displayed on the Project page. The Project Creator defines the estimated delivery date. If you still have not received your reward by the delivery date, you should check the project page for updates to see if the Project Creator has given some explanation, or you can send a message directly to the Project Creator.
Does TechnoFunding check each Project before publishing?
We will check if the Project is suitable for TechnoFunding and that is follows our Project Guidelines, but we will not investigate the Project Creator’s ability to complete their Project. The Project is always the sole responsibility of the Project Creator.
I am a Project Creator, how do I know that someone else won’t steal my idea after I publish it?
By publishing your Project on TechnoFunding, you will at least have proof of the date, hour, minute and second that you published your Project, so you may prove that you had the idea first. This does not replace having a patent on your Project. You are not obliged to share the sensitive working information on your project.
Do Project Sponsors get any ownership of Projects they fund?
No. The Project will always remain 100% owned by the Project Creator. TechnoFunding cannot be used to offer equity or financial returns. Project sponsors may not earn any money from backing a Project.
How long will my Project be online at TechnoFunding?
The Project Creator can decide to put the Project online for anything between 1 to 60 days. After that time, the Project will not be able to accept funding.
Which currencies are accepted on TechnoFunding?
At the moment we accept funding in EURO, US DOLLAR and GB POUND.