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. Interesting and unique experiences or products are offered as rewards
to people who fund the projects. These products can be unique memoirs or
innovative products that funders pre-order through our site!
What is projekt.co?
a secure platform that gives innovators, artists and changemakers the
opportunity to raise funds from their friends, family and awesome projekt.co
community for a project they want to create. Platforms like Kickstarter, Indiegogo and
GoFundMe have completely revolutionized how we raise funds for projects we’re
passionate about. But unfortunately, it’s almost impossible to host projects on
those platforms as Bangladeshi citizens. On top of that, our local credit cards
have lots of restrictions on international payments – making it difficult for
our friends and family to support our projects!
We aim to empower our local artists, changemakers and innovators
by providing a platform where they can raise funds for a project they’re
passionate about and contributors can easily fund such projects with their
credit cards, mobile banking wallets (such as bKash) and other payment options!
Projekt.co basics –
A projekt is an independent creation of an artist,
changemaker or innovator.
A projekt creator is someone who has submitted a
project to our website, and once we’ve reviewed and verified the project – the
creator can start raising funds through our platform.
A contributor is anyone who funds a project on our
platform – these individuals are usually the family and friends of the projekt
creator or just awesome people who believe in the cause or want to support
The projekt creators usually offer rewards to
contributors in return for their contributions. Rewards can be intangible items
such as recognition for their contributions, one-of-a-kind experiences, souvenirs
and memoirs or unique/personalized products. Rewards that offer equity,
financial incentives or loan solicits are strictly prohibited on our platform.
Project duration is the number of days
that the project is live on our platform. Once launched, the project duration
cannot be changed. During this time, all funds raised will be held in
projekt.co’s bank account and once the project has successfully ended, the
total amount raised minus our fees will be transferred to the projekt creator.
The funding target is the minimum amount the
creator needs to raise in order to successfully have their projekts funded. If
the projekt is unable to pass their goal, all funds will be refunded to the
contributors. This rule will be waived for social cause projekts.
Who can take advantage of the
power of crowdfunding?
Artists: it’s often difficult to
make a decent earning from creative endeavours anywhere in the world, and it’s
even more challenging in Bangladesh! Crowdfunding allows artists to build an
intimate relationship with their contributors and raise funding in order to
start their projects. Contributors get the opportunity to grab unique rewards
such as limited edition artwork, early access to the creative work or
opportunity to collaborate with the artists!
Changemakers: If you’re the type of
person who wakes up everyday and wants to make an impact on the lives of the
people around you but the only thing stopping you is funding – crowdfunding is
your tool to empower yourself! Have an idea? Submit a project and once it’s
approved, you can share it with your friends and family to help you raise the
funds you need! Often times, even small things can go a long way to make a
difference in someone’s life.
Innovators: got the entrepreneurial
bug? Have a product you want to create but need some funding to get started?
Use crowdfunding to take pre-orders for your product. Create a video about your
business or product and share it with your friends, family and our awesome
community – if they like it, they’ll back you! But please do note we require
extensive documentation of your business plan and require a prototype of your
product to verify that you can actually make and deliver what you promise!
So how exactly does this
Please check out ‘how it works page.’ Thank you!
How do you verify the identity
of the project creators?
While reviewing your project submission, we also require
necessary documents to verify your identity, credibility and capability.
Identity: A scanned copy of your
National ID Card (or passport)
Credibility and Capability: Every project creator needs to have
at least 3 individuals endorse them for their credibility and ability to
fulfill the details stated in the project. We will be contacting the 3
endorsees by call/emai/in-person to verify their identities. Their names will
also be publicly visible on the project details section. It’s helpful to have
individuals who are either known or in good social standing to vouch on your
behalf. If you’re working on something that’s pretty technical or challenging,
it’s also helpful to be endorsed by someone who’s an expert in that field.
Insufficient endorsees may result in your project not being approved.
What payment methods does
We accept bKash payments (preferred), all local credit/debit
cards (given that your bank has cleared your card for online transactions),
bank deposits and we’ll even send someone to pick up a cheque from you
(anywhere in Dhaka) if the amount is greater than tk.10,000!
bKash: Please follow the
instructions on the checkout page. You will have a 15 minute window between
starting the checkout process (noting down your transaction’s unique reference
number) and inserting the bKash confirmation number into the web portal!
Credit cards: we use the latest and
safest technology provided by DBBL and Brac Bank to process our online
payments. We do not store any credit card information so there’s no chance of
any leaks from our website. It’s 2015, stop being so afraid of the internet.
Bank Deposits: If you want to make a
traditional bank transfer or bank deposit, begin the checkout process on our
website and email us a photo of your receipt. Once we have verified your
payment, you will receive a confirmation and your contribution will show up on
VIP Cheque pick-up service: If you’re awesome enough to make a
payment that’s greater than tk.10,000 – we’ll send one of our trusted staff to
personally go pick up your cheque from you! Just start the checkout process and
select “Cheque pick-up” as your payment option and we’ll get in touch with you!
Why should we trust projekt.co?
That’s a great question! We’re a registered company (Tungsten
Innovations Lab Ltd) with our office located in Arzed Chamber, 13 Mohakhali C/A,
Dhaka-1212, Bangladesh. Our founder, Waiz Rahim, is currently studying
engineering at the University of Southern California, a top 25 US University.
He’s been a part of a successful Kickstarter project that’s raised more than $250,000+
in Los Angeles.
We’ve also partnered with some of the most respected individuals
and organizations as our advisers, supporting organizations and brand
ambassadors such as BYLC, Rahimafrooz, Google Business Groups – Dhaka, The
Legal Circle and some very cool people!
If you’d like to learn more about us – shoot us an email at email@example.com!
What are the pricing details?
To keep our platform sustainable over the long run, cover the
costs of keeping the website up and running (servers and maintenance), keep our
website ad-free and also hire qualified and passionate employees, we
unfortunately need to charge a fee on the funds raised from our platform. We
are currently charging a flat 5% fee on funds raised on our platform but we’re
working hard to lower that! And the transaction processing/collection costs
come to around 4%. So the total charge is 9% of the funds raised.
What sort of projects do you
allow on your platform?
Please read our detailed Terms and Conditions, but in short – we
accept projects that fall under the category of creativity, social causes and
entrepreneurship. We don’t allow any project that breach on anyone else’s
intellectual property, illegal activities or projects that aim to defame
someone or insult peoples’ sentiments.
Who is responsible to
deliver the rewards as promised in the projekt?
Each projekt is an independent creation of an individual and
while we go through extreme lengths to pre-screen, curate and verify the
authenticity of the projekts and its creators - the ultimate responsibility to
deliver the rewards rest on the project creators. When contributors fund
projekts, they agree to our terms and conditions that it is the projekt
creator, not projekt.co, who is responsible for delivering the rewards.
What happens if a projekt
creator fails to deliver the rewards?
As a contributor, one must acknowledge the risks and
challenges associated with their contributions. Creating a projekt is a very
public act and is usually closely linked with one’s social and online presence
and the social reputation and accountability of the creator and the 3 projekt
endorsees. This platform aims to empower upcoming artists, changemakers and
innovators and some of them may not have much prior experience in creating such
projekts, so may face some unforeseen challenges when executing their projekts.
Projekt creators are expected to keep a regular channel of communication with
their contributors till all the rewards are delivered.
As long as the projekt creators are acting in good faith, we
must support their initiatives with positive support.
However, if they are acting suspiciously and fail to provide
realistic explanations – we will first contact the 3 individuals who have
endorsed the projekt and report our findings. If we are not satisfied with the
response, we will file a GD against the projekt creator and share the GD number
with all the contributors. Further legal action may be taken by contributors
and projekt.co will provide legal assistance in such scenarios.
However, the probability of fraudulent cases is very slim
due to our rigorous pre-screening documentation and the social reputation and
accountability of the creator and the endorsees. Let’s face it, everyone knows
everyone in our communities.
What are some good
practices to follow before funding a projekt?
Read through the projekt details carefully, check if the
projekt creator has demonstrated a solid plan for their projekt. If you don’t
know the creator personally, check if they have linked their facebook profiles
to their accounts. Check if you have any mutual friends with the individual and
ask them for a recommendation about the person. You know, the regular things.
If you have any questions, feel free to contact the creator with our in-built
messaging system or call them on the number they have shared on the projekt
How do I report a projekt for suspicious activity or
Shoot us an email with the details at firstname.lastname@example.org and we’ll look into it!