FAQ

Frequently Asked Questions

 

 

What is ‘crowdfunding’?

 

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?

 

Projekt.co is 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 – definitions:

 

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 awesome initiatives.

 

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 process work?

 

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 projekt.co accept?

 

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!

 

Online options:

 

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.

 

Offline options:

 

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 our website.


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 hello@projekt.co!

 

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 page.

 

How do I report a projekt for suspicious activity or copyright violation?

 

Shoot us an email with the details at hello@projekt.co and we’ll look into it!