Guidelines to launch a project on CroFun


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Guidelines to launch a project on CroFun

  1. 1. What is a good project? - How do you promote your project? - What is a good network? - How do I succeed in my goals? This explanation offers the project provider with a guide to the successful crowdfunding on CroFun. I. INTRODUCTION TO CROWD FUNDING THROUGH CROFUNA. What is CroFun?CroFun is a web-based crowdfunding platform that you as a project provider offer a commercial andlegal framework for business, social, creative and innovative projects.As the only crowdfunding platform for European projects, CroFun offers the possibility to create anideal mix to finance your project.Due to the close collaboration with numerous specialists, Crofun is able to assist you, the projectprovider, with the development and marketing of your project.B. What is crowdfunding? Crowdfunding is a concept where many small investors and/or stakeholders are willing to invest smallamounts in projects where they feel an involvement. Crowdfunding means therefore literally meansfunding by the crowd.13/02/2013 Page 1 of 21
  2. 2. C. Motivation to take part in crowdfunding 1) Motivation for investors  Because of the social involvement  Because of the original reward  Because of the financial return  Because of the tax benefit 2)Motivation for project providers  You can turn to a wide international audience.  You can attract considerable capital as you build a brand identity.  You receive valuable feedback on the project for which you are collecting money.  You can create prospective customers from your investors.  You are no longer dependent on major investments. Investors are therefore less able to exercise influence over your project.  You can increase public awareness of your project by using social media to promote it.  You go from mass production to customized production.  You can involve your potential customers as you build a brand identity through co-creation.D. Forms of crowdfunding:Through the platform, Crofun offers the possibility to participate in crowdfunding based on: 1) Donations & Rewards  Investors donate an amount without receiving a fee or other form of reward.  Investors receive a small reward for their contribution, this could be a book, tickets, downloads, ... 2) Loans  Investors receive a periodic fee for their contribution and must ultimately be fully reimbursed their original investment. 3) Profit Participation based on Sales (Revenue Sharing)  Investors receive a fee that is dependent on the achieved turnover. 4) Shareholding (Equity crowdfunding)  Investors take a stake in the capital of the company through share participation. They are paid via a possible dividend. CroFun operates on a 90% realization model. In other words, if your project was funded for 90%,they will actually be paid that. At Crofun, we are convinced that when a project provider can get hisproject funded for 90% through crowdfunding the remaining capital can be acquired through otherchannels if needed.13/02/2013 Page 2 of 21
  3. 3. E. What projects can you launch? 1) Creative projects: Architecture - Visual Arts - Visual Arts - Books & Comics - Cultural Heritage - Design - Film - Gaming - Fashion - Music - New Media - Performing Arts 2) NGOs/charities: Health - Environment - Development - Study 3) Associations/Non-profit organizations: Youth - Sports - Social - Cultural 4) Business projects: Investments - SME - Environment - Start-up programs - Technology – Real EstateIt you have a project that you are convinced belongs on CroFun, but you cannot place it within one ofthe predefined categories, please e-mail us and we will check whether your project can be launched onCroFun.F. For each project supplier, the right crowdfunding solution! Donations & Rewards Loans Revenue Sharing Equity Funding Creative projects Associations/Non- Associations/Non- SMEs profits profits Associations/Non- Freelance Freelance profits NGOs/Charities SMEs SMEs Freelance SMEsG. GuidelinesDo you want to place your project on CroFun? Then, it must first be approved. For this, it must complywith a number of conditions.We ask you to carefully read and respect the following guidelines as well as the terms and conditions. 1) As a project provider uses the Belgian platform, you must - be resident in Belgium (domiciled); - older than eighteen, - have a Belgian bank account. 2) Loans and investments As an individual you may not apply for a loan or an investment. This right is reserved for start- ups, professionals, associations and SMEs. Are you a start-up? Then you have to be registered before the end of the project offer at the entrepreneurs counter.13/02/2013 Page 3 of 21
  4. 4. 3) CroFun includes different categories of projects. Make sure that you put your project in the right category. Some categories have indeed specific features that are not found in other categories. 4) If we consider that a project does not belong to the platform, we have at all times the right to remove it. Therefore we have no accountability.H. CostsStart-up Cost € 150Success fee 5%Payment Service PayPal/OgoneI. How do you start?Examine other crowdfunding projects; compare projects that have succeeded with projects that havenot succeeded. Try to get the right insights to make your project a success.Step 1: Develop your project Are you looking for support for your project? Have you thought about crowdfunding? Then, it isprimarily important to develop your project to perfection. Be realistic and formulate achievableobjectives. The better you can describe and illustrate your project, the more potential investors willshow interest.Step 2: Determine your goals At CroFun, you must reach at least 90% of your assumed goals. If not, the capital raised is not paid butreturned to the investors. Be realistic. What budget do you need? How much capital are you investing yourself? What value canyou offer? It is important to know how to handle others. See what works for them and write your ownsuccess story!Step 3: Create added value People support a project for different reasons. Some invest in a project because they feel closelyinvolved. Others are interested in the rewards they receive for it. Still other investors hope to achievea potentially higher return on their investment. Decide what type of investor you want to attract and what you want to give them in return for theirinvestment. Again, be realistic here. Dont just think about what they want to give, but also what youcan give them.Step 4: Marketing and PR CroFun helps you to find for the best financial solution for your project. But be careful! It is no magicformula to accumulate capital. We offer you a legal and business framework, but you have to attractthe investors yourself. These come primarily from your own network.Have you been able to warm your family, friends and acquaintances to your project? Well done!Then, youre ready to attract other investors. Promote your project and keep your network up to date13/02/2013 Page 4 of 21
  5. 5. with the latest developments. Show that you are passionate! The difference between boring andinspiring people often relates to the passion that you bring your story.Step 5: Reap the fruits of your workCollect capital from all over the world. Reap the fruits of your work and grab the dream you deserve!Step 6: Ensure the promised returnMake sure that everyone who funds your project gets his reward, return or refund as promised andagreed.13/02/2013 Page 5 of 21
  6. 6. II. READY TO GO?Ready to launch your project? Be aware that the largest amount of the basic funding will comedirectly from your network; this is to do with only one issue "TRUST". Trust will be the key word whenraising funds for your project.A. Analyse & Activate your network WIDE NETWORK & THE CROWD 3rd DEGREEFRIENDS of FRIENDS 2nd DEGREEand ACQUAINTANCES 1st DEGREE FAMILY - FRIENDS LOYAL FANSYOURSELF ANDYOUR TEAM CORE1st degree network: They invest based on a pre-existing relationship and an existing trust.  Before starting, you are better off yourself to a number of these relationships so that they can fulfil their role as ambassadors.  Make everyone in this circle enthusiastic about your project, before you go online with your project. In order to achieve this, use your social media (Facebook, twitter, LinkedIn, Google+, YouTube, Instagram, Pinterest...).2nd degree network: They will invest as soon as sufficient confidence signals have been generated from your 1st degree network.  Confidence signals can relate to the initial investment, but also comments, likes or discussions that are taking place on your project.  Ensure that there is action within your 1st degree network in order to generate interest and support from your 2nd degree network. (Groups to which you are connected via social media, specific community sites, and association websites...)3rd degree network: They will finally invest in your project. These investors have to be convinced. Without adequate support from your 1 st and 2nd degree network, the spark wont catch fire.  Now pull out all the stops, promotion, publicity, put your project in the spotlight, create the right momentum and see how your crowdfunding project reaches higher degrees.13/02/2013 Page 6 of 21
  7. 7. B. What is your net worth?Know your network and know what its worth!What form (s) of crowdfunding speaks to your network the most? __________________How much capital do you think you can get through your network? __________________ How many people are there in your network? __________________(Look at your social media contacts, groups, but also go further...) What is the average amount you could get per person? __________________(Depending on the crowdfunding form and your audience, this can rise to25 € to 1000 €)What is the amount that you want to collect? __________________13/02/2013 Page 7 of 21
  8. 8. C. How much time will I spend talking to my network?Through CroFun, you have the opportunity to connect with the main social media; in addition, CroFunis also present and the CroFun community is growing every day... Project Amount Project Amount Project Amount € 2,500 to € 10,000 €10,000 to €100,000 + € 100 000INVESTORS 50 to 200 200 or more + 2000(Number)CAMPAIGN PERIOD 30 to 45 30 to 60 60 to 90(in days)TIME/DAY 15min. - 2hr. 1hr. to 2hrs. 2hrs. to 4hrs. E-mails E-mails E-mails Social Media Social Media Social MediaCAMPAIGN Social conversation Social conversation Social conversation Community Larger community Large community Blog Blog Offline marketing Press support Support and trust Support and trust from Support and trust fromNETWORK from your 1st and 2nd your your entire network degree network 1st - 2nd and partially 3rd degree network13/02/2013 Page 8 of 21
  9. 9. D. Be critical of yourself and your teamDo you have all the in-house capabilities to ensure a successful implementation of your project from Ato Z? Be critical and see if you have thought about everything; maybe there are certain areas whereyou could still use some support. Remember that professional support also costs money, keep this inmind when preparing your financial plan.0= not applicable1 = full control2 = partial control3 = not adequately controlled Current organization Future project Remarks 0 1 2 3 0 1 2 3 1) StrategicDevelop a strategy: create a vision, determine the focus and thetimetable for the organization in the long term, ...Identify your market, customer and product segments and where yourcompany sits in relation to themDeal and negotiate with your stakeholders: shareholders, customers,suppliers, employees, competitors, ... 2) TacticalDevelop the legal and fiscal framework to support the (inter)nationalactivities: contracts and clauses, risk-hedging, tax optimization, ...Manage working capital and future cash flows: inventory, management ofaccounts receivable and accounts payable, ...Implement and supervise changes in the organization: operational,commercial, personnel, financial, ...Define the responsibilities and powers between shareholders, directorsand management 3) OperationalRecurrent reporting of financial and operational data to support policyImplement operational systems to support reporting: cost accounting,operational database, scheduling softwareFinancial communication with stakeholders: shareholders, investors,banks, ...13/02/2013 Page 9 of 21
  10. 10. E. Project in the spotlightMeanwhile, you already know how your network is put together, you know your own (and yourteams) abilities and you know how much time you will need to spend.High time to put your project into the limelight! 1) Project title Keep the title of your project short and concise. Show your visitors what your project is about with just one word or slogan. 2) Project Image The project image is the first image that a visitor will see of your project. It is also important to choose this carefully.13/02/2013 Page 10 of 21
  11. 11. 3) Project description: Describe your project as completely as possible. Explain step by step what it is about and how you will bring it to a successful conclusion. Convince your network and the general public that they should choose you! Do not limit yourself to a description of your project. Explain what your goal is and how it will succeed. Emphasize your personal assets (knowledge, experience...) and your project (original, gap in the market...) and convince potential investors of your future success! Also, discuss briefly the market in which your project is located. What changes has it undergone? What are the current trends? What is your target audience? Who are your main competitors? Are there partners with whom you can collaborate? Indicate how the money will be used and make a good plan for your project. Provide sufficient information about the potential returns that potential investors can get. Work with milestones. Consequently, you always have something to work towards and potential investors see how your project is evolving. Finally be authentic and confident. Show your passion! 4) Video Each project should make a short video presentation. A video presentation gives your project the face of a real person, someone with a real story. Potential investors will therefore feel connected an immediate connection with your project. When making your video, it is important to be creative. Dont just to go to your desk and read a piece of text. Be creative; make a product demo, using animations, voiceover techniques, 3D plans. The sky is the limit. Keep the video message focused on your project. Dont be too technical, dont make it too complicated. Ensure that you can convince the crowd to invest in your project. Making videos does not always have to be done with high-tech materials. Videos with a smartphone or webcam that are then uploaded work perfectly. Make sure that you have a good quality video; you need to be able to film with at least in 720p HD. Before you start filming make sure you have worked out a script for the action you are doing and have a text that fits with it. A good video draws attention and keeps it until the end. Keep it simple, but fascinating; take your audience into your world and convince them of your project. Focus on your message; keep it simple and stupid. Short videos varying in length between 90 seconds and 2 to 3 minutes are ideal. Realise that the first 15 seconds of your video are crucial; the viewer decides in this time whether hell carry on looking or zap to the next. Are you unable to attract attention and to convince the visitor? Start again, try a different angle ... Videos are a powerful medium to create a snowball effect in promoting and publicizing your project. Make sure that your network can share your video, can post likes on their own blogs or community. Create a YouTube or Vimeo account and show the world your creation.13/02/2013 Page 11 of 21
  12. 12. Finally, dont forget to link to CroFun and your project name to get the necessary funding. 5) Photos/images Images can give your message extra power. As an old Chinese proverb says, "a picture is worth a thousand words". Use images to propose your rewards or your product, but also to map for example e.g. your target group, express turnovers, promote your brand identity, etc. Images are often used to show the development of your project through updates. With updates, you keep your project running and make sure that your network continues to expand. When making photos or illustrations, you should always take into account the digital format; ensure that the different images are easily uploadable via CroFun, but also through your other social media. Use apps like Instagram or Pinterest, Flickr or Tumblr to send your images around the world. 6) Financial plan/Swot analysis At the CroFun platform, you are required to have a financial plan and a SWOT analysis. This is not mandatory for crowdfunding projects, which only take part in crowdfunding through donations and rewards. This does not mean that they dont need to create these.13/02/2013 Page 12 of 21
  13. 13. The financial plan and swot analysis are important for two reasons. Initially, it allows you to think about the financial image and the market conditions; secondly, it allows you to show a potential investor that youve thought about it. Do you have little or no experience? Let a professional such as an accountant help you.F. Create rewards/returnThink carefully about the rewards and the return you want to offer; a large part of your success willdepend upon this. Rewards can either be products, services, a certain recognition, or experience (wewill discuss this later in greater detail). Again be creative and ensure the right connection with yourproject. A return however revolves around a financial yield on the investment itself. Please berealistic in your forecast or the interest that you can afford. 1) Rewards: Offer a wide range of rewards, each with a different value. For example, values of: €5 to €100 for small and simple things, €100 to €500 for larger, original matters and for the truly unique rewards you can go to €1000. Always ensure that small rewards are easy to distribute, mp3, video, eBook, recognitions on websites, etc. The larger rewards are often more physical and you will need to send them. Dont forget to always take the shipping costs into account. Good rewards are always special, unique or limited, but they can also be socially engaging which in return other projects are supported. Create rewards that relate to your project, organize a kind of presale and save yourself a potential financial hangover if your product does not catch on or if you increase your circulation because of the huge demand. 2) Types of rewards: Rewards can come in all shapes and sizes; below is a small list to help you with creating your own unique rewards. - Acknowledgments (website, acknowledgments in book, CD or movie, logo entries...) - Tickets (free tickets, VIP tickets, attendance at events as a funder...) - Finished goods (luxury models, gadgets, discounts...) - Experiences (day at work, a role in a project, a unique experience...) - Merchandising and souvenirs - Assistance on other projects (support charities, Fund it Forward...) - Combine rewards13/02/2013 Page 13 of 21
  14. 14. 3) Return: Work with different degrees of return. For example, you can allow the return to increase as the investment increases in size. Be more realistic in the goals that you set, but also make it sufficiently attractive for investors to invest. Make sure that the reimbursement or payment of the yield occurs on time. Nothing is more annoying than late payers; it means additional work and frustration. The way to measure a good return is the return on new distribution of shares. With crowdfunding, we are ultimately talking about a form of risk just like a bond. It is therefore also important to give an investor more return than traditional savings products. 4) Types of Returns: There are two types of return, a form of interest that is paid to obtain a loan and a profit participation based on a predetermined increase in sales.  Interest on a loan, CroFun offers the possibility to agree various forms of loans between the parties. Think carefully about which type of loan repayment suits the project best: - loan with fixed monthly repayment - loan with annual interest payment, where the capital is repaid at maturity. - loan where both capital and interest are repaid at maturity.  Profit Participation based on a predetermined increase in sales via CroFun. It is also possible to participate in crowdfunding using Revenue Sharing. This means that you award an investor a predetermined profit-share with the realization of a predetermined13/02/2013 Page 14 of 21
  15. 15. increase in sales. Investments are always in multiples of €10. €10 are equal to 1 profit participation. Profit sharing is limited in time, min 5 years with a maximum of 10 years. You decide what fits you best! E.g. In the event of a sales increase of + €100,000 I will give 1€/per profit participation In the event of a sales increase of + €150,000 I will give €2/per profit participation In the event of a sales increase of + €200,000 I will give €4/per profit participation Offer issued for a period of 6 years. An investor has invested €1,000 or has 100 profit participations Year 1, there is no increase in turnover Year 2, there is a turnover increase of + €100,000 Year 3 and 4, there a turnover increase of €150,000 Year 5 and 6 there is an increase in turnover of €200,000 TOTAL: €1,300 or a return of 30% over 6 years.13/02/2013 Page 15 of 21
  16. 16. 5) Combination reward and return With CroFun, you dont just have the possibility of combining various forms of crowdfunding, but you are also able to get a loan with interest payment linked to a reward. Try combining loans and investments with interesting rewards; it gives potential investors an extra push to choose your project. E.g. You issue a loan ticket to finance your restaurant. For each loan of €1000 that is issued, the investor also receives interest of 6% as well as once more 15% discount at a restaurant visit. You get this and a loan; and in addition, you immediately have a solid customer...13/02/2013 Page 16 of 21
  17. 17. III. FINAL CHECK Before the pushing launch button, it is always advisable to look at everything youve entered again.Watch your video again, read your project description, check whether your rewards/return areinteresting enough ... Ask for advice from friends or family, let them see and judge your work. Do not be afraid of criticism;it ensures that you can improve your project. Seek professional advice; it is often an importantinvestment to guide your project to success.Is your social media enabled? Did you have at least a Facebook, LinkedIn, twitter and YouTubeaccount? Is your network ready to provide feedback? Is it ready to share support and promote yourproject? Are you ready to address your entire network? Is your marketing and PR plan ready to beexecuted? Are there already articles on your project in the press?Think about the end date of your project. Are there certain actions that you want to do during the lastweek of your project, then it might be useful to finish your project on a Friday night?Make sure your project complies with the guidelines and general conditions of CroFun, so your projectis published faster.A. Checklisto Project Description o Activation Networko Define project goals o Email listso Competencies o Social Media pageso Risk o 1st degree network standbyo Quality o Conversation Managemento Suppliers o Traditional Presso Partnerships o Evento SWOT analysiso Financial Plan o Scheduleo Business Plan o Milestoneso References o Organisation Plan o Projecto Presentationso Video Equipmento Imageso Audio contento Prototypeo Form of crowdfundingo Other forms of financingo Own resourceso Rewardso Returno Milestones13/02/2013 Page 17 of 21
  18. 18. IV. STARTED, WHAT NOW? Started? Congratulations, now there is no turning back! From the time that your project is online,the clock starts ticking (this may possibly take several days). If you are properly organized, your firstfriends will already be ready to invest in your project.A. CampaigningCreating your project on CroFun was the first big step. Now, it comes down to letting all yourpreparations come to their full potential and attract investors to your project. Crowdfunding is nomagic formula; you have to create the magic yourself. 1) Activate your network Make sure you have 20-50 people within your 1st degree network who are ready to assist in the investment of your project. Thank your investors and start communicating with them about your project through CroFun, but also through your social media. This will give you a first form of credibility and trust is created. 2) Promote your project through social media Let everyone know that your project is on CroFun and communicate this through your email contacts, Facebook, twitter, LinkedIn, Google+, YouTube, Pinterest, Tumblr, and other social media channels that apply to your project. Make topics related to your project through community groups or sites where you are active. Provide some kind of teaser, that makes them look at your project, make it interesting for your network. 3) Tell your story Get regular updates within your project and communicate these with the same passion. By uploading new videos or images, you will ensure that your followers remain interested and start sharing your passion. 4) Create momentum As soon as you see that your project is starting to get support from your 2nd and 3rd degree network, it is time that you focus on bloggers, new groups, community sites where you are not active as well as the traditional press.13/02/2013 Page 18 of 21
  19. 19. 5) Final Provide a dynamic final sprint for your project. As your project progresses towards its end date, it is important to increase the frequency of updates. Possibly create another event to thank investors, which in turn will give a boost to new investors.B. Maintain ContactEven after the successful or unsuccessful funding of your project, stay in touch with your newnetwork. Whether your project was or wasnt successful on this occasion, they supported you,believed in your project and will do this again with a new attempt. 1) Rewards/Return If your project was successfully financed, it is important to keep your funders up to date of any further developments to your project. Always ensure that you deliver the promised rewards or respect repayment dates. 2) Expand your network Make your funders your first and loyal customers, expand your network with everyone who has supported your project or who has taken part in any way.13/02/2013 Page 19 of 21
  20. 20. V. FAQWhat is is a crowdfunding platform where you can support projects by donating, borrowing orinvesting money. There is no intervention from banks.How can I change my personal information?At My CroFun, you can always change your personal information.Can anyone lend money?For your project to be financed through a loan or an investment, you must meet the followingconditions: - You are at least eighteen years; - You have a verifiable Belgian identity; - You have a Belgian bank account; - You are self-employed or actively represent an association.Can anyone find investors for his project?Anyone meeting the following conditions may offer a project: - You are at least eighteen years; - You have a verifiable Belgian identity. - You have a Belgian bank account. Are you looking for people who want to support your project by borrowing or investing money? Then,you must be an association or a corporation or have an independent status.Can repay my loan early? Yes, you can repay your loan early without any cancellation compensation. Of course you must pay theinterest for the expired period.Can someone repay his or her loan early? Yes, project providers can repay their loan early without any cancellation compensation. Of coursethey must pay the interest for the expired period.Where do I declare the acquired interest? When you invest in a project, you receive interest. You must indicate this in the personal tax under BOXXIII.A2 point d. The return is 25%.How long will my project be active? A project is a minimum of one week and a maximum of three months. You decide exactly how longyour project will remain active.What if my project is not full after three months? The project is closed. The capital raised is not calculated. You can place your project back online at anytime.What if the project I supported is not 90% funded? The project is closed and is cancelled. Your account will not be debited.Can I offer numerous projects simultaneously via CroFun?Yes, you can offer different projects at the same time.Can I support multiple projects simultaneously? Yes, you may support several projects at the same time. The more, the better?How do I send my reward? As project provider, you are obliged to send your rewards yourself. Mention in the description of yourproject exactly how and when you will deliver them.How do I pay back the borrowed capital? Depending on the type of loan, there will be a monthly, annual or one-time refund. You are required tocarry out the payments on the due dates specified in the amortization table.Can I still get the capital raised if the application has not been paid up in full?No, a project must always be 90% funded before you can receive the capital.Can I collect money on behalf of my company?13/02/2013 Page 20 of 21
  21. 21. Yes, as your company you offer to which project.Do I need a license to raise money for my project?No. Anyone respecting the general conditions can raise money for his project.Is there any monitoring of the figures communicated by an investment?For investments, the turnover figures of the project provider are checked annually.What happens to the funds raised?The capital raised may only be used to implement the project for which it was collected.What is a reward? When you donate money, you usually receive a reward. This may be a book, an album or a downloadfor an app.What is a donation? For a donation you give a certain amount to a project provider. In the majority of cases, you get areward in return.What is a loan? A loan means that an investor makes money available for a certain period to a project provider.Interest must be repaid on this capital.CroFun works with three types of loans: - Loan with monthly repayment - Loan with annual interest payment + repayment of principal sum at maturity - Loan where both principal sum and interest are repaid at maturityAll loans are deferred.What is an investment? With an investment, the investor gives a predetermined capital to a project provider. In exchange, hereceives a certain return. This amount is calculated on the basis of the companys results. The durationof an investment is between five and ten years. More information can be found at the project offers.Can I amend the collected amount during the course of my project?No. Once you have an amount entered and confirmed, you can no longer change it. This is to preventthe project providers setting it too high and then changing it afterwards.Is CroFun monitored by FSMA or the NBB? CroFun is not a credit institution or financial intermediary. It therefore does not fall under thesupervision of the FSMA and the NBB.Is CroFun a financial institution?No. CroFun is not a financial institution or financial intermediary, but a digital marketplace forcrowdfunding.Is a project provider required to meet these agreements? Yes, a project provider is required to accept the terms and conditions. These emphasize that he has tomeet his commitments.How much does CroFun cost? In order to post your project online at, you pay an advertising fee of € 150. Additionally, youneed to pay a success fee of 5% of the capital raised.Whats Fund-It-Forward? Fund-it-forward is a concept whereby successful project providers support other projects with FFWDlabel. It is based on the so-called Pay-It-Forward principle of the movie: work together for a better andmore social world!What is the FFWD label?FFWD stands for Fund-It-Forward.Can I download the CroFun logo? The CroFun logo is free to use for project providers and investors. You will find it in the section "Who isCroFun".13/02/2013 Page 21 of 21