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 CROFUN
A. What is CroFun?
CroFun is a web-based crowdfunding platform that you as a project provider offer a commercial and
legal framework for business, social, creative and innovative projects.
As the only crowdfunding platform for European projects, CroFun offers the possibility to create an
ideal mix to finance your project.
Due to the close collaboration with numerous specialists, Crofun is able to assist you, the project
provider, 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 small
amounts in projects where they feel an involvement. Crowdfunding means therefore literally means
'funding' by the 'crowd'.
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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 his
project funded for 90% through crowdfunding the remaining capital can be acquired through other
channels if needed.
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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 Estate
It you have a project that you are convinced belongs on CroFun, but you cannot place it within one of
the predefined categories, please e-mail us and we will check whether your project can be launched on
CroFun.
F. For each project supplier, the right crowdfunding solution!
Donations & Rewards Loans Revenue Sharing Equity Funding
Creative projects Associations/Non- Associations/Non- SMEs
profit's profit's
Associations/Non- Freelance Freelance
profit's
NGOs/Charities SMEs SMEs
Freelance
SMEs
G. Guidelines
Do you want to place your project on CroFun? Then, it must first be approved. For this, it must comply
with 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.
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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. Costs
Start-up Cost € 150
Success fee 5%
Payment Service PayPal/Ogone
I. How do you start?
Examine other crowdfunding projects; compare projects that have succeeded with projects that have
not 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 is
primarily important to develop your project to perfection. Be realistic and formulate achievable
objectives. The better you can describe and illustrate your project, the more potential investors will
show 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 but
returned to the investors.
Be realistic. What budget do you need? How much capital are you investing yourself? What value can
you offer? It is important to know how to handle others. See what works for them and write your own
success story!
Step 3: Create added value
People support a project for different reasons. Some invest in a project because they feel closely
involved. Others are interested in the rewards they receive for it. Still other investors hope to achieve
a 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 their
investment. Again, be realistic here. Don't just think about what they want to give, but also what you
can 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 magic
formula to accumulate capital. We offer you a legal and business framework, but you have to attract
the 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, you're ready to attract other investors. Promote your project and keep your network up to date
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5. with the latest developments. Show that you are passionate! The difference between boring and
inspiring people often relates to the passion that you bring your story.
Step 5: Reap the fruits of your work
Collect capital from all over the world. Reap the fruits of your work and grab the dream you deserve!
Step 6: Ensure the promised return
Make sure that everyone who funds your project gets his reward, return or refund as promised and
agreed.
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6. II. READY TO GO?
Ready to launch your project? Be aware that the largest amount of the basic funding will come
directly from your network; this is to do with only one issue "TRUST". Trust will be the key word when
raising funds for your project.
A. Analyse & Activate your network
WIDE NETWORK &
THE CROWD
3rd DEGREE
FRIENDS of FRIENDS 2nd DEGREE
and ACQUAINTANCES
1st DEGREE FAMILY - FRIENDS
LOYAL FANS
YOURSELF AND
YOUR TEAM CORE
1st 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
won't 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.
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7. B. What is your net worth?
Know your network and know what it's 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 to
25 € to 1000 €)
What is the amount that you want to collect? __________________
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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, CroFun
is 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 + € 100 000
INVESTORS 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 Media
CAMPAIGN 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 from
NETWORK from your 1st and 2nd your your entire network
degree network 1st - 2nd and partially
3rd degree network
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9. D. Be critical of yourself and your team
Do you have all the in-house capabilities to ensure a successful implementation of your project from A
to Z? Be critical and see if you have thought about everything; maybe there are certain areas where
you could still use some support. Remember that professional support also costs money, keep this in
mind when preparing your financial plan.
0= not applicable
1 = full control
2 = partial control
3 = not adequately controlled
Current organization Future project Remarks
0 1 2 3 0 1 2 3
1) Strategic
Develop a strategy: create a vision, determine the focus and the
timetable for the organization in the long term, ...
Identify your market, customer and product segments and where your
company sits in relation to them
Deal and negotiate with your stakeholders: shareholders, customers,
suppliers, employees, competitors, ...
2) Tactical
Develop the legal and fiscal framework to support the (inter)national
activities: contracts and clauses, risk-hedging, tax optimization, ...
Manage working capital and future cash flows: inventory, management of
accounts receivable and accounts payable, ...
Implement and supervise changes in the organization: operational,
commercial, personnel, financial, ...
Define the responsibilities and powers between shareholders, directors
and management
3) Operational
Recurrent reporting of financial and operational data to support policy
Implement operational systems to support reporting: cost accounting,
operational database, scheduling software
Financial communication with stakeholders: shareholders, investors,
banks, ...
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10. E. Project in the spotlight
Meanwhile, you already know how your network is put together, you know your own (and your
team's) 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.
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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. Don't 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. Don't be too technical, don't 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 he'll
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.
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12. Finally, don't 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 don't need to create these.
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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 you've thought about it.
Do you have little or no experience? Let a professional such as an accountant help you.
F. Create rewards/return
Think carefully about the rewards and the return you want to offer; a large part of your success will
depend upon this. Rewards can either be products, services, a certain recognition, or experience (we
will discuss this later in greater detail). Again be creative and ensure the right connection with your
project. A return however revolves around a financial yield on the investment itself. Please be
realistic 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.
Don't 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 rewards
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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 predetermined
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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.
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16. 5) Combination reward and return
With CroFun, you don't 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...
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17. III. FINAL CHECK
Before the pushing launch button, it is always advisable to look at everything you've entered again.
Watch your video again, read your project description, check whether your rewards/return are
interesting 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 important
investment to guide your project to success.
Is your social media enabled? Did you have at least a Facebook, LinkedIn, twitter and YouTube
account? Is your network ready to provide feedback? Is it ready to share support and promote your
project? Are you ready to address your entire network? Is your marketing and PR plan ready to be
executed? 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 last
week 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 project
is published faster.
A. Checklist
o Project Description o Activation Network
o Define project goals o Email lists
o Competencies o Social Media pages
o Risk o 1st degree network standby
o Quality o Conversation Management
o Suppliers o Traditional Press
o Partnerships o Event
o SWOT analysis
o Financial Plan o Schedule
o Business Plan o Milestones
o References o Organisation Plan
o Project
o Presentations
o Video Equipment
o Images
o Audio content
o Prototype
o Form of crowdfunding
o Other forms of financing
o Own resources
o Rewards
o Return
o Milestones
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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 first
friends will already be ready to invest in your project.
A. Campaigning
Creating your project on CroFun was the first big step. Now, it comes down to letting all your
preparations come to their full potential and attract investors to your project. Crowdfunding is no
magic 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.
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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 Contact
Even after the successful or unsuccessful funding of your project, stay in touch with your new
network. Whether your project was or wasn't 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.
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20. V. FAQ
What is CroFun.be?
CroFun.be is a crowdfunding platform where you can support projects by donating, borrowing or
investing 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 following
conditions:
- 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 the
interest 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 course
they 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 BOX
XIII.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 long
your 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 any
time.
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 your
project 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 to
carry 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?
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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 download
for 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 a
reward 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 maturity
All loans are deferred.
What is an investment?
With an investment, the investor gives a predetermined capital to a project provider. In exchange, he
receives a certain return. This amount is calculated on the basis of the company's results. The duration
of 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 prevent
the 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 the
supervision 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 for
crowdfunding.
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 to
meet his commitments.
How much does CroFun cost?
In order to post your project online at CroFun.be, you pay an advertising fee of € 150. Additionally, you
need to pay a success fee of 5% of the capital raised.
What's Fund-It-Forward?
Fund-it-forward is a concept whereby successful project providers support other projects with FFWD
label. It is based on the so-called Pay-It-Forward principle of the movie: work together for a better and
more 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 is
CroFun".
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