Frequently Asked Questions (FAQs)
Create Your Startup Project/Business
- What is StartUp Borneo and #Fund4Borneo reward-based crowdfunding?
StartUp Borneo is a community for startups and a launchpad platform that provides funding opportunity through reward-based crowdfunding or #Fund4Borneo. Reward-based crowdfunding is when users choose to support and financially back their preferred and chosen project idea, and in return they will receive a tangible product or service from the owner of such project after it has been materialized. Backers tend to choose the product or service prior to making any financial backing; the price of the reward will be the financial amount that the backer is willing to support the aforementioned project idea.
- What is accepted to join StartUp Borneo and crowdfund at #Fund4Borneo?
- Do I need to register my startup as a business before I can crowdfund?
No, you are not obliged to do so. You may create a crowdfunding project under your personal name or organization.
- Can I startup a business/project from anywhere in the world?
Yes, but it is your responsibility to ensure that your startup meet our requirements and complies with all relevant laws and regulations in Malaysia.
- Can I list my startup business/project on another crowdfunding platform at the same time?
No, you may not list the exact same project on another crowdfunding platform at the same time.
- What should I name my startup business/project?
People should be able to understand what your startup business/project is about from the title. Also, use a snappy tagline to capture potential backers’ attention.
- How much does it cost to create a startup business/project?
You only have to pay a fee if your project reaches its minimum funding target. For projects that reach their minimum funding target, StartUp Borneo charges a 10% service fee on the total amount raised. If you reach the full funding target, StartUp Borneo charges a 5% service fee on the total amount raised. In addition, the payment gateway charges a separate payment processing fee (average 5%) and depending on the origin of the supporting amount, the payment gateway fee may vary. For startups related to international transaction such as Indonesian Rp or Singaporean $, please visit PayPal’s fee page at https://www.paypal.com/webapps/mpp/country-worldwide for other currencies provided on StartUp Borneo.
- Do I need a PayPal account to create a project?
Yes, you have to fill in your PayPal registered email when you create your project. We will transfer the final funds to you via PayPal if your project is funded. So please make sure to enter an accurate and valid PayPal registered email account.
- What should I do if I don’t have any registered PayPal email account?
Please visit https://www.paypal.com/webapps/mpp/country-worldwide to register your personal PayPal account. Should you have further question, please feel free to contact email@example.com for further details.
- What other basic information about my startup business/project do I need to provide, when I am creating my startup?
You need to select the category your startup business/project belongs to so that people can easily find it. Also, please state your project location, PayPal email account, as well as your startup business/project title etc.
- What content should I put on my startup business/project page?
The most important information about your startup business/project should be in the first paragraph, including who you are and what you are doing. Be engaging and genuine when you tell your story! It is very important that you can also include your project execution plan, budget and timeline, as these are all very important information to gain public support in the middle of your crowdfunding period. You may also refer to our Startup Handbook for more inspiration and insights.
- Do I have to upload photos for my startup?
Yes! Post #StartUpBorneo #Fund4Borneohare and share on Instagram. Add character to your project through photos and videos. You must upload a project header image (optimum image size 1600×500 pixels), which will be displayed at the top of your project page. You also have to upload a project summary image, which will be displayed whenever your project appears throughout the site. We would also strongly encourage you to include additional photos or images that can be used to support your crowdfunding effort.
- Can I upload a video for my startup?
Of course! You can embed more than one video in your project, ideally between 30 seconds to 2 minutes long. Your video doesn’t need to be longer than 3 minutes; it is important that you are able to cover the objective behind your startup business/project, brief description of your plan, startup timeline and reward in your video. A long video is not necessarily a good one.
- If I am launching my crowdfunding startup business/project with other team members, where can I introduce my whole team in the project?
We strongly recommend any startup business/project creators to introduce themselves and their team members in their written content, as this adds credibility to your crowdfunding project. You may also include your social media contact detail under “Edit Settings”, which can be found in the drop-down menu of your profile picture at the top right hand side of the StartUp Borneo page.
- What are Rewards?
In return for contributions, project creators offer rewards to backers. Rewards can be a product or services after your project is launched and materialized, or even something unique about your project. Be creative! Remember rewards motivate backers to support your dream.
- How many rewards do I have to offer?
You have to offer a minimum of 1 reward tier, clearly list the backing amount and describe the rewards in detail. You may consider making your reward a limited edition to attract more early-bird purchase.
- Is it necessary to have a tangible product as part of the reward bundle?
Not necessarily. StartUp Borneo allows project creator to set up reward purely for donation purposes. Please note if such reward may still require backer’s address in order to send a charity tax exemption receipt to your backers.
- Why should I include reward photo?
Reward photo is a simple way to describe the reward that you are offering. This also provides an eye-catching appearance to your project attracting potential backers from the crowd.
- What is the Estimated Delivery Date in the reward section?
It is the date of which your backers should expect to receive your reward, if they have chosen to support and back your crowdfunding project (If there are further changes with this date, StartUp Borneo encourages project creator to contact their backers proactively to update these changes).
- Why should backers provide their delivery address, and how?
If your crowdfunding reward requires physical delivery, you need the backers’ delivery address while they are backing your project. Following the end of your crowdfunding period and the final verification of your crowdfunding transaction record by our external professional parties, StartUp Borneo will provide a consolidated report, including the backers’ detail and information, to the project creator.
- Will StartUp Borneo help me with delivering rewards?
No. All matters regarding fulfilment and delivery of rewards are solely between startup business/project creators and backers; StartUp Borneo shall play no role whatsoever unless otherwise stated. StartUp Borneo strongly recommends startup business/project creator to maintain a transparent communication with their project backers at all time throughout his/her crowdfunding period.
- What if I can’t deliver my rewards overseas?
If you cannot deliver your reward overseas (e.g. perishable goods), please offer an international reward that can be shipped so backers overseas can support you. Clearly list any additional international shipping fees when you are calculating the reward selling price.
- How do I contact StartUp Borneo for general enquiry?
If you have a general question about our platform, please feel free to email us at firstname.lastname@example.org. If you have any functional enquiry with regards to our crowdfunding process, you can also contact us at email@example.com. But please note it is the most straightforward to contact the project creators themselves if you have any question regarding a specific crowdfunding project.