Crowdfunding of projects, products and causes has become increasingly popular. Popular websites offer it as a service, typically with a specific focus and set limitations.
The Venture Jobs Foundation approach offers small businesses in our region the chance to the Internet to raise funds for growing their business and creating new jobs. We will request basic background information and will screen applicants against our qualification criteria. Those interested in submitting a project for consideration must apply on the VJF website. We will review the material and respond with a decision or a request for additional information.
Our program is limited to applicants in the region that are legal business entities and are offering or expect to offer a product or service. Entrepreneurial teams working in college business development programs, or are associated with business incubator or accelerator programs, are eligible. We do not support pre-business product concepts or programs to assess the commercial viability of a new technology.
Support payments for crowdfunding projects are not tax deductible except where expressly indicated. If a particular project fosters our charitable mission, bringing jobs to struggling neighborhoods or low income groups, those funding the project may qualify for favorable tax treatment. This will be indicated for qualifying projects.
Some projects may elect to provide premiums to supporters. Any such offers will be entirely between the sponsor and the company associated with the project, with no involvement of the VJF. Sponsorship of projects including premiums will not be treated as charitable contributions.
Those wishing to support a project must register on the VJF website to obtain access to fund projects and the opportunity to join our community interested in supporting small business jobs growth.
We will launch the program mid 2016 with an initial phase involving a small number of projects. This will allow the VJF to determine if any changes in the program or the functionality of our online platform should be implemented. Following this pilot, the program will be open for broader participation.
Those interested in learning more may contact the VJF by email at: firstname.lastname@example.org.