Patrick Schofield wanted to show that crowdfunding can be successful in South Africa, then he set up Thundafund. So far, over 1,400 projects have been submitted while 160 of them were able to make it to the site eventually. Unlike generic crowdfunding platforms, Thundafund has a process which ensures only the most financially viable ideas go live on the site and do not stand aside after a campaign. The company guides its entrepreneurs through the process, optimizing their chance of attracting investors.
Thundafund is South Africa’s leading crowdfunding platform for creative and innovative projects; an online marketplace showcasing and crowd-converting entrepreneurs’ ventures from ideas to reality… This is done directly through the mentorship of the Thundafund Team and the direct support of the crowd who think projects are great!
Thundafund operates a ‘Rewards-Based’, ‘All-or-Nothing’ Crowdfunding model. A rewards-based crowdfunding allows project creators essentially ‘presell’ project related items, known as rewards, to backers in turn for their financial contributions. These rewards include retail items, recognition, experience and access.
As an ‘All-or-Nothing’ Crowdfunding model, all projects on Thundafund.com are required to reach their Milestone 1 Tipping Point before their project closes in order to receive all their funds. When targets are unfortunately not met, all backers of the project will be fully reimbursed.
Putting up a campaign on Thundafund means you won’t put up the campaign and go to bed, entrepreneurs would actively have to engage audience and investors with a sense of emergence and enthusiasm. Thundafund is not all digital and straightforward as Schofield explained on CNN Africa. Campaigns are encouraged to take their campaigns offline into local churches, libraries and communities and over a third of over a third of Thundafund’s investors used bank transfers to make pledges.
Crowdfunding has enjoyed great success in the West and Thundafund is conscious of the African peculiarities and aiming to bring out the best of every idea of the African Entrepreneur.
Do you have a great idea for start-up in South Africa and need investors? Thundafund may just be the crowdfunding platform for you.