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Thread: Crowd Funding in SA?

  1. #11
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    Right now on the kickstarter home page, there are two South African projects featured...

  2. #12
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    If you come across "crowd funding" let me know ......... I would also be interested

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    Junior Member Cimmerian's Avatar
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    Quote Originally Posted by CLIVE-TRIANGLE View Post
    Right now on the kickstarter home page, there are two South African projects featured...
    Those projects are not owned by current residents of South Africa. The projects might involve a visit to South Africa, such as this one: Life and Art in South Africa
    The goal of this project is to travel to South Africa for a month to observe, interview and interact with artisans who create dance, music and theatre to answer a poignant question, how is art created in a diverse land?
    There is no possible means of using Kickstarter as a South African unless you can get your hands on a working and trusted revenue collection service that permits you to use a holding account. Kickstarter's eligibility guidelines are as follows:

    Eligibility Requirements Top ↑
    Am I eligible to start a Kickstarter project?

    To be eligible to start a Kickstarter project, you need to satisfy the requirements of Amazon Payments:

    —You are 18 years of age or older.
    —You are a permanent US resident with a Social Security Number (or EIN).
    —You have a US address, US bank account, and US state-issued ID (driver’s license).
    —You have a major US credit or debit card.

    Projects must also follow the Kickstarter Guidelines.
    If Bridgestarter could sort out it's Amazon Payment's account soon, then I won't have to worry about raising capital.

  4. #14
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    Be neutral and answer plz

    Do you have any income at all?

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    Full Member thinusmj's Avatar
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    Junior Member Cimmerian's Avatar
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    Quote Originally Posted by Bizfact View Post
    Do you have any income at all?
    Yes, I do. I'm a freelance web developer and I work a full time job at a Market Research company called Marketbase -I do interviews and prepare questionnaires. I'm also the co-founder of a theme development team that makes themes for forum software and I take 10% of the income as community manager and another 10% as the lead developer, which is an amount agreed on by our entire management staff. I average about R26k p/m in total.

  7. #17
    New Member Goodfirm's Avatar
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    For me, I think there is a legal factor here.

    To suit crowd funding, your venture must be of social initiation nature, not for profit.

    If you could find a way around that, SARS and Hawks wont trouble you!

    That's my take.

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    You are doing quite well for yourself there buddy. Will you have partners in your business?

  9. #19
    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Goodfirm View Post
    To suit crowd funding, your venture must be of social initiation nature, not for profit.

    If you could find a way around that, SARS and Hawks wont trouble you!


    If it's not for profit, why would the investors invest?
    And why would SARS and the Hawks have an issue?

    Granted, it falls in the "high risk investment" category... but ultimately it's what Silicone Valley runs on - everyone hoping they're getting into the next Amazon, Google, or Facebook on the ground floor. Some work out, many don't. But you know that going in.

  10. #20
    New Member Goodfirm's Avatar
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    @Dave, its because of our South African Company Law.

    Crowd funding, the way I understand it, is a mass funding. It existed decades ago for charity purpose. Not for profit motivated businesses.
    I know that only Section 21 organization, should ask/or receive donations/charity.

    We use the word, "crowd funding", and not offering shares, equity, or asking for business loan, instead we offer discounts on started business, free memberships, gifts even free service of some sort. Crowd funding have no direct rewards on profits. Does anyone remember that movie producer, who raised his millions on the upmarket street corners? That was crowd funding, about 10 years ago. Even in that way, he attracted SARS attention.

    Hey, things change! Online village compelled the Mercantile Law to change too!

    @Cimmerian, my advise seek legal grounds for South African environment.
    Last edited by Goodfirm; 14-Jun-12 at 09:40 AM. Reason: explaining on paragraph 3.

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