- Is B-a-MedFounder an All-or-Nothing fundraising site?
No, B-a-MedFounder is not an “All-or-Nothing” fundraising site. The donated money is for the use in the development of the idea and not for other expenses. We calculated that, after taking into consideration the fees related to raising funds through crowdfunding and an error margin for a project owner’s needs, the minimum effective amount that can be used for the development of a project is 75 percent of its initial funding target. The project owner will receive the funds only if the funding can reach this minimum funding threshold. If the 75 percent minimum funding threshold is not reached, then all donations will be cancelled.
- What is the difference between donating through B-a-MedFounder and making an Angel investment?
Donating through B-a-MedFounder is a new approach to funding a new medical device project. Conventional Angels usually meet the entrepreneur and can discuss the project and the terms of their investment with them to receive a slice of the company that they are evaluating. In the conventional Angel investment process, there is one or a small number of Angels that invest in the same project. B-a-MedFounder is a crowdfunding system, which means that anybody who finds a project attractive can donate. Project ideas from countries far from yours can be displayed in the B-a-MedFounder virtual showroom, and many people from several countries can donate to these projects. Donors do not become financial partners of the company that they donate to.
- Why should I donate to a project?
By donating to a project displayed in the B-a-MedFounder virtual showroom, you benefit in the following ways:
- You can be one of the early sponsors in one or more of the upcoming and very successful medical devices
- You can help thousands of patients
- You can help someone to fulfill his or her dream of developing a medical device
- If I am not a resident of a European Union member country, how can I know if I’ll be able to donate to a project outside of the European Union?
If you are not based in the European Union, you can donate to any project through B-a-MedFounder. However, you must strictly adhere to the laws of the country you are legally residing in.
- How can I know if a project is genuine and the project owner has the ability to develop the project?
Although our project reviewers (experts) review the medical and technological aspects of the projects, and we display the most promising ones in the B-a-MedFounder virtual showroom, it is up to you to assess the project and the people behind it before you decide to donate. Use your own judgment before donating.
- The materials posted on the project page may not contain enough information or data for me to feel confident to donate to that project. Is it possible to request additional information from the project owner?
All projects are displayed in the B-a-MedFounder virtual show-room for a period of ninety days. The ninety-day active funding period has been created to allow donors sufficient time to evaluate the idea as well as the people behind the project. This ninety-day window has also been established for you to make a pledge. If you need additional information about a specific project, we recommend that you post a question through the project’s discussion board during this period. The project owner is required to provide the information you’ve asked for within four days of receiving your inquiry through the discussion board. This also allows time for others in the crowd to view the posted questions, and then the answers, as well as the comments that are posted.
- Can a project raise more money than its initial funding target?
Yes, and some often do. The upper funding limit is decided by the generosity of the donating crowds.
- What happens if the total pledged sums remain well below the initial funding target?
B-a-MedFounder is not an “All-or-Nothing" fundraising site. However, none of the donors will wish to give their money if the initial funding target is not approached. The money is donated for the purpose of developing the new medical device idea and not for other expenses. However, when 75 percent of the initial funding target is reached by the end of the listing period, we will release the pledged funds after verifying that all necessary documents have been completed, and after our success fee and the PayPal transaction fees have been deducted.
When 75 percent of the initial funding target is reached, we encourage the project owner to try to find additional donors, friends, and family members to donate to their project and reach 100 percent, and pay less success fees to B-a-MedFounder. (See the relevant question in FAQ – General.) Although B-a-MedFounder will make more money if the total pledged sum remains between 75-99 percent of the initial funding target, we prefer to have the project owner collect the maximum necessary funds for his or her project, and that they’re successful and come back again for the next step of the project and look for additional funding through us.
- What happens to the pledged sums if the minimum funding threshold is not reached?
All total pledged sums that are below 75 percent of a project’s initial funding target by the funding target date will be cancelled; no charges will be made to the PayPal accounts of the donors. Please see further details in the relevant question on this subject.
- Can the project owner change the initial funding target?
This is not allowed. Once a project is displayed in the B-a-MedFounder virtual showroom, the project owner cannot change the initial funding target. However, the project owner can retrieve his/her project and start the entire process from the beginning with a new initial funding target.
- Do the donors or B-a-MedFounder take a percentage of ownership or intellectual property from the projects displayed on the website?
No. Neither the donors nor B-a-MedFounder take any percentage of ownership in any of the projects or in the intellectual property (“IP”) of the projects displayed on B-a-MedFounder website.
- As a donor, how do I make a contribution?
After you enter your pledge amount in the dedicated field on our website and select a reward, you can submit your pledge through PayPal. Your PayPal account will not be debited until the funding target date assuming that 75 percent or more of the initial funding target is reached. Please choose your registered credit card, if available, as a secondary funding source to ensure payment at the end of a project''s active funding period. On a daily basis, you can follow the project’s pledge activity where you’ve made a donation.
- Do donors and project owners have to use PayPal?
Yes. Donors are required to use their PayPal accounts to make a contribution to a project. Project owners are also required to have PayPal accounts in order to receive funds after the successful completion of a project’s funding. B-a-MedFounder has an arrangement with PayPal for the receipt and administration of pledges during a project’s funding period, as well as the disbursement of such pledges to the project owners at closing, assuming that the project reaches or exceeds its minimum funding threshold.
- In which currencies can I make a donation?
Project owners are asked to indicate their funding currency preference (Euros, U.S. Dollars, or British Pounds Sterling) when they submit their projects; such projects will be open for pledges from all countries except those that limit crowdfunding or have restrictions regarding the use of PayPal’s services. Please see relevant explanation in the Project Owner FAQ.
- Can I cancel my pledge?
Yes, you can manually cancelyour pledge through PayPal before the end of the active funding period of a project.
- Can I add to my pledge?
On a daily basis, you can follow the project’s pledge activity where you’ve made a donation. If you wish you can make additional pledge amounts to a project. However, please note that a donor can only make up to four pledges to the same project during the active funding period.
- Are there minimum and maximum amounts applicable to donations?
The minimum donation through B-a-MedFounder is set as EUR/USD/GBP 50.00 while the maximum donation is set as EUR 3,725 / USD 5,000 / GBP 3,175.
- Will you share the personal information of the donors?