BaMedFounder

Rewards-based Crowdfunding : Project Owner FAQ

What do I need to do to initiate the project submission process with B-a-MedFounder?

Before submitting your project to B-a-MedFounder, please read carefully, once again, the Terms of Use. Terms of Use are the same for everybody and are non-negotiable. After agreeing with all the Terms of Use, and by strictly following the steps described in the “Starting the Project Submission Process” section, then you can prepare all the necessary documents and submit them to us.

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How can I obtain funds for my idea on a new medical device project through B-a-MedFounder?
  • By sending your new medical device idea to B-a-MedFounder, you can gain access to a huge pool of donors who are all looking for new and great medical device ideas.
  • In a realistic way, calculate the amount of funds you will need for the target you wish to reach with such funds. Add to this amount approximately 25 percent as an error margin (in case your initial funding target will not be fully funded). Also add the B-a-MedFounder and PayPal transaction fees that will be deducted from the funds raised. For example, if you calculate that your project requires EUR 60,000, you may set your initial funding target at around EUR 75,000, allowing you to receive about EUR 66,750 after the B-a-MedFounder fees (7 percent) and PayPal transaction fees (3.4 percent + EUR 0.35) are deducted.
  • Calculate the cost of the rewards you wish to give to your donors including shipping costs, and include this sum in your initial funding target.
  • After the successful funding of your project, prepare yourself for the next round, for growth funding.

Please let us remind you that receiving funds through donations is not “money falling from the sky”. You need to work hard and prepare yourself as if you are making a presentation to professional investors. Entrepreneurs looking for funding sometimes make a few tens of presentations to small numbers of Angels or VCs. They can make changes in their presentations from time to time. At B-a-MedFounder, however, you have to only prepare one presentation that will be seen by thousands of people who will be your potential donors. Please read very carefully all the relevant sections of our website and understand all requirements and limitations before submitting your project proposal.

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How do I start my project submission process?
  1. If you think that your idea is patentable, then enter the relevant U.S. (USPTO.gov) and European (epo.org) patent websites and conduct a search on issued or published patents in the same subject as yours. Alternatively, a more thorough patent search may be conducted by a patent attorney but such an option will have an extra cost.
  2. If you are not sure that your idea is patentable, in order to prevent your idea becoming public and losing your chances to patent it, apply for a provisional patent application before submitting it to B-a-MedFounder. (There are several sites on the web that describe how to prepare one and where to send it to.) You may alternatively choose to apply for a patent using the services of a patent attorney at an extra cost.
  3. Before submitting your idea to us, please carefully read, once again, the Terms of Use provided by B-a-MedFounder. The Terms of Use apply to all projects. All necessary documents should be signed and submitted to us in PDF format during the project submission phase.
  4. The best way to present your project in the B-a-MedFounder virtual showroom is summarizing it with a 3 minute video clip or provide a 10 slide PowerPoint presentation for review and evaluation. People would like to see your face, or at the very least, they’d like to hear your voice. Prepare whatever visual material you wish to include in the video clip and the text of your narration for the clip or the slide presentation to fit the limited time you have. Video clips longer than 3 minutes or slide presentations larger than 10 slides will not be considered for evaluation. When presenting your idea, do not include too many details and do not disclose the specifics of the invention. However, do your best to make your presentation convincing and attractive.
  5. Do not forget to indicate the amount of funds that you are aiming to raise and remember to give an explanation about where these funds will bring your project within twelve months from receiving them. Nobody gives away money without knowing where the money will be spent.
  6. Sending us your idea for evaluation will cost you EUR 100.00 to show your seriousness and to cover a part of our expenses. (This sum will be deducted from our success fees if your project becomes successfully funded.) ** Please note that the project submission fee of EUR 100.00 is currently waived until the end of 2013. **
  7. You will also need to have an existing PayPal account that has been set up according to the guidelines provided in this section before you can submit your project to us. Please visit PayPal.com in order to create a new PayPal account, if you do not already have one.
  8. When you pass the evaluation phase, your video clip or slide presentation will be put on B-a-MedFounder virtual showroom to encourage the crowd to fund it.
  9. If your project attracts donors and is seeded with enough funds, you receive the funds and can commence with or continue developing your project.

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How will I know that my presentation is convincing enough to attract donors?

Try to be as neutral as you can and watch your presentation several times. If you were a donor, would you donate to this project?

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Do I have to make a video clip?

Not necessarily. You can create a 10 slide PowerPoint narrated presentation. However, we do recommend that you use a 3 minute video clip for your project. Donors would like to see the person behind the project they are supporting. This gives a personal touch to your project.

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How can I upload a video clip for my project?

In order to upload a video clip for your project, please visit youtube.com, click the “Upload” button in the upper-right corner, and upload your video file. You will then enter the video clip’s title and description information, setup your privacy preference as “public”, and then you’ll also choose a category for your video clip. Once this process is complete, you will be provided with a Youtube link, which you can use with the relevant input area on the B-a-MedFounder website.

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How can I upload a PowerPoint presentation for my project?

In order to upload a PowerPoint presentation (preferably with narration) for your project, we ask that you visit the website: Slideshare, and subscribe to the “Silver Package” by making a monthly payment. Once you subscribe to the service, click the “Upload” button at the top of the page, and click the blue “Upload” button next to locate and upload your PowerPoint presentation on to the system. You will then need to enter a title, tags, a category and a short description for your PowerPoint presentation, uncheck the “Allow file download” option, choose “[Public] Everyone” from the “Privacy (who can see this)” dropdown menu, and click “Save details”. You can now copy by double clicking the embed code that Slideshare has generated and paste only the http address stated in quotations (as shown below) on to the “Project PPT presentation” input area on our website.

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How do I setup my PayPal account in order to receive the pledges made by donors?

** Please submit your project to B-a-MedFounder only after you have completed setting up your PayPal account. **

In order to be able to accept pledges through PayPal, each project owner needs to meet the following six criteria:

  1. The PayPal account of the project owner needs to be Verified (bank account or credit card added).
  2. The email address of the project owner needs to be Confirmed.
  3. The PayPal account of the project owner needs to be a Business or Premier account.
  4. The PayPal account of the project owner must be capable of accepting USD, EUR, or GBP (based on a project’s desired funding currency).
  5. The Payment Receiving Preferences must be tweaked to allow “Send Money” payments.
  6. The PayPal account of the project owner must be suited for receiving the funds raised through our platform.

As the navigation of PayPal’s site will vary based on your location and account status please refer to PayPal’s Help Center for directions on how to enable each feature stated above.

The following are further directions pertaining to each criteria:

  1. How to become Verified: (https://www.paypal.com/cgi-bin/webscr?cmd=p/acc/seal-CA-unconfirmed-outside)

    Log in to your PayPal account, click Get Verified on your “Account Overview”, choose the verification option you would like to use, enter your information and then click Continue, click Confirm and finally click Submit.

    Please note that it may take several days for your PayPal account to become Verified. Therefore, please take this into consideration when planning. Project owners will not be able to receive pledges while their PayPal accounts are pending Verified status.

    https://www.paypal.com/helpscr?cmd=_help&locale=en_GB&countrycode=GB&_dyncharset=UTF-8&t=solutionTab&ps=solutionPanels&solutionId=163437

  2. How to confirm your email address:

    Here's how to confirm your email address: Log in to your PayPal account, click Profile at the top of the page, click Update next to Email and then select an email address and click Confirm. PayPal will send an email to that address.

    Open the email, and then click the link to confirm your e-mail address. You will automatically be directed to the PayPal site where you will be requested to enter your password.

  3. How to upgrade your Personal PayPal account to a Business / Premier PayPal Account:

    Login to your PayPal account and click Upgrade Account and click Upgrade Now. Then select Business or Premier account and click Continue. For Business accounts provide your business information and click Continue.

  4. 4. How to tweak your PayPal account’s settings according to your project’s currency:

    Login to your PayPal account , click Profile first and and then My Money. “PayPal Balance”. Select the currency (EUR, USD or GBP) that you would like to enable and finally click Add Currency.

  5. 5. How to change Payment Receiving Preferences to allow Send Money Payments:

    Log in to your PayPal account, click Profile at the top of the page and then click My Selling Tools. Then click Update in the Block Payments section. Under “Block payments from users who:”, uncheck the “Initiate payments from the Pay Anyone subtab of the Send Money tab” and then click Save.

  6. How to lift your account’s Receiving Limit:

    If PayPal has placed a Receiving Limit on your account, it may not be possible for you to raise over a certain amount for your project without first providing PayPal with requested information. If your account has a Receiving Limit, we advise that you provide the requested tax information before you begin raising funds to prevent disruption to your fundraising effort. Please follow the instructions below to remove sending, receiving and withdrawal limits.

** For U.S. based Project Owners: If you are based in the U.S. and expect to receive more than USD 20,000 and over 200 payments within a year, you can add your tax ID number to raise your account’s Receiving Limit.**

Log in to your PayPal account, first click Profile near the top of the page and then click Add in the “Tax ID number” section and click Continue. To determine which tax ID number you will need to provide, please see the following link: https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W

** For Europe based Project Owners: If you are based in Europe, you will need to provide PayPal with additional verifiable information if your account receives a total amount of GBP 1,900 or EUR 2,500. Please follow the instructions below in order to lift the Receiving Limit.

Log in to your PayPal account, go to the “Account Overview” page and click View Limits, then tick the box next to “Receiving Limit per year” and click Lift Limits. Next, click Supply Additional Information under “Business Information”. Then follow the instructions provided.

Please also note that if a message appears that indicates that your country is not enabled to receive payments, then your PayPal account may be located in a country were PayPal has limited services. Further details on country specific PayPal restrictions may be found at this location: https://www.paypal.com/

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What are PayPal related and other restrictions?

Project owners from certain countries may not be able to use our services. Due to legal and other PayPal related restrictions, the following countries are not currently serviced by B-a-MedFounder: Bolivia, Ethiopia, Myanmar, Nigeria, Sao Tome & Principe, Sri Lanka, Algeria, Cuba, Iran, Libya, North Korea, Sudan, Syria, Singapore, Taiwan, Malaysia, India, Brazil, Turkey, Japan, or Bosnia. Further details on country-specific PayPal restrictions may be found on https://www.paypal.com/worldwide/

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When do I receive the funds that have been pledged to my project?

You, as the project owner, will be able to track the development of pledges made to your project through your project’s dedicated page. At the end of the pre-determined active funding period and assuming the minimum funding threshold is reached, the pledges made will be converted into payments and disbursed to the project owner’s PayPal account as a lump sum after the deduction of B-a-MedFounder success fees and PayPal transaction fees. Please also note that it may take up to five business days for the payments to transfer to the project owner’s PayPal account and that the success of an individual pledge’s conversion into a payment to the project owner depends on the availability of sufficient funds in a donor’s PayPal account

Please also note that currently B-a-MedFounder facilitates the funding of projects only via PayPal.

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How can I join the B-a-MedFounder community as an individual inventor or entrepreneur?

There are no registration fees for becoming a member of the B-a-MedFounder community if you are not proposing a project and looking for funding. It will cost you EUR 100.00 to submit your new medical device idea to us for evaluation by our reviewers (experts) and cover part of our expenses. The project submission fee will be deducted from our success fees if your project is selected to be put on our virtual showroom and successfully raises funding. These fees are not returned if the project is not found eligible by the reviewers (experts) to be displayed in the B-a-MedFounder virtual showroom or if your project cannot meet the minimum funding threshold by the funding target date.
** Please note that the project submission fee of EUR 100.00 is currently waived until the end of 2013. **

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How can I verify that my project has reached B-a-MedFounder and is being evaluated?

After we receive all of your materials, we will send you a confirmation email with this information included. If you do not receive a confirmation email within thirty days, check your Junk or Spam folders. If you do not find our confirmation email there, please write to us through confirmation@BaMedFounder.com.

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Will all the projects be displayed in the same B-a-MedFounder virtual showroom?

The B-a-MedFounder virtual showroom can be browsed through the selection of medical categories, such as surgery, orthopedics, urology, and so on. At the outset, users will be able to view a general virtual showroom where all projects will be listed together. However, by clicking on a medical category link on the side menu, users will also be able to see projects located within a specific medical category. Furthermore, there will be a virtual showroom dedicated to “Consumer Oriented” projects and a virtual showroom for “Successful” projects; this is an area where projects that have successfully secured funding through B-a-MedFounder will be displayed.

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For how long will projects be displayed in the B-a-MedFounder virtual showroom?

Projects that have successfully passed the review process will be displayed in the B-a-MedFounder virtual showroom for a period of ninety days, which is referred to as the "active funding period". The deadline for making donations to a specific project, on the other hand, shall be referred to as the “funding target date”.

From the first day of the ninety-day active funding period, until the funding target date, projects will be shown under the “Projects Currently Being Funded” heading. Donors will be able to make pledges to projects throughout this time frame. The funding inception date will appear on each project page dedicated to a project. Two weeks before the end of the ninety-day active funding period, a banner will be added to the projects indicating that the active funding period is “Ending Soon”. The pitch, total value of pledged sums, and number of donors, will appear on the dedicated project page, as well.

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Where will my project appear in the B-a-MedFounder virtual showroom?

Newly added projects will be opened for funding and displayed under the ”Projects Currently Being Funded” heading for a period of thirty days. If 75 percent of the initial funding target is not reached by the funding target date , the project page of your project will be closed and all pledges made by donors will be cancelled.

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Can I request an extension to the project active funding period?

If the initial funding target is not reached by the funding target date, you can request an extension of thirty days. Your extension request should be accompanied with EUR 100.00 (** currently waived until the end of 2013 **) as an additional administrative fee. Please note that the donors will have the right to cancel their pledges made during the first ninety-day period. Extended projects will be marked as “Extended”.

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How do I determine my project’s initial funding target?.

In a realistic way, calculate the amount of funds you will need for the target you wish to reach with such funds. Add to this amount approximately 25 percent as an error margin (in case your initial funding target will not be fully funded). Also add the B-a-MedFounder and PayPal pre-fixed fees that will be deducted from the funds raised. For example, if your project requires EUR 60,000, you may set your initial funding target at around EUR 75,000, allowing you to receive about EUR 66,750 after the B-a-MedFounder fees (7 percent) and PayPal transaction fees (3.4 percent + EUR 0.35) are deducted. Finally, calculate the cost of the rewards you wish to give to your donors including shipping costs, and include this sum in your lnitial funding target.

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Can I change the initial funding target?

This is not allowed. Once your project is displayed in the B-a-MedFounder virtual showroom, you cannot change your project’s initial funding target. We strongly recommend that you make realistic calculations and think hard about your project’s initial funding target before you submit your project.

Although we do not recommend you to do this, you can decide to retrieve your project and start the entire project submission process from the beginning with a new initial funding target. This approach costs time and money, since a few months are required to process the renewed application and new administartive fees will become due. This is a risky process, because your project may not receive the initial recommendations it received from the new reviewers (experts).

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What are the costs associated with proposing a project on B-a-MedFounder?

A project submission fee of EUR 100.00 is charged for covering part our expenses during project submission phase before a project is opened for funding. This sum becomes part of our success fees in case your project successfully secures funding. ** Please note that the project submission fee of EUR 100.00 is currently waived until the end of 2013. **

For total pledged sums of up to EUR 95,000 you pay only a 7 percent success fee assuming that 100 percent or more of an initial funding target is reached. You may also receive the funds if the total pledged sum reaches 75-99 percent of the initial funding target by the end of the ninety-day active funding period. In this case, you would pay 10 percent as a success fee to B-a-MedFounder. Furthermore, there is a regressive success fee with higher total pledged sums applicable when 100 percent or more of an initial funding target is reached. (Please see next question). In addition to the success fees, project owners also pay PayPal transaction fees of 3.4 percent + EUR 0.35.

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What is a regressive success fee?

In total pledged sums above EUR/USD/GBP 95,000, project owners pay regressive success fees assuming that 100 percent or more of their initial funding targets are reached.

  • In total pledged sums of EUR 95,001 – 175,000: 6.5 percent + PayPal fees
  • In total pledged sums of EUR 175,001 – 255,000: 6 percent + PayPal fees
  • In total pledged sums of EUR 255,001 – 335,000: 5.5 percent + PayPal fees
  • In total pledged sums of EUR 335,001 – 415,000: 5 percent + PayPal fees
  • In total pledged sums of EUR 415,001 and more: 4.5 percent + PayPal fees

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Will B-a-MedFounder have exclusivity on my project?

Yes, we do request exclusivity from the project submission date to the funding target date. You will not be able to submit your project to different crowdfunding sites at the same time. You are not allowed to submit your project to B-a-MedFounder if you have already sent it to other crowdfunding sites and during that period of time when the project is in process at other sites. Projects found being displayed in other crowdfunding sites will be removed immediately from the B-a-MedFounder virtual showroom and the reason for this will be displayed on your project page as “Breach Of Contract.” In addition, the administration fee will not be refunded. If your project is not elected for being displayed in the B-a-MedFounder virtual showroom, we will not have any rights on your project, including exclusivity rights.

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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 with no charges being made to the PayPal accounts of donors. Please see General FAQ for further explanations.

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What happens when my project raises funds greater than its minimum funding threshold?

You can receive the funds after B-a-MedFounder success fees and the PayPal transaction fees are deducted. You will also receive a list with the full names and surnames, email and shipping addresses as well as the pledge amounts and reward selections of donors at the time the funds are made available to you. Please do not forget to send donors a letter of appreciation for their selection of your project and inform them about their rewards.

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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.

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Can I change my project after it is displayed in the B-a-MedFounder virtual showroom?

No. Once your project is submitted to B-a-MedFounder for the review by our experts, you will not have a chance to make any changes to your project. Do your best and make necessary changes to your project before submitting it, while it is in draft form.

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Can I post updates regarding my project while it is being displayed?

Yes, absolutely. You can do this through the updates tab on your project page. The updates are important for current and potential donors.

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What information will I receive about the donors of my project?

When your project raises funds above its minimum funding threshold by the end of the active funding period, at the time the funds will be released you will receive the full names and surnames, email and shipping addresses as well as the pledge amounts and reward selections of donors that made a contribution to your project.

If a project cannot raise funds above its minimum funding threshold, then the project owner will not receive such information from B-a-MedFounder.

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Will B-a-MedFounder or the donors take a percentage of ownership or intellectual property from the projects displayed on the B-a-MedFounder website?

No. Neither B-a-MedFounder nor the donors take a percentage of ownership in your project or in your intellectual property.

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Can I come back for an additional round of funding through B-a-MedFounder?

Yes, absolutely. After helping you obtain the first round of funding, and if you wish, we can display the more mature status of your project, which has a proof-of-concept in the B-a-MedFounder virtual showroom. This shows other viewers that your project is ready to go to the next stage and has a need for further funding. Such “continuation projects” will have a priority for evaluation.

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Can more than one project be submitted at one time by the same person?

B-a-MedFounder does not limit the number of projects a person or a company can submit at any one time as long as such projects meet our guidelines. However, we would like to remind you that this may confuse potential donors and may split their funding, thereby reducing your chances for reaching your initial funding target.

If you have more than one project, choose the one that you want to be funded first. Then, submit the other project when your initial project is approaching the funding target date.

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Can I re-submit a project if its funding was unsuccessful in the first trial?

Yes, you can. However, we recommend that you re-think the reasons why the failure occurred, and then consider making any necessary changes before re-submitting your project. You may change your presentation, the initial funding target, or you can change the rewards. A re-submitted project will have to proceed through all the steps and approval phases, just as if it was a new project submission.

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What guarantee do I have that my idea will not be stolen?

Please read on our website the relevant information pertaining to IP and our recommendations on how you can protect your ideas. If you do not take the necessary steps to protect your ideas before submitting them, then the crowdfunding platforms may not be for you. Do not forget that sharing ideas is the mainstay of crowdfunding and protecting your ideas is your responsibility.

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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.

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.

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How do the donors receive their rewards?

It is the responsibility of the project owner to fulfil the rewards as promised to everyone that has supported the project by donating. If your project is offering rewards as an incentive, B-a-MedFounder will provide you with the full names and surnames, email and shipping addresses as well as the pledge amounts and reward selections of donors at closing when the funds are disbursed. You are responsible for contacting your donors and organizing everything that is necessary for sending them their rewards.

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What is my responsibility for answering questions from people who are interested in my project?

People can post questions about your project on the discussion board during the ninety-day active funding period while the project is displayed in the B-a-MedFounder virtual showroom. All project owners are requested to respond to questions within four days after someone has asked a question on the discussion board. This requirement allows the crowd to see all questions and answers as well as other comments. By answering a question on your project’s discussion board, you will help others who have similar questions. It is very important to answer these questions promptly, especially during the first month that your project is being displayed in the B-a-MedFounder virtual showroom. Be frank and transparent with your answers. Do not forget that most of the questions are from people who are interested in your project, but they want to be able to evaluate the project as well as the person/people who is/are behind it before making a pledge.

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Can the project owners meet personally or through the internet (i.e. Skype or Tango) with the reviewers (experts) or donors of a project?

Not until the successful closing of a project’s funding takes place. Our project reviewers (experts) are anonymous. The project owners will have access only to the names and abbreviated sirnames (unless they choose to remain anonymous) and locations (country) (i.e. John B., United Kingdom) of the donors of their project during the active funding period through their dedicated project pages. A full list of donors with pledge details will be sent to the project owner after the funding target date at time the funds will be released.

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Is there an interaction between the project owner and the donors?

During the entire period when a project is displayed in the B-a-MedFounder virtual showroom, the only interaction that will occur between the parties will be through the project’s discussion board. It’s very likely that potential donors will ask you a lot of questions through your project’s discussion board. Be ready to answer those questions within four days, and your replies should be styled in a short, but direct manner. Everybody who is interested in donating to your project will be able to see the questions and the answers as well as the comments. Those donating to projects will want to know the prospect of seeing a medical device that will help the people who need it.

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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 minimum funding threshold is not achieved. The money is donated for the purpose of the development of 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 the necessary documents have been signed and after our success fee and the PayPal transaction fees are deducted.

We recommend that donors closely follow the pledges made to the project that they have donated to. When 75 percent of the initial funding target is reached, we encourage the project owner to try to find additional donors, including friends and family members who might wish to donate to the project so that it can 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/her project. When the project is successful, then the project owner can come back again for the next step of the project with the goal of seeking additional funding through our website.

Let’s do a little calculation:

In a project with an initial funding target of EUR 75,000, if you reach 75 percent of the initial funding target (EUR 56,250), your account will be deducted EUR 5,625 (10 percent) + PayPal transaction fees (3.4 percent + EUR 0.35), leaving you with a net amount of about EUR 48,375.

If you reach EUR 68,000, your account will be deducted EUR 6,800 (10 percent) + PayPal transaction fees (3.4 percent + EUR 0.35) and will leave you with a net amount of about EUR 58,480.

But, if you reach 100 percent, the deduction will be only EUR 5,250 (7 percent) + PayPal transaction fees (3.4 percent + EUR 0.35), which will leave you with a net amount of about EUR 66,750.

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Can I make a pledge to my own project?

Why not? Self-donating shows the donors that you have faith in your project. Be aware that you cannot self-donate more than 10 percent of the funds you are seeking.

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How will I receive the money at the end of a successful funding round?

After checking that all the pledges made are registered in the project’s PayPal account, and all paperwork has been completed, you are then entitled to receive the funds via PayPal after the deduction of the pre-fixed charges. The administration fee you paid when you submitted your project will be a part of the B-a-MedFounder success fees. All taxes, levies, and bank charges are your responsibility.

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What if I am an individual inventor and do not have a company?

If you are an individual entrepreneur developing your project in your “garage,” you may look for donations. If the funds you need are more than a few thousand Euros, U.S. Dollars or British Pounds Sterling, we recommend that you start a new company and then apply to B-a-MedFounder. The donors will not expect a financial gain. You may promise them one or two of the devices (if they are consumer oriented) you will be developing free of charge. Be aware that most medical devices necessitate a prescription by a physician and cannot be given as rewards. Activate your imagination to find other rewards in such cases.

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What is a donation?

A donation is a gift given to benefit a cause. The donors will not expect a financial gain.

The minimum donation through B-a-MedFounder is EUR/USD/GBP 50.00 while the maximum donation is set as EUR 3,725 / USD 5,000 / GBP 3,175.

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How does the funding mechanism work in projects offering rewards?

Projects offering rewards for raising funds have an initial funding target (i.e. EUR 75,000) and a minimum funding threshold (75 percent i.e. EUR 56,250). The funding mechanisms of such projects are “open-ended,” which means that there is no upper limit to the amount of funds that can be raised by a project owner. Although projects offering rewards are not required to have a company, donors may choose and prefer projects that are backed by a registered company.

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How will people know about my project?

B-a-MedFounder provides a dedicated, internet-based showroom for those interested in medical devices. B-a-MedFounder will release information about our medical device crowdfunding system to the print or electronic media channels, as well as web-based media sources for reaching large masses of people who may become interested in such projects.

During the listing period, your project will be displayed together with other projects. The interested parties will choose one or more projects to obtain more information by clicking on the project they are interested in, or they can ask questions through the project’s discussion board.

Once a project is opened for funding, the project owner will have the ability to use the social media sharing tools (Linkedin, Facebook, Twitter, etc.) to promote his/her project online.

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How and when do I receive the pledged funds?

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 achieved. The money is donated for the purpose of the development of 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 the necessary documents have been signed and after our success fee and the PayPal transaction fees are deducted. We recommend that you closely follow the pledges made to the project you have donated to.

When 75 percent of the initial funding target is reached, we encourage the project owner to try to find additional investors, donors, friends, and family members to donate totheir project and reach 100 percent. This allows you to pay less success fees to B-a-MedFounder (See the relevant question in General FAQ).

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 that the project owner collects the maximum necessary funds for his/her project. By becoming successful, the project owner can return, take the next step, and look for additional funding through B-a-MedFounder.

Let’s do a little calculation:

In a project with an initial funding target of EUR 75,000, if you reach 75 percent of the initial funding target (EUR 56,250), your account will be deducted EUR 5,625 (10 percent) + PayPal transaction fees (3.4 percent + EUR 0.35), leaving you with a net amount of about EUR 48,375.

If you reach EUR 68,000, your account will be deducted EUR 6,800 (10 percent) + PayPal transaction fees (3.4 percent + EUR 0.35) and will leave you with a net amount of about EUR 58,480.

But, if you reach 100 percent, the deduction will be only EUR 5,250 (7 percent) + PayPal transaction fees (3.4 percent + EUR 0.35), which will leave you with a net amount of about EUR 66,750.

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Do I have to report the development status of my project?

Yes, you do. Be prepared to write quarterly reports to your donors on how your project is developing. Your donors want to know how their donation is being spent. These reports will not appear on our website. Your quarterly reports will make them happy. Do not forget that the donors can write their opinion about you and your project through the project discussion board, even after a year from the date you raised the funds. You have to remember that happy donors, coupled with successful projects, will add more credibility to you and to your project. It can open the doors for additional crowdfunding of your future projects.

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Can I cancel my participation?

Yes, you can cancel your participation and ask for the removal your project from our virtual showroom just by sending an email to us at info@BaMedFounder.com with “Remove my Project” in the subject line. Be sure to include your project code in the body of the email.

In the event you choose to cancel, your registration fee will not be refunded. We will send you an email confirming the removal of your project from our virtual showroom. All pledges made to your project will be cancelled, as if the project failed to reach its minimum funding threshold.

Your project page will remain visible but not active for an additional week, which means that nobody will be able to make a pledge or post questions or comments. An indication confirming that the project has been retrieved will be added to the project page as well.

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