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Acceptable Ways to Contribute to Your Own Project

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Mavencore gets money to support your project from philanthropists, donors and strategic investors collectively known as backers. Before we can take up the responsibility represent you to backers, we need to see your commitment to the project yourself.  Raising 10% of the total capital required upfront is the best commitment. That way, people will be more inclined to contribute since they are sure you are serious about the project. From there, our service easily mobilizes backers to provide the remaining 90% so that you can start and run the project smoothly. 

Here is an example, if your project budget is 1 million, you need to have your own 100,000 before we can add you to our crowdfunding service to help raise the remaining 900,000 from people.

In case you are wondering whether you have to take all that cash and hand it to MavenCORE, worry no more! What we require is proof that you have the cash to support your own project so that we can confidently present this same information to potential donors and backers. 

Various Things Will Help You Prove Your Contribution 

  1. Fix a Deposit in Your Own Bank Account 

If you are contributing the 10% of your total project budget as cash, you don’t need to send it all to MavenCORE. Instead, approach your bank and make a fixed deposit for six months, which is the minimum period your fundraising can run. The bank will provide you with a statement showing the details of the fixed deposit amount. 

  1. Present Physical Resources Like Land, Buildings, or Equipment

Physical items or assets relevant to the project you are doing can be your capital contribution. These could be land, vehicles, buildings, or machinery. Calculate the current value of the item and indicate it as your contribution. Remember, it has to be something that directly helps the project. For example, if it’s land, your project must be something that actually requires direct land use on that specific parcel so don’t list all your assets that have nothing to do with this project. Remember not to exaggerate the value of your assets. The people contributing frown at any sign of dishonesty.

For permanent assets such as land, we need to see ownership or lease documents. For equipment and structures, receipts showing the costs incurred are fine. Remember to also provide photos of any physical resource that you are presenting as proof.

The Mandatory Cash Contribution 

In addition to the above proofs, we also require a small direct cash contribution directly to the crowdfunding campaign. The least we can accept is Ksh2500 and the maximum is ksh20,000 from project owners. This should be done within 72 hours after the project is published. This cash remains your money and will be withdrawable along with the rest of the money contributed to your project. Failure to make the cash contribution leads to project removal. Reinstating a removed project is done at a fee of Ksh500. 

Your contribution is crucial for successful crowdfunding since it encourages others to support your efforts by proofing you are fully committed to the success of the project

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