Fuelling athlete dreams in Asia with FundMySport: Page 2 of 2
By Gabey Goh December 6, 2013
Managing the fund
When asked about the business model, which will drive the platform, Tanner said that initially the site would make money on a commission system from every campaign launched by an athlete.
FundMySport will take 10% of the total amount raised from a campaign, and after PayPal fees (8%) have been deducted, the athlete will receive the rest of the money to pursue their athletic goals.
Payment through PayPal is currently the only option, with plans to expand into other forms of payment processing including delayed payments until the campaign has finished, as the platform grows.
Initially, funding campaigns will be displayed in US Dollars, but the team intends to have multiple currency amounts added in the near future. However, athletes can still raise money from anywhere in the world and have the funds delivered in their local currency
“The long term our goal is to offer crowd-funding capabilities for athletes as a free service, with zero commission and generate income for the site through partnerships with sports companies that represent or sponsor the athlete on FundMySport and through selected localised advertising from sports related companies,” said Tanner.
When asked how FundMySport plans to manage expectations, alongside the risk for fraud and what the vetting process for athletes entails, Tanner said that the team works with every athlete that wants to start a funding campaign and help them define every aspect of their funding campaign closely with them and ensure that they have all the things they need to succeed in their fundraising.
“We created this platform in good faith as a way to help those who truly need help. In the end it’s the athletes responsibility to follow through on their promised project and perks. FundMySport does not guarantee that an athlete will use the money as outlined and follow through on their promises,” he said.
The team vets all profiles submitted and take all athletes at their word when they make promises. It is up to the fans’ discretion to decide whether or not they believe the athlete will follow through on their promises before they donate.
“We endeavour to ensure that every athlete who has a funding campaign on FundMySport is as honest as possible, recognized and respected by his or her peers in their sport,” he added.
Tanner noted that not all funding campaigns submitted by athletes will be accepted, but the team will provide feedback every athlete that submits a funding campaign request on how they can make the cut.
He added FundMySport is a platform that facilitates connections and it is the ultimate responsibility of the athletes to create their profile with maximum impact and appeal for their supporters.
The team’s focus for the near future is to work hard at building a user base and getting the word out to athletes of all calibres about FundMySport and how it can help them in their athletic careers.
“We will also be adding new features and profile additions to the site for athletes to use in the coming months, which make it even easier for them to update their profiles. We have an important goal to raise awareness of sports and bring new people to the world of sports by showcasing the success of the athletes across Asia,” he said.
Tanner has one vision he hopes to achieve, that in the future, an average golf fan, or tennis fan, or a fan from any other sport, will be able to visit FundMySport, and select their country, town and sport of interest, and be presented with a long list of local athletes to support, either financially or physically, and in turn have that fan reconnect with the grass roots of the sport they follow on television.
“As I say, this really is a project of passion, and I really don't know where it can go eventually, but if I manage to help even one athlete achieve their sporting goals then the core concept of FundMySport will have been realised,” he said.
To find out more about FundMySport, click here.