What type of crowdfunding is RocketHub?

RocketHub is a site that allows artists, entrepreneurs, scientists, and designers to get funding for their projects. While it is free to start a project, RocketHub charges you for a percentage of the money you raise, as well as a 4% transaction fee. This kind price structure is common to most crowdfunding sites.

How does crowdfunding work?

Crowdfunding is a way to raise money from a large number of people. Large groups of people pool together small individual investments to provide the capital needed to get a company or project off the ground. Individuals, charities or companies can create a campaign for specific causes and anyone can contribute.

How does Rocket hub work?

Basically, you plug the device into an outlet and within a couple of minutes it is connected to Rogers’ HPSA 3G+ network and you’re ready to connect your devices. Each hub has a key associated with it for security, and you type that in to your WiFi security settings on each device you want to connect.

Do you pay crowdfunding back?

Loan-based crowdfunding means that investors get their money back, usually with interest. And with investment-based crowdfunding, people put money in, usually for a share of your business. So they’ll see the value of their shares rise and fall, but you don’t need to pay back their investment.

What makes RocketHub different from other crowdfunding sites?

RocketHub offers a Reward (or Goods) crowdfunding model. This feature makes them stand out from the competition in the crowdfunding market because some funding is better than no funding for new first-time fundraisers. So if you raise $10,000, you get to keep the $10,000 (after fees-see next section for details).

Who are the people who use RocketHub?

Based in New York City, its users—including musicians, entrepreneurs, scientists, game developers, philanthropists, filmmakers, photographers, theatre producers/directors, writers, and fashion designers, —posted fundraising campaigns to it to raise funds and awareness for projects and endeavors.

Is there a maximum amount you can raise on RocketHub?

This ensures most people who want to donate will not be hindered because they don’t have Paypal or a certain payment vehicle. Unlike many crowdfunding sites, there is no cap or maximum amount that RocketHub will let you raise. A funding monetary goal can be as much as $100,000 or more.

When was RocketHub acquired by EFactor Group?

On April 15, 2015, RocketHub was acquired by EFactor Group, an online resource center for entrepreneurs. The acquisition deal was valued at US$15M. RocketHub enables direct-to-fan social media -based outreach and fundraising.