Papafund is an online contest platform to help young people win $1000 for their little passions and hobbies. The problem we are solving is that young people have a lot of desires to spend money on, but the money they have is always limited. And we solve that problem in a really social and fun way.
Users write a short pitch to tell a reason they want $1000 for. They pay a $10 fee to submit their pitch and participate, competing with 150 peers. Winning depends on the number of votes on a pitch and its quality in terms of passion, uniqueness and creativity.
Papafund can be used in cases that don't fall under charity or idea/business based. It is an ideal platform to fund your hobbies, interests and passions through a good reason and public support.
Papafund LLC. is a Delaware registered entity, currently owned by three members. The platform has recently been launched and all necessary technical development has been completed. The company was found in April 2015.
The current management team has three members: Rafi, Aziz and Rasheed.
Rafi handles the company's operations in the broader sense. His skills are best used where excessive thinking and problem solving is required.
Aziz works over the technical aspects of product development and handles key roles when it comes to day to day decision making.
Rasheed oversees the technical aspects and has key roles in the product development.
Young people have a lot of things
to spend money on, but the amount of money they have is always limited. For
example, if a student wants to buy a new lens for his camera, he would probably
not buy that lens because he has several more important things to spend on.
He won't get money from his dad for the lens let alone going to a fundraising site to raise money.
Now he can get that money by writing a pitch and getting votes by his friends. We’ve designed Papafund to be a fun thing to try out.
The market is worldwide and has a concentration among young people between the ages of 18 and 30.
A major market segment are college students and recent graduates who are always short on income, have tons of aspirations and are fond of using social media.
There may be some geographical locations which do not allow their residents to take part in contests. Such exceptions may apply.
Papafund has individual contests (rounds) of 150 participants each.
Users pay $10 to submit a pitch and compete. Since each round has 150 participants, each round gives us $1500. After expenditures of the winner's money and transaction fees etc, we have a gross income of $410 per round.
Since 150 users reach out to their friends for votes, we get good traffic plus referred pitch submitters. This promises exponential growth via social media.
Our customers are people who have hobbies and have tons of things to spend money on, but the amount of money they have is limited.
We are targeting these customers to help them fulfill their passions through a fun contest.
Sales and Marketing Strategy:
Users share their pitch with their friends to get votes on it. If we assume that each user reaches out to 100 friends through social media and that only 3 people among them decide to submit a pitch too, we get 450 new pitches through this 3% growth rate.
This means 1 round gives us 3 rounds, 3 give us 9 and they give us 27 rounds and then 27 give us 81 and these 81 give us 243 and so forth.
The gamification in the contest will retain users.
The Snowball Effect:
Users share their pitch to get votes by their friends. The more people they reach the more traffic on Papafund, thus high possibility of pitch submissions by voters.
We have no competitors who work on the model we work on. There are crowdfunding websites through which users have to raise 'money'. On the other hand, we help them earn money by raising 'support' through a fun contest.
Plus, online fundraising websites focus on charity or idea/business genres. We focus on funding hobbies, passions and interests.
Our unique process is protected by a pending patent with the USPTO.
We have the first mover advantage on the internet for introducing a platform that funds passions, interests and hobbies. Furthermore, we also have a first mover advantage when it comes to our patent-pending process of raising 'support' in contrast to raising 'money'.