RocketHub aims to help you raise funds for your project using a rocket theme and multiple ‘fuelers’.  It functions like many of the other crowd funding sites in that you set a target and time limit, then promote your fundraising through social media. RocketHub uses an incentive model which means that in exchange for contributions to your project, funders receive rewards which might be a copy of the finished CD, tickets to the event or an original artwork for example.

If you reach your funding goal in the time limit you selected, your funds are paid to you minus a small administration fee.  Should you not reach your target, all funds are paid back to the funders and you can start again by adjusting your funding goal (lower we imagine).

The fee is 8% of which 4.5% goes to RocketHub and 3.5% covers transaction fees.

The site is quite enthusiastic about its Rocket analogy so you ‘Launch’ a project, supporters provide ‘Fuel’ by opening a Fuel account and buying Rocket Fuel: $1 buys 1 liter of fuel.  It is then possible to transfer liters of fuel to any number of projects.  If a project reaches its target, fuel is converted to Dollars and given to the project.

Fuelers can pay for their fuel with major credit cards.  Project owners can be located outside the States (where RocketHub is based) and successfully funded projects receive a cheque in US Dollars.  For people using RocketHub outside the States this can be an inconvenience as negotiating Dollar cheques can be expensive if you pay them into a normal bank account.  Here at WeLikeArtists we have worked on projects with US cheques and been quoted £30-40 to cash a Dollar payment so find out what your bank will charge first, then add this fee to your funding target + 2-3% for currency fluctuations.

Stand by for blastoff!!

www.RocketHub.com

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