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03.05.2021

First come, first served

Bank Austria steps in with a financial injection for many crowdfunding projects in the rather tough middle. This year it is providing 100,000 euros for this purpose for the seventh time.

Sunita Maldonado works at the crowdfunding platform wemakeit, the bank's partner for this campaign. She explains the best way to get funded as quickly and easily as possible.

What actually is wemakeit?

We are a crowdfunding platform. You can finance your project via our platform by motivating people to support you. They receive certain benefits in return – so-called “Rewards”. And, of course, they also obtain an insight into your project.

And what has all this to do with Bank Austria?

Crowdfunding via wemakeit is governed by the all-or-nothing principle. This means that projects are only successful if they also actually achieve their self-determined financing target. Otherwise, the money is returned to those who paid it in. The middle part of a campaign can be particularly tough. A project can often experience a slump that, in the worst case, can lead to a campaign being unsuccessful. Hence, it is at precisely this point that the bank springs into action. It supports you as soon as you have raised the first third of your financing target. By contributing the second third. Then you only have to focus on finishing strongly. And the financial injection will also give you the extra energy to achieve this.

Which gives me a greater chance of achieving my objective?

Absolutely! The chances of success of projects supported by Bank Austria are well above average.

No age limit

What sort of projects can be submitted?

The spectrum is very, very broad. Many come from the music sector, from people who want to produce a new album or finance a tour. Or who need new equipment. But photography, publications and exhibitions are also possible. Or films that should be made. And then there are frequently projects with a social approach. Such as musical instruments that are required for refugees.

Is there an age limit?

In principle, everyone can take part. There’s no upper age limit. One should be an adult, at least 18. But if parents provide their consent then younger people can also participate.

It sounds great. When is the next deadline?

18th May marks the start of the next programme of cooperation with Bank Austria, which is providing 100,000 euros again this year – the seventh time that it has done so. The rule is: First come, first served. In other words, those who submit their projects quickest will get support.

People want to support people

Wow, so how quick do I really have to be?

It doesn’t come down to a couple of hours or a couple of days. But it certainly makes sense to start in May or June. By autumn, the money has often all been allocated.

How does such an application work?

You make your submission on our platform, which contains lots of tips that will help you to create an attractive page. This should certainly contain a video, although this can be very short and very homemade. But it’s extremely important for people to see who is behind the project. People want to help people. They want to see if you are likeable and come across as authentic.

And who decides if I’ll then be accepted?

We check whether your submission meets the formal requirements, if it includes everything that we need. Then we pass it on to Bank Austria, which makes the final decision of whether to approve your project. But it’s not as if Bank Austria takes a curatorial approach or makes a targeted selection based on, for example, which style of music it prefers. If it fits into one of the artistic categories set out in the call for projects and meets the formal criteria then it will be accepted.