Reddit, the Slashdot/Digg clone, has a new web app devoted to group funding called CrowdTilt.
The concept is really quite simple. One or more people organize a campaign to collect money for a group event, charity or cause. Druring the registration of the campaign on Crowdtilt through Facebook [only Facebook as of now], the organizers set an dollar amount, the tilt v, which has to be matched or exceeded within 10 days for the project to tilt and then be funded. If the campaign does not reach its tilt target in 10 days or less, then no one including the organizers are charged anything.
However, projects that tilt in contrast to what is implied in the popuup shown above do pay a 2.5% fee on total funds collected if the project tilts. In addition, contrbutors are charged 2.5% for their credit contributions as well. See here for all the fineprint details.
At 5% for monies collected,why CrowdTilt?
There’s no denying it – Pooling and collecting money for a group objective can be a real pain in the ass. There are the multiple emails gauging interest, more for updating people on the status, and then the ones pressuring committed people to actually pay. There is that list on an Excel spreadsheet or piece of paper keeping track of who’s paid and who hasn’t. There are PayPal accounts and sending addresses for multiple checks. And then there is the real anxiety of starting to collect money and knowing there’s no going back…
And those are just the headaches for the organizer.
CrowdTilt has apoint – especially when funds have tob e raised quickly like 10 days or less. And since the campaign can be run in private mode, only the group solicited know the details. CrowdTilt is not the only Web based fundraising site, Kickstarte raises venture capital funds and Gofund.me raise personal donations. Hmmm, this reviewer is of mixed minds on CrowdTilt. Less hassles and social imbroglios may be well worth the 5% fee – its a lot less than Payday Loan fees.