Q. 1- What is BIDAYATECH.com ?

BIDAYATECH is a Reward-Based Crowdfunding Platform that focus on Tech Startups (seed and early stage) with Minimal Viable Product (MVP)  or Demo Prototype (DPT) or Beta Testing Stage (BTS), where BIDAYATECH provides a platform for creative and innovative founders with a Tech Startups that is faced with a funding gap or Scaling up requirements and wants to raise money to induce growth, launch product/service or promote their Tech Startup to the public via fundraising campaigns. BIDAYATECH is an non-traditional tool for receiving pledges and contributions in exchange for non-financial rewards from all type of backers who connect with and support your Tech Startup. Starting with family, friends, early adopters and fans (see below the 4 levels for funding sources - Q 15)


 

Q. 2- What is the benefits of using BIDAYATECH ?

The benefits for Tech Startups they get from using BIDAYATECH platform depends on their needs and stage of growth. Below you will find some of the various benefits and advantages that can be gained from using BIDAYATECH Platform for Tech Startups fundraising campaigns;

  1. Bypass traditional investment or funding from angel investors and VC
  2. No loss of equity, and non-dilutive funding round
  3. No loan or repayment obligations
  4. No control is lost by the founders over their Tech Startup
  5. Cheaper source of funding
  6. No negotiation or compromise for the fund you raised
  7. Aligned with bootstrapping strategy
  8. Boost pre-money valuation if the fundraising campaign is a success.
  9. Ability to test marketing channels and target audience
  10. Promoting their products or services
  11. Market validation of their products or services
  12. Pre-sell/Pre-order products and services
  13. Gain new followers and customers base
  14. Receive unexpected advice and offers to assist from backers and patrons
  15. Spreading the word around and increase awareness about their Tech Startups
  16. If the campaign unsuccessful, your losses are time and effort and you can restart again

Q. 3- Is BIDAYATECH Free to Join ?

Yes its! Joining and registering with BIDAYATECH is free to all ! However, to create and launch a fundraising campaign there is a standard platform service fees levied on any funds successfully raised through the platform, which start at 8% up to 10% of total funds raised depends on the type of campaign (see # 5 below for more details). As well as, a standard processing fee of about 2.5% to 5% per transaction will also be deducted from each contribution, which is collected by the credit/debit card processor and separate from BIDAYATECH.


Q. 4- Do you recommend sharing my campaign on social media ?

Yes of course! as a campaign owner, it's an essential and great way to let backers, patrons, fans and the rest of the crowd know about you and your Tech Startup and its offering. It's an easy way to show backers and early adopters that you're a real person with real business (legal entity). Most of the funding you receive will be a direct result of how well you can manage, communicate and lead the campaign of your Tech Startup in the platform. Facebook, Twitter, Instagram and other social media channels are perfect for putting a call to action for your campaign and draw in many possible backers and contributors.


Q. 5- What are the campaign types offered ?

BIDAYATECH offers three (3) types of campaigns for launching a fundraising campaign, thus give more flexibility for Tech Startup to choose the right format to suite their fundraising situation and needs;

Those 3 types are as follow;

  1. All -or- Nothing (AON), Fixed plan.  Goal (amount) must be reached during the duration of the campaign or nothing.
  • Fees:  8% (deducted from the total goal amount)
  • Payment gateway charges 2.5 - 5% (depend on which payment gateway used)

 

  1. 60% -or- nothing (SON),  Goal must reach 60% or more during the duration of the campaign or nothing.
  • Fees: 9% (deducted from the total goal amount)
  • Payment gateway charges; 2.5 - 5% (depend on which payment gateway used)

 

  1. Flexible funding- Keep it all (KIA), Flexible plan - Raised fund are kept whether or not goal is reached.
  • Fees: 10% (deducted from the total goal amount)
  • Payment gateway charges: 2.5 - 5% (depend on which payment gateway used)

 

Campaign Duration:

All three (3) types are restricting the campaign duration(period) to maximum of 60 days, thus successful campaign funds will be released after the 60 days.


Q. 6- How does it work ?

BIDAYATECH makes it incredibly easy to raise money online from the crowd for the thing that matter to you most as a campaign owner, that’s your Tech Startup. Typically, a fundraising campaign will go through the following four step process ( BE AWARE of : As a campaign owner you should be aware of the fact that creating and managing a fundraising campaign is a time consuming, thus its essential that you manage your time efficiently and effectively);

 

  • STEP 1 - Pre-launch Preparation

With enough lead time (30-90 days) before the campaign launch, the campaign owner will prepare the short video(1-3 minutes), pitch, team profile, presentation, images and diagrams about his Tech Startup product or service and why to back it up, in the same time build the network and contacts list (at least 2,000-3,000 name) of the backers (emails, mobile numbers - for direct calls or SMS - and social media). Build buzz around the campaign before the launch.

Last, develop the reward tiers and levels including its sensible pricing (see the rewards section for more details)

 

  • STEP 2 - Launch Campaign

Its crucial that you review and double check all the parts of the pitch, contents of your campaign and your rewards collections before the submission is made to the platform for feedback and approval by BIDAYATECH Admin, including choosing campaign type and period (days) to be launch (go-live)- The type of campaign cannot be changed after choosing it and launching the campaign (go-live). Also, you will list the non-financial rewards that your backers will get in exchange for contributing to your campaign. Reward is one of the corner stones in your campaign, thus requires great deal of attention, planning and execution as you have to eventually deliver those rewards to you backers, patrons and fans.

 

  • STEP 3 - Share Campaign

After launching your campaign officially and publicly, you will start campaigning through contacting all your network and potential backers by email, social media and any other channels including in person to reach out (the actual campaigning). Do not spare any method or means to promote your campaign during the duration of the campaign particularly the word of mouth and email.

 

  • STEP 4 - Collect Funds

When the duration (days) of the campaign is finished , if the campaign reach its goals (amount) total goal less the fees will be transferred to the campaign owner, but if the campaign did not reach its goal ( unsuccessful) pledged funds will be refunded to all backers with the exception of the Flexible funding (KIA) campaign. Keep it all (KIA) - where raised fund are kept by the campaign owner whether goal (amount) is reached or not, after the end of the durations (days).


Q. 7- What can I crowdfund/raise money for ?

BIDAYATECH is a reward based crowdfunding platform focusing on Tech Startups with minimal viable product (MVP) or Demo prototype(DPT) or Beta Testing Stage (BTS). The Tech startups categories already being specified as there are over 35 categories in the platform to choose from that reflect your Tech Startup core activities. Other than those technology categories will be considered on case by case basis upon the discretion of BIDAYATECH Admin as long its related to technology. ( see below technology categories)

 

   3D Printing

   AgriTech

   Apps

   Artificial Intelligence (AI)         

   Audio Innovation

   Augmented Reality

   (AR)

   Autonomous Tech

   Big Data Projects  

   Block Chain Tech

   Camera Equipment 

   Innovation

   Cleantech

   Cloud Computing 

   (SaaS/PaaS/IaaS)

   Cybersecurity

   Drone/Unmanned 

   Aerial Vehicle (UAV)

   Ecommerce Platform

   Education Tech (EdTech)

   Energy saving

   Solutions

   Environmental

  Protection   Solutions

   Fintech                           

Food Tech

   Gaming (PC games)

   Gaming Peripherals & 

   Accessories

   Hardware

   Health & Fitness

   Technology

   Home Technology

   Innovative products

   Internet of Things

   (IoT)

   Logistics & Transport

   Apps      

   Medical Technology        (Med Tech)

   Mobility Solutions

   Renewable Energy 

   Solutions

   Robotics

   Smart Phones & 

   Accessories

   Software

   Virtual reality (VR)

   Wearable Gadgets

 


Q. 8- Is it Safe & Secure ?

Your fundraising campaign on BIDAYATECH platform that features high level of secure payment encryption technology. We implement a variety of security measures to maintain the safety of your personal information, where we'll be using SSL for secure data transfer between servers. Also, user passwords are protected by encryption. Our platform is built using secure Model–View–Controller (MVC) framework, which is known for its security for not allowing direct access to database to hackers as well as it protects from different brute attack, SQL injections.


Q. 9- How do I get my money that has been raised ?

BIDAYATECH uniquely have three (3) types of campaigns , thus it depend on what type of campaign you choose, for both All-Or-Nothing (AON) and 60%-Or-Nothing (SON) type of campaigns, if successful and upon the completion of the duration(60 days) the moment all contribution are made, target (goal) amount will be transferred to your account minus the platform services fee's.

For Keep-It-All (KIA) type of campaign, once you have begun your fundraising campaign, any amount pledged is funded directly to your account the moment a contribution is made, minus processing fees.


Q. 10- Do my backers get charged ?

No, never.  We do not. Backers are charged only the amount they choose to contribute and pledge to your campaign in exchange for the selected non-financial reward.


 

Q. 11- Are there any time limits on my campaign ?

Yes, we limit a fundraising campaign in term of duration to maximum 60 days, which works in your favor as it creates a sense of urgency and importance for your potential backers. Campaigns that are open ended typically do not do as well.


Q. 12- What if I do not reach my fundraising goal ?

Your biggest loose is your time and effort, if you did not reach your goal, thus It depends on the type of campaign you choose. With BIDAYATECH, you have three (3) funding campaign options to choose from. In  All-Or-Nothing (AON) campaign, you have to reach 100% of your goals, in 60% -Or-Nothing (SON) campaign you have to reach at least 60% of your goal, for both if you did not reach your goal (unsuccessful campaign) , funds will be refunded to backers. However, in Keep-It-All (KIA) campaign, you keep the funds regardless of reaching your goal or not. In all three types, reaching your goal is important for your backer as well as for BIDAYATECH since we want you to succeed and add value to our lives with your Tech Startup, which is the mission of BIDAYATECH. In short, your success is everyone else success.


Q. 13- How will I know if someone back my campaign ?

You will receive a notification email each time a contribution is made to your BIDAYATECH campaign. In addition, you can watch the progress with your "progress meter" on your Tech Startup campaign page. 


Q. 14- Do I have to use my real name ?

Yes. of course, other than it’s a requirement for any campaign owner launching a campaign as well as your Tech Startup legal name and credentials as part of our DD and KYC. BIDAYATECH is a site that requires authenticity, honesty, accountability and transparency. Not just that, the Tech Startup and its products or services, the subject of your campaign also must be real and verifiable. Other than that, when you launch a campaign in BIDAYATECH you are promoting your Tech Startup and increasing the awareness about it. The campaign that offered a campaign’s owner name, age, and picture received 79% more backers than the campaign that left the campaign’s owner unidentified. So, not only are personal videos and photos a must, your own background information to back them up is also crucial. Accordingly, you are enhancing the credibility and trust factors for your backers.


 

Q. 15- Who will fund my campaign ?

Your campaign most likely will be supported by the people that are in your life, socially and professionally, this includes friends, family members, coworkers, associates, classmates and teammates, and even strangers who may feel a connection to your Tech Startup who we call all “backers” or “early adopters”. Only after your campaign receives the support of the people you personally know can it begin to attract the support of others (30% of the early funding comes from your close circles – see below first &second  levels). We strongly encourage campaign owners’ representatives (authorized person/s) to invite their colleagues, associates, friends and family members to share your campaign via their social media outlets like Facebook and Twitter, Instagram and emails ( about 50% of funding comes from emails), in short, spread the news about your fundraising campaign including word of mouth as the success of your campaign depend on it. Starting with family, friends, early adopters and fans (see below the 4 levels for campaign funding sources). Campaigning should start early during your pre-launch stage at least with level 1 and 2.

 

LEVELS of Importance

BACKER TYPES

First

   Immediate family, very close relatives and very close friends.

Second

   Friends, extended/distant family, neighbors, co-workers and colleagues.

Third

   Friends of friends, old school friends, associates and acquaintances.

Fourth

   Broader contacts, social media connections, and the rest of the Crowd.

 

 


Q. 16- Who do I share my campaign with ?

BIDAYATECH provide you with all the tools to share your campaign with all your circles in the campaign page. Thus, sharing your campaign with associates, colleagues, friends and family members is a part of what makes BIDAYATECH work and is strongly recommended to gain traction. Not only will the people in your social and professional circles support your campaign, but they will also help spread the word to their friends and circles as well and promote your campaign and your Tech Startup product or service.


Q. 17- Do I have to use my social media accounts ?

Undoubtedly, and as mentioned earlier connecting your campaign account to social media is highly recommended and makes sharing your campaign with others very easy. A valid social media account is required for all campaigns that wish to appear within BIDAYATECH’ s public search directory. Social media is a tool if used intelligently with high frequency, the impact will be huge in the fundraising campaign and promoting your Tech Startup in same time.


Q. 18- Can backers contribute privately (as anonymous) ?

Of course, they can. Backers can simply check a box to keep their contributions hidden from public view as anonymous before checking out. In fact, backer can personalize his public visibility, other than being anonymous, backer can show his identity and amount, or only show his name without the amount.


Q. 19- What about taxes ?

Unfortunately, we are unable to provide any kind of tax advice since everybody's situation is different and unique. Pledges made on BIDAYATECH are simply in exchange for one of the non-monetary rewards or perks you offer as campaign owner. Thus, every situation is different, so please consult with a tax professional in your country.  With that said, it is absolutely your sole responsibility to determine what, if any, taxes apply to any pledges you may receive through your use of the services of BIDAYATECH.


Q. 20- How to run a successful campaign ?

If you're raising money for a Tech Startup with MVP or DPT or BTS that you strongly believe in and confident of its potentials, chances are that the people in your circle and ecosystem will be eager and excited to support you and like to see you succeeded. BIDAYATECH platform gives you the easy-to-use features and tools to share your story with your family, friends, associates, network and community. Every Campaign Owner should connect their Facebook, LinkedIn and Twitter accounts and other social media networks, use high-quality campaign photos and video (1-3 minutes) and clearly explain why you are raising money, do not forget to always call for action. Sharing your campaign story on Facebook, Instagram, LinkedIn and Twitter or other social media is the single most important thing you can do to spread the word, besides words of mouth and emails. Please consult out our Blog for further guidelines or BIDAYATECH ACADEMY.


Q. 21- Can I raise money for anything ?

No, Only Tech Startups with MVP or DPT or BTS, which is the main focus of BIDAYATECH business model as a reward based crowdfunding platform. Choose one of the technology categories mentioned earlier (over 35) or in our website that match your Tech Startup. BIDAYATECH as a platform built for entrepreneurs, founders and Geeks as well as a hive for technology enthusiast, backers, patrons and fans. Thus, you are to raise money for Tech Startups that are purposeful, innovative, exciting and inspiring to others.


Q. 22- Do I have to upload a video ?

The success rate for your campaign will be boosted dramatically if you do so, so it’s your call, Campaign owners who do upload and display a short video (1-3minutes) about their Tech Startup historically receive over two-fold (105%) of their funding target goal. We at BIDAYATECH do highly encourage campaign owners to create a short video and upload it. In short, its essential for the success of your fundraising campaign which is the goal of raising fund on BIDAYATECH.


Q. 23- How can I share my campaign ?

Every BIDAYATECH campaign is given a unique link that's easy to share on Facebook, LinkedIn and Twitter, or other social media outlets. We also provide you with an "embed" code, which makes it easy to share on your websites and blogs, also a link for your campaign page to post it wherever possible. Sharing your fundraising campaign is easy using BIDAYATECH’s built-in features like email invitations, Facebook and LinkedIn posting and twitter sharing. none the less sharing with crowd is essential for the success of your campaign. Provoke buzz about your tech startup and its product or service (the subject of the campaign), accordingly generating word of mouth.


Q. 24- Will BIDAYATECH help me get media coverage ?

The best way to get into the spotlight is to pursue your own local media first through your ecosystem leaders, Social media, influencers and industry events. However, local newspapers (printed and digital) and TV news stations are most likely will be interested in a story like yours, also the media of the ecosystem your Tech Startup operate within. furthermore, creating a press release to be distributed all over through the appropriate channels. All this should be in motion from the day you decided to create a campaign. Once your campaign begins to really pick up steam, our team may contact you for further support.


Q. 25- Why does BIDAYATECH have to charge 8% to 10% ?

BIDAYATECH is a premium crowdfunding platform that serve a niche segment of the market and nothing else i.e. Tech Startups, thus we have high operating expenses as we work with specialist in 36 technology categories, beside the process of Due Diligence (DD), Know Your Customer (KYC) and Anti-Money luandary (AML)  that we perform for each campaign before it goes live. Also, internet services including developers, designers, advisor, infrastructure, hosting, cloud computing, campaign coaching and preparations, PR, payroll & benefits for our growing dedicated team of employees to serve both users; campaign owners and backers. High levels of customer support to assist users in issues regarding both the campaigns and payments, including the volumes of inquiries, complexity of inquiries. We intentionally created a business model and platform for technology enthusiasts that allows users to sign-up and launch their campaigns for free. Visitors to our users' campaigns are greeted with a frustration-free giving experience, mean a while BIDAYATECH operates on only a 8% to 10% of completed campaign. Thus we only generate a revenue if the campaign is a success.


Q. 26- Do I have to be a legal entity to use BIDAYATECH ?

Absolutely, not just that, your Tech Startup has to have at least a MVP or DPT or BTS, thus not anyone can raise money online using BIDAYATECH's fundraising campaigns unless they meet the minimum requirements and pass our DD and KYC/AML process. BIDAYATECH was designed to allow innovative and creative founders and co-founders of Tech Startups to do amazing things with the money they raise online for the benefit of humankind by solving everyday difficulties and pains while achieve their dreams.


Q. 27- Does BIDAYATECH ascertain a campaign or owner’s claim ?

BIDAYATECH does not ascertain a campaign’s or owner’s or founders’ claims. All claims and responsibilities of each project are its owner’s. Backers, fans and patrons as contributors to any campaign decide a campaign’s legitimacy or worthiness and decide whether they want to make a contribution or not without any liability or responsibility on BIDAYATECH platform and its owners and management.


 

Q. 28- What do you use my information for ?

Any information we collect from you, may be used in one of the following ways:

  • To improve customer service and provide you with information (to respond to specific queries you may raise regarding the fundraising campaign or its rewards)
  • To improve our platform (we continually strive to improve our website content based on the information, comments and feedback we receive from you)
  • Support and empower Tech Startups Ecosystem in GCC and the rest of MENA region.
  • To administer campaign alerts, surveys, or other site features.