Fund:it encourages social networking users and others to donate small amounts of money to groups and organisations who wish to set up arts or technology projects in Ireland. As with other crowdfunding networks Fund:it follows sets a minimum monetary total and a time limit for each project, if a project fails to reach or exceed its target the funding will not go through.
Fund:it uses, to borrow a phrase from Chirs Andersen, “the long tail” of the web to create enough start-up capital for Irish arts and cultural organisations. What this means is that the organisation will encourage a large number of individuals to donate small amounts of money each.
Fund:it, an Irish crowdfunding effort supported by The Department of Arts Sports and Tourism is calling for people in the business, arts and media sectors in Ireland to submit their latest business ideas. The organisation is designed to fund these new companies without the dependence on hard-to-get bank loans but through the power of social media.