Dragon's Den for developers: FundaGeek

Entrepreneur and inventor website FundaGeek has launched a software development stream at fundageek.com/software to assist software developers in securing funding for their projects.

With a strong leaning towards independent open source innovators, the site aims to help all areas of software development – web applications (e-commerce), games, social media apps, open source, mobile apps and traditional “shrink wrap” software.

Software start-ups can post a crowdfunding campaign on FundaGeek to raise funds for building prototypes. A game company can fund the release of a new title. Open source participants can derive monetary support for an important new software feature.

A commercial developer can first market test a new product idea and then fund development.

FundaGeek’s CEO and co-founder Daniel D. Gutierrez says, “Software developers constitute a very important beneficiary of the crowdfunding ecosystem. We here at FundaGeek all come from a software background and we know full-well how important a new funding option is to counteract today’s budget constraints.”

NOTE: Crowdfunding is a funding mechanism utilising the power of crowds through social media. Using social networks, software developers can solicit personal donations in order to fund the budget of their projects. With crowdfunding, the needed funds are raised by offering ‘Rewards’ in exchange for ‘Pledges’.

Unlike most crowdfunding sites that use the “all or nothing” funding model where funding is provided only if the goal amount is met, FundaGeek treats projects differently.

Project owners get whatever funding the project has attracted by the end of the campaign. There is no cost or risk to building a project. A small fee is charged only if and when money is raised. If no money is received, there is no cost for having tried.