Donor FAQ
How do I get points to vote?
Donors receive points when they create an account and make a donation to Skysthelimit.org. There are other ways to get points, some of which we are still building! We’re currently developing a system for our entrepreneurs and volunteers that gives them points for taking certain actions - like starting a mentorship.
How does an entrepreneur become eligible for a startup grant?
Every young entrepreneur who is eligible for our startup grant program has been vetted by Skysthelimit.org. Perhaps, most importantly, they have matched with another member of our community - they have access to our mentoring program and training resources to support them.
How long does each funding round last?
Duration varies, but typically funding rounds will be approximately one month long. You can always check back on our site to see how many days are left in the current funding round.
How do you select the winner(s)?
Each funding round has 1 or more young entrepreneurs who can win a startup grant for their business expenses. The number of winners in the current round is noted on the site. The young entrepreneurs with the most votes at the end of the funding round will be selected. For example, if a funding round ends on September 30th and has two winners for that round, the top two entrepreneurs with the most tokens when the round ends will both be selected.
What does the entrepreneur actually win?
Entrepreneurs “win” the amount of money they requested on their campaign page in their budget, up to a maximum of $2,500 per entrepreneur. Entrepreneurs will receive this award in the form of a cash grant, upon signing a grant agreement. This money does not need to be paid back nor does Sky’s the Limit receive any material gain for it, however, the money does need to be spent on business-related expenses.
What is a Point?
Technically, when you vote on an entrepreneur’s campaign, you’re sending them a digital vote in a way that is recorded to our publicly viewable ledger. This provides transparency to our program by letting our community see who is sending and receiving the votes.
What if I make a donation and vote, but the entrepreneur I voted for doesn’t win the campaign?
If an entrepreneur receives votes but does not win the funding round, the entrepreneur automatically becomes eligible for the next round, and they get to keep all of the votes they received. Votes do not expire. So even if your favorite entrepreneur doesn’t win this round, your support will increase their chances in the next round.
What is my donation used for?
We are a 501(c)(3) nonprofit. Your donation helps us provide free business mentoring, training, and startup grants for underrepresented young entrepreneurs.
What if I would rather support a particular entrepreneur directly?
Donations through our platform are tax-deductible in part because we are not “passing on” donors’ money directly to the entrepreneurs. Rather, donations are given to our registered non-profit organization. We would prefer to minimize the complexity of this offering, but these rules, as well as other regulatory guidelines, prevent us from allowing donors to give directly to our entrepreneurs. We designed what we hope is a fair and engaging experience where our community has a voice in selecting entrepreneurs. If you would like to give a young entrepreneur money directly, we would be happy to put you in touch with that entrepreneur if they are interested.