FAQ

General

EKITER is an entrepreneurial ecosystem based on a collaborative platform that promotes entrepreneurial projects in an initial phase, linking entrepreneurs, patrons or sponsors, collaborators (mentors, designers, developers, external services, organisations, etc.) and all this minimising bureaucracy.

General

Registering as an EKITER user is free.

General

The minimum requirement to be able to create projects, finance, or act as a collaborator in EKITER is to be of legal age and validate the basic information in your profile (KYC-Know Your Customer) to prove that these data are correct.

General

Each Entrepreneurial Team establishes the level of access and confidentiality they wish for their project. The information that is freely visible on the Platform is not confidential.

General

When EKITER receives a proposal from an Entrepreneurial Team, it is evaluated exclusively in terms of its legality and ethics by the Platform. If the proposal is accepted, it will be shown on the Platform free of charge. EKITER does not evaluate the technical or financial viability of the project.

General

An entrepreneurial project starts with a total of 100,000 reward units which we will call tokens of that project. The project promoters initially distribute them among themselves as they see fit, which will be set out, together with the rules for the management and administration of the project, in a Participants' Agreement, the model for which is provided by the Platform.

When a project needs external funding, it launches a petition in EKITER which we call a campaign. In a campaign, money is requested and a number of tokens from that project is offered as a reward to be added to the ones the project had before, either originally (every project starts with a 100.000 tokens grant) or for a previous campaign. Patrons or sponsors who make a contribution become participants in the entrepreneurial project.

When someone is needed as a partner in the project, the Entrepreneurial Team can select one of the offers offered on the Platform or publish an offer on the Platform. The reward for their contribution can be in money, tokens or mixed. When there is compensation with tokens, either total or partial, the collaborator becomes a participant.
 

General

Tokens are units of reward for participation in an entrepreneurial project. These reward units are converted into rights when a project is successfully closed and leads to the creation of a company. The number of shares that would correspond to each partner in the company is proportional to the number of tokens of each participant in relation to the total tokens of the project at the time of the constitution of the company, as it appears in the Participants Agreement to which all participants have adhered.

Example: if a participant has 2,000 tokens at the time of incorporation and the total for the project at that time is 200,000 tokens, this implies that he has 1% of the project which would mean the right to participate with 1% of the resulting company.

General

No. Each project has its own tokens that are specific to one project and often have a different valuation from those of another project. 

General

The Entrepreneurial Team manages the project based on the Participant Agreement model that can be found in EKITER's platform database.

General

All financing and token exchange processes between participants carried out on the Platform are based on the use of a distributed and encrypted database that guarantees the security and traceability of all operations carried out on the Platform. 

General

A project is closed in EKITER when it is constituted as a company, when the Entrepreneurial Team itself closes it or when it stops having activity for a year. In this case its active presence ends, but the Platform keeps it in an archive of closed projects.

General

No. However, the Entrepreneurial Team can contact external services to EKITER that are announced in the Platform and that can provide legal and fiscal support to write their statutes, the Partners Agreement, administrative procedures, new investments, etc.

General

Yes, the participating collaborators can buy or sell tokens of a certain project by making an offer through the channels (currently under development) specified by EKITER's Platform when these are available. However, the members of the Entrepreneurial Team and the Sponsors will not be able to sell their tokens in these channels, although they will be able to buy tokens from the collaborators. All sales transactions are registered on the Platform. 

General

Yes, the risk of failure in this initial phase of an entrepreneurial project is very high, so patrons are advised to diversify their contributions into different projects.

General

EKITER's objective is to facilitate the promotion of entrepreneurial projects at an early stage of design and validation of the business model, putting entrepreneurs in contact with patrons and collaborators, providing free model documents to help manage the project and facilitating contact with external services for training, tutoring, legal, etc.

EKITER does not analyse the technical or economic viability of the projects, nor does it intervene in the decisions made by the Entrepreneurial Team. Therefore, EKITER is not responsible for the success or failure of the projects.
 

Entrepreneur

Entrepreneurs, or also co-founders, are those adults who promote an entrepreneurial project by making it known at EKITER and who, in general, seek funding or collaboration through the Platform.

Entrepreneur

Once you have registered as an entrepreneur and filled in the necessary profile information to validate the user's identity (KYC), you must follow the instructions on the Platform, accessing the "my projects" page on the management panel menu, and there select "create a project". You must fill in the corresponding data for the publication of the same and then click on "Publish project". 

At this point the project goes into a review phase where EKITER only checks that the project is legally and ethically acceptable. EKITER does not carry out any analysis of the technical or economic viability of the proposed projects.           

Entrepreneur

The response from EKITER takes less than a week from the time the proposal is received.

Entrepreneur

This is a fear that many neophyte entrepreneurs have, however, experience shows that the danger of this happening is very low. We must bear in mind that the fundamental key to the success of an entrepreneurial project is in its development, not in the idea. 

However, to increase security, limited information can be provided initially to anyone interested in the project and later more details can be given through one of the project's private forums within EKITER.

If the suspicion to be copied is very high, the information can be provided under the signature of a confidentiality agreement (NDA) of which a free model can be found in the Platform.

Entrepreneur

No. EKITER only supports entrepreneurial projects in the early stages of the design of the Business Model or its validation.

Entrepreneur

Yes, the co-founders must have signed a commitment document called the Participants' Agreement, which the sponsors must be aware of and to which they will adhere by digitally signing an Accession Document. Collaborators who receive tokens as a reward for their collaboration will become participants and will also have to sign the Membership Document. 

Entrepreneur

Once the project has been accepted by EKITER, if the Entrepreneurial Team wishes to obtain economic resources, it can open a financing campaign providing potential patrons or sponsors with all the information they may require to finance the project. The Platform provides free examples, tools and templates to help do this.

Entrepreneur

Yes, there are several guidelines to consider when sponsoring a project:

  • An entrepreneur cannot have more than one project open at EKITER. 
  • Campaigns cannot be less than 500 euros. 
  • A minimum period of one month must pass between the completion of a successful campaign and the launch of the next one. 
  • If a campaign has not been successful, another one can be launched with the same or other conditions without having to wait any period of time.

Entrepreneur

The maximum duration of a campaign is 40 days. The campaign is automatically closed if the proposed collection target is reached.

Entrepreneur

Yes, when entrepreneurs participate in the funding campaign, they are expressing their commitment to the project, which gives confidence to the other backers.

Entrepreneur

  1. Be registered as a user in the EKITER Platform.     
  2. Validate your account details (KYC) 
  3. Publish an entrepreneurial project on the Platform. 
  4. Sign the model of the Participants' Agreement between the members of the Entrepreneurial Team and publish it together with the rest of the information of the project. If the project has only one entrepreneur, he or she must also sign a single-entrepreneur Participants' Agreement to which the sponsors will adhere. 
  5. Publish the funding campaign by requesting a sum of money and offering a number of project tokens as a reward.
  6. Contribute 3% (VAT included) of the amount requested in order to cover the costs of EKITER of the Stripe payment entity for the launch of the campaign. This charge will not be refunded in case the campaign fails.

Please note that the number of tokens offered in a funding campaign implies an increase in the total number of tokens. This implies a dilution of the previous participants (entrepreneurs and sponsors) who do not attend the campaign.

Example. - If a project, which starts with 100,000 tokens, publishes its first funding campaign and requests, for example, 10,000 euros and offers 10,000 reward tokens for this funding, the total number of project tokens after the campaign would be 110,000 and the participation of the campaign's sponsors would be 10,000Tk/110,000Tk= 9.09%  
 

Entrepreneur

  1. The money committed by the sponsors, minus the 5% + VAT that is deducted for the operation of EKITER, is made available to the Entrepreneurial Team in the account of the entrepreneur according to the conditions that appear in the Agreement of Participants of the project. 
  2. Each sponsor receives the tokens acquired in their EKITER account which can be viewed in their Control Panel.
  3. The sponsors will then have to sign the Document of Adhesion to the Project Participants' Agreement.

Entrepreneur

In this case, EKITER closes the campaign and informs the Entrepreneurial Team and the sponsors who have committed their contribution. All the contribution commitments are cancelled and the money committed is automatically returned to the current account attached to the credit card of the sponsors from which the contribution was made, without any charge to them. Similarly, the Entrepreneurial Team will not be charged for the amount committed and returned to the sponsors. However, the charge made for publishing the campaign is firm as it is to pay for the services of the external payment entity to EKITER that manages the contributions, whether the campaign has been successful or not.      

Entrepreneur

The publication of a campaign costs the Entrepreneurial Team 3% (VAT included) of the amount requested for the management of the payment institution. Additionally, EKITER will charge, for the operation and maintenance of the Platform, 5% + VAT of the money collected only in the case of a successful closure of the campaign.     

Entrepreneur

When a funding campaign has been successfully completed, the funds collected (except the 5% charge + VAT from EKITER) are transferred to the Entrepreneurial Team's current account, which will manage the money received. 

Entrepreneur

According to the Participants' Agreement, signed by the members of the Entrepreneurial Team and adhered to by the sponsors, the shares that would correspond to each of the participants at the time of the constitution of the company will be proportional to the tokens that each of them has in relation to the total tokens of the project at the time of constitution. 


Example: if at the moment of incorporation a participant has 2,000 tokens and the total of the project has 200,000 tokens, this represents that that participant has 1% of the project which means the right to participate in 1% of the resulting company. 

Entrepreneur

This section provides information for guidance only. For this reason we recommend that you consult a specialised manager for your specific case.  

To speed up the process of setting up a company in Spain, this can be done in two steps. The first consists of the Entrepreneurial Team setting up the company and the second step consists of immediately following this with an extension to include the rest of the partners. In the process, the same participation must be maintained as would correspond to each participant if it had been done in a single act.

This two-act process is due to the fact that when a company is set up in Spain, all the partners must appear in person; however, in the case of enlargement, their presence is not necessary. 

The choice of an expediting mechanism such as the one indicated in this point is only a recommendation by EKITER. 

Entrepreneur

This section provides information for guidance only. For this reason we recommend that you consult a specialised manager for your specific case.  

However, from a tax point of view, the entrepreneur must declare it to the tax authorities as a donation. 

EKITER is not responsible for any infraction by its users before the Treasury or any other State entity. Each user is responsible for their actions and accepts these conditions when using this platform. 

At EKITER you can obtain contacts for legal and fiscal advice through external services that are advertised on the Platform.

Entrepreneur

The Entrepreneurial Team can search, through the Platform, for the collaborators (mentors, junior CEOs, programmers, designers, etc.) who are most interested in their profiles and conditions.

The Entrepreneurial Team can also propose, free of charge, an offer of collaboration with all the details of the profile requested on the Platform so that it is the collaborators who find the offer. 

Interested collaborators can negotiate the conditions with the Entrepreneurial Team to reach an agreement. The Platform can provide model agreements between the entrepreneur and the Entrepreneurial Team. EKITER does not intervene in the process and is not responsible for any disagreements that may arise between the two parties.

Entrepreneur

The project can reward employees in the form of tokens, cash or a mixed formula. 

If the reward is in tokens, the collaborator becomes a participant and can transform their tokens into cash by offering them through the channels (currently under development) specified by EKITER's Platform when they become available. In this case, the collaborator will have to sign in turn the Participant Agreement Accession Document, since on receiving a number of tokens he or she automatically becomes a participant in the project. The number of tokens that are transmitted to the partner are new and are added to the total of those that already exist in the project, so that means a dilution of the rest of the participants.

Entrepreneur

The collaborators are rewarded according to the agreements made between the Entrepreneurial Team and the collaborator regarding the description of the contributions to be made, the amount of money/tokens to be received, the form of compensation, the time spent, etc.  

EKITER does not intervene nor does it assume any responsibility for any disagreements that may arise from a relationship between the Entrepreneurial Team and the collaborators.

Backer / Sponsor

EKITER understands as a patron or sponsor a person of legal age who helps with economic contributions to an entrepreneurial project receiving as a reward, tokens of that project. 

Backer / Sponsor

The person who wishes to sponsor entrepreneurial projects on the Platform must validate their data in EKITER (KYC-Know Your Customer) to be able to contribute funding to a project with an open campaign on the Platform.

The backer can participate in the campaigns of those projects that are of their interest and have a funding campaign open. The contribution is made directly from their credit card through the Stripe payment entity. The contributions in the financing campaigns are not charged to the sponsors.

Backer / Sponsor

EKITER works with Stripe (https://stripe.com/es), a payment institution that uses many international crowdfunding platforms. Using a payment entity such as Stripe, allows us to offer our users a transaction system fast, secure and automated where Ekiter does not receive or manage the money from donations.

Backer / Sponsor

  • The minimum amount to contribute to an open funding campaign for a project is 10 
  • The maximum amount you can contribute per campaign is 300 euros. 
  • The maximum total amount a patron can fund in the Platform, either in one or in several projects, is 4,000 euros per year.
  • The limits of the maximum amounts of 4,000 euros per year and 300 euros per campaign are intended to avoid setbacks caused by probable project failures and even possible fraud. These limitations do not affect the contributions made by the members of the Entrepreneurial Team and their families.

Backer / Sponsor

Each project starts with an initial allocation of 100,000 tokens specific to that project which corresponds to 100% of the initial value of the project and which is distributed among the members of the Entrepreneurial Team according to what they agree and sign in the Participants Agreement.  

When an Entrepreneurial Team publishes a funding campaign, it requests a minimum amount of 500 euros and in exchange offers a number of tokens as a reward corresponding to the percentage of its participation in the entrepreneurial project. Sponsors interested in participating in the campaign will commit the contribution they consider appropriate (from 10 euros) and will receive as a reward a number of tokens that will mean the rights to invest in the company that can be set up if the project is successful.

Backer / Sponsor

No, the company does not yet exist. Financing is done in entrepreneurial projects that can give rise to companies if they are successful. The tokens received as a reward for the contributions will be transformed into rights to participate in the company when it is constituted.

Backer / Sponsor

Only employees can sell their tokens on the platform (although this functionality is under development). The members of the Entrepreneurial Team and the Sponsors will not be able to sell their tokens, although they will be able to buy tokens from the collaborators who want to sell them.   

Backer / Sponsor

A participant will have preferential rights to acquire a number of shares in the company proportional to the number of tokens it holds in relation to the total number of tokens in the project at the time the company is formed, as set out in the Participants Agreement.

Example: if at the time of the company's incorporation, a participant has 2,000 tokens and the project total has 200,000 tokens, this represents that he has 1% of the project which means the right to participate in 1% of the resulting company.

Backer / Sponsor

This section provides information for guidance only. For this reason we recommend that you consult a specialised legal expert for your specific case.

For example, in Spain there is no tax incentive for contributions to such initial projects. However, the sponsor may deduct the VAT paid as long as the contribution is made in the course of his business activity. EKITER recommends that you seek advice from a specialist.

Backer / Sponsor

Yes, EKITER has different forums to contact the entrepreneurial team through open and private channels.

Backer / Sponsor

There is no cost to the patron/sponsor. In the event that a campaign is successfully completed, EKITER will charge the Entrepreneurial Team 5% + VAT on the amount collected.

Backer / Sponsor

If the funding campaign does not achieve the requested amount after the maximum period of 40 days has elapsed, it will be considered as failed. In this case, EKITER closes the campaign and informs the Entrepreneurial Team and those who have committed their contributions. When this happens, the commitments of the contributions of the sponsors are automatically cancelled and the amounts committed will be released to the current account attached to the credit card of the sponsor from which the contribution was made. EKITER does not charge the sponsors or the Entrepreneurial Team when a campaign is closed without success.  

Backer / Sponsor

When a user wishes to co-finance projects published in EKITER with an open campaign, they can commit contributions (with a limit of 300 euros per campaign and 4,000 euros per year) for all those projects that are attractive to them and have an open funding campaign. 

The funding will be rewarded with a number of tokens for the sponsor corresponding to the percentage of participation in the project. The amount committed by a sponsor in a campaign will not be executed until the campaign is successfully completed. If the campaign ends unsuccessfully, the money committed is returned to the current account attached to the sponsor's credit card from which the contribution was made automatically and free of charge. All this management is carried out by the Stripe payment entity (https://stripe.com/es). Ekiter does not manage, nor receive the money from the donations, these contributions go directly to the current account of the Entrepreneurial Team if the campaign is successful. In the case of the campaign is not successful, Stripe returns the contributions to the sponsors without any charge.

The Platform keeps the accounting of the tokens that each participant has, who can follow their projects in their Control Panel (Dashboard) on the Platform.

Backer / Sponsor

Yes, contributions to entrepreneurial projects in the early stages are very risky. That is why the amounts to co-finance projects in EKITER are limited to a maximum of 300 euros per campaign and 4,000 euros per year per patron. Only the members of the Entrepreneurial Team and their families can contribute amounts above these limits. 

Backer / Sponsor

Yes, the sponsors will digitally sign a Document of Accession to the Participants' Agreement of the relevant project.

Backer / Sponsor

Once registered, by accessing the archive of any project that has a funding campaign open, you can consult the project documents. There may be private information that is only accessible with the permission of the Entrepreneurial Team.

Backer / Sponsor

The Entrepreneurial Team of each project undertakes to provide information on its progress as set out in the Participants' Agreement. This information must be published by the entrepreneur through the Platform in a form reserved for the participants. EKITER will maintain a system of reputation where the management of the entrepreneurs of a project can be evaluated and commented.

Backer / Sponsor

Yes, the collaborators who have the condition of participants will be able to have access to buy and sell tokens with other users through the channels (currently under development) specified by EKITER's Platform when these are available, which will allow to obtain the maximum liquidity of the contributions. Members of the Entrepreneurial Team and patrons/sponsors will not be able to sell their tokens but will be able to buy them from the collaborators who offer them.

Backer / Sponsor

This section provides information for guidance only. For this reason, we recommend that you consult a specialised manager for your specific case. 

When there are many partners, the Entrepreneurial Team can create the company in two steps:

  • Set up the company with the entrepreneurs as partners, in the first act.
  • Make an increase in the capital where the rest of the partners would enter.

Increases in the capital in Spain do not require the presence of the partners before a notary, unlike a constitution.

With regard to management, syndication of the shares can be made, which is a private document between partners to authorise one of them to represent the others in the company's decisions. It is advisable to make a syndication agreement when investors have a minority participation.

EKITER is not in charge of these last two processes but shows in its web site external legal and fiscal services that can do it.

Backer / Sponsor

The Entrepreneurial Team can launch a new campaign under the following conditions:

  • It cannot be earlier than one month from the end of a previous successful campaign.
  • At any time if the previous campaign was not successful.

These limits allow the sponsors to have information about how the Entrepreneurial Team is managing the resources of the previous campaigns.

It must be taken into account that an increase in new contributions implies an increase in the number of tokens and, therefore, a dilution of the existing participants who do not participate in the new campaign. 

Collaborators

A collaborator is a person of legal age who can make different contributions to the entrepreneurial project. These tasks can be rewarded with tokens or paid for with money. 

Collaborators can be mentors, CEOs, designers, programmers, financiers, marketing experts, etc. To do so, they must register for free on the Platform and fill in their profile to be found by the entrepreneurs or receive offers from the entrepreneurial projects.

Collaborators

If there is an interesting offer open by a project, it can be requested through the Platform itself. 

EKITER also allows you to add collaborators' profiles with a curriculum vitae and a link to a social network, such as Linkedin, to show your interests, abilities, and other information that could be relevant to collaborate with projects by applying in the published offers or to be contacted by an Entrepreneurial Team.

Collaborators

The Entrepreneurial Team publishes a free offer of collaboration on the Platform with the details of the collaboration required. The offer will remain published for 20 days.

The possible collaborators contact the Entrepreneurial Team through the Platform and their proposal can be accepted or negotiated with the members of the Entrepreneurial Team to reach an agreement. EKITER provides models of documents to collect the agreement. 

Collaborators

The Entrepreneurial Team of the project can reward the collaborators in the form of tokens, in cash or in a mixed formula. 

If the reward is in the form of tokens, the collaborator becomes a participant in the project. If you wish you can transform your tokens into cash by offering them through the channels (functionality currently under development) specified by EKITER's Platform when they become available. In this case, the collaborator will have to sign the Participant Agreement Accession Document, as when they receive a number of tokens they automatically become a participant in the project. 

The collaborators are rewarded according to the agreements made between the Entrepreneurial Team and the collaborator itself regarding the description of the collaboration to be carried out, the amount of money and tokens to be received, the form of compensation, the time dedicated, etc.  

EKITER does not intervene nor does it assume any responsibility for any disagreements that may arise in the relationship between the Entrepreneurial Team and the collaborator.

Collaborators

EKITER does not charge the project for the offers published in the Platform or for the agreements made between the Entrepreneurial Team and the collaborator.

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