FAQ

General

EKITER is an entrepreneurial ecosystem based on a collaborative platform that promotes entrepreneurial projects in an initial phase, linking entrepreneurs, backers or sponsors, collaborators (mentors, designers, developers, external services, etc.) and institutions, and all this minimizing 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 over 18 years old 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 want 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 indistinctly points or tokens of that project. The project's entrepreneurs initially distribute them among themselves as they see fit, which will be set out, together with the project's management and administration rules, in a Participants' Agreement document, the model for which is provided by the Platform.

When a project needs external funding, it launches a petition at EKITER that we call a campaign. In a campaign, money is requested and offered as a reward a number of points from that project that are added to the points the project had previously, either originally (every project starts with a 100,000 points or tokens) or from a previous campaign. Backers/sponsors who make a contribution become participants in the entrepreneurial project.

When someone is needed to help as a collaborato 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 money, points or a combination of these. When there is a compensation with points either total or partial, the collaborator becomes a Participant.

General

Points or 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 or points of each participant in relation to the total points or 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 at the moment of the constitution of the company a participant has 2,000 points and the total of the project at that moment is 200,000 points, 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 points or tokens that are specific to one project and often have a different assessment from those of another project.

General

The entrepreneurial team manages the project based on the Participant Agreement document that can be found in EKITER's platform database.

General

All the financing and point exchange processes between participants that are carried out on the Platform are based on the use of a distributed and encrypted database that guarantees the security and traceability of all the 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 Partnership Agreement, administrative procedures, new investments, etc.

General

Yes, a user can buy or sell points for a given project by making an offer on the Platform's exchange forum (under development). Except for the members of the entrepreneurial team, who will not be able to sell their points/tokens in that exchange forum, although they will be able to buy points. 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 backers 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 backers and collaborators, providing free model documents to help manage the project and facilitating contact with external services for training, mentoring, legal, etc.

EKITER does not analyses the technical or economic viability of the projects nor does it interfere 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 people over 18 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 checks only that the project is legally and ethically acceptable. EKITER does not carry out any analysis of the technical or economic viability of the projects presented in the Platform.

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, in order to increase security, limited information can be provided initially to anyone interested in the project and later on 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 on 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 document of commitment called the Participants' Agreement which the sponsors or backers must be aware of and to which they will adhere by digitally signing a Accession Document. Collaborators who receive points 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 at EKITER, if the entrepreneurial team wishes to obtain financial resources, it can open a financing campaign providing potential backers/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.

•     A project cannot launch campaigns for more than 50,000 euros in one year.

•     The campaigns cannot be more than 10,000 euros or less than 500 euros.

•     A minimum of one month must elapse between the end of a successful campaign and the launch of the next.

•     If a campaign has not been successful, another one can be launched with the same or other conditions without having to wait any 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 project information. If the project has only one entrepreneur, he must also sign a single-entrepreneur Participants' Agreement to which the backers will adhere.

5.   Publicize the funding campaign by requesting an amount of money and offering a number of project points as a reward.

6.   Contribute 3% + VAT 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 the event that the campaign fails.

It should be noted that the number of points offered in a funding campaign implies an increase in the total number of points. This means a dilution of the previous participants (entrepreneurs and patrons) who do not attend the campaign.

Example: If a project, which starts with 100,000 points/tokens, publishes its first funding campaign and requests, for example, 10,000 euros and offers 10,000 reward points for that funding, the total amount of points for the project after the campaign would be 110,000 and the participation of the campaign sponsors would be 10,000Pt/110,000Pt= 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 entrepreneur's account according to the conditions that appear in the project's Participant Agreement.

   2.   Each sponsor receives the points acquired in their EKITER account which can be viewed them in their Dashboard/Control Panel.

3.   The sponsors will then have to sign the Document of Accession to the Participants' Agreement of the project.

Entrepreneur

In this case, EKITER closes the campaign and informs the entrepreneurial team and the sponsors who have committed their contribution. All commitments to contribute are cancelled and the money committed is automatically returned to the current account attached to the credit card of the backers/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 (Stripe) which manages the contributions, whether the campaign has been successful or not.

Entrepreneur

The publication of a campaign has a cost for the entrepreneurial team of 3% + VAT of the amount requested by Stripe. Additionally, EKITER will charge, for the operation and maintenance of the Platform, 5% + VAT to the project from 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 raised (except for the 5% charge + VAT from EKITER) go into the current account of the entrepreneurial team. This money is managed by the entrepreneurial team, so the funding becomes available to them.

Entrepreneur

According to the Participants' Agreement, which is signed by the members of the entrepreneurial team and adhered to by the backers, the shares that would correspond to each of the participants at the time of setting up the company will be proportional to the points that each of them has in relation to the total points of the project at the time of setting up the company.

Example: if at the time of set up de company a participant has 2,000 points and the project total has 200,000 points, 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 is that the entrepreneurial team sets up the company and the second step is that immediately afterwards an extension is made where the rest of the partners enter. 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 have to appear in person; however, in the case of new funding round, this presence is not necessary.

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

Entrepreneur

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

In general, crowdfunding can be described for tax purposes as an "advance payment" on a future acquisition of an asset. That is to say, backers are not making donations because there is no gratuity, but rather they are advancing the contribution for an asset which are the rewards in points.

It behaves fiscally like any income relating to the economic activity of the project entrepreneur, so it would be taxed in the income tax of individuals as income from economic activities.

With regard to VAT, the entrepreneur must pay the VAT derived from the financing operations to the Treasury, and the VAT can be deducted from all the expenses necessary for the development of the project.

If the income from economic activities such as crowdfunding or others (not income from work) exceeds the minimum inter-professional wage, the entrepreneur who receives these amounts in his name must register as a self-employed person. Such an entrepreneur may deduct from the contributions received, the expenses incurred for the project as well as any other expenses of the economic activity in the income tax of individuals.

EKITER is not responsible for any infringement of 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, programmers, designers, etc.) who are most interested in their profiles and conditions.

The entrepreneurial team can also propose an offer of collaboration free of charge 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 an agreement. Platform can provide model agreements between the entrepreneur and the entrepreneurial team. EKITER does not interfere in the process and is not responsible for any disagreements that may arise between the two parties.

Entrepreneur

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

If the reward is in points, the collaborator becomes a participant and can transform his points/tokens into cash by offering them in the exchange forum (currently under development). In this case, the partner will have to sign an Accession Document to the Participant Agreement, as by receiving a number of points he automatically becomes a participant in the project. The number of points that are transmitted to the collaborator are added to the total of those that already exist in the project, so this means a dilution of the rest of the participants.

Entrepreneur

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/points to be received, the form of compensation, the time spent, etc.

EKITER does not intervene or assume any responsibility for disagreements that may arise from a relationship between the entrepreneurial team and the collaborators.

Backer / Sponsor

EKITER understands as a Backer or Sponsor a person over 18 years old who helps with economic contributions to an entrepreneurial project receiving as a reward, points/tokens from 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 entity uses from many international crowdfunding platforms. Using a payment entity such as Stripe, allows us to offer our users an agile, secure and automated transaction system.

Backer / Sponsor

•     The minimum amount to contribute in an open funding campaign for a project is 10 euros

•     The maximum amount you can contribute per campaign is 300 euros.

  •     The maximum total amount that can be financed by a sponsor 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 due to 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 project specific points/tokens 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 certain amount of money between 500 and 10,000 euros and in exchange, it offers a number of points/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 points proportional to their contribution if the campaign 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 points received as a reward for the contributions would be transformed into shares in the company when it is set up.

Backer / Sponsor

Yes (although this functionality is under development). Users will be able to make offers to buy or sell points/tokens of one project in EKITER's exchange forum, except for the members of the entrepreneurial team who will not be able to sell their points/tokens in this exchange forum, although they will be able to buy points.

Backer / Sponsor

A participant shall be entitled to acquire a number of shares in the company which shall be proportional to the number of points/tokens it has in respect of the total points of the project at the time the company is setting up, as set out in the Participants Agreement.

Example: if at the moment of set up the company, a participant has 2,000 points and the total of the project has 200,000 points/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 sponsor. If a campaign is successfully completed, EKITER will charge the entrepreneurial project 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 sponsor's contributions are automatically cancelled and the amounts committed will be released to the current account attached to the sponsor's credit card from which the contribution was made. EKITER does not charge sponsors or the entrepreneurial team when a campaign is closed without success.

Backer / Sponsor

When a backer 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 is rewarded with a number of points/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 automatically to the sponsor's credit card from which the contribution was made and free of charge.

The Platform keeps the accounting of the points/tokens that each participant has, who can follow their projects in their personal Control Panel (Dashboard) in 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 backer. Only the members of the entrepreneurial team and their families can contribute amounts above these limits. EKITER recommends that you do not contribute more than you are prepared to lose.

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 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, participants will be able to access the purchase and sale of points with other users through an exchange forum (currently under development), which will allow maximum liquidity to be obtained from the contributions.

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.

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 a first act.

•     Make a capital increase where the rest of the partners would enter

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

With regard to management, a share syndication can be made which is a private document between partners to authorize 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:

•     The application may not exceed 10,000 euros.

•     It is not possible to campaign for more than 50,000 euros per year.

•     It cannot be earlier than one month after the end of a previous successful campaign.

•     At any time if the previous campaign was not successful.

These limits allow backers to have information on how the entrepreneurial team is managing the resources of previous campaigns.

It should be borne in mind that an increase in new contributions implies an increase in the number of tokens and therefore a dilution of existing participants who are not involved in the new campaign.

Collaborators

A collaborator is a person over 18 years old who can make different contributions to the entrepreneurial project. These tasks can be rewarded with points or paid with money.

Collaborators can be mentors, designers, programmers, financiers, marketing experts, etc. To do so, they must register free of charge 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 to 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 remains published for 20 days.

Potential 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 model documents to collect the agreement.

Collaborators

The project can reward partners in the form of points, cash or a mixed formula.

If the reward is in points, the collaborator becomes a participant in the project. If you wish, you can transform your points into cash by offering them on the exchange forum (functionality currently under development). In this case, the partner will have to sign the Accession Document to the Participant Agreement, as by receiving a number of points/tokens he automatically becomes a participant in the project.

The collaborators are rewarded according to the agreements made between the entrepreneurial team and the collaborator himself/herself regarding the description of the collaboration to be carried out, the amount of money and points to be received, the form of compensation, the time spent, etc.

EKITER does not intervene or assume any responsibility for disagreements that may arise 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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