Banana Fund Review : is it a scam or legit?
Banana Fund is a place where people having ideas can pitch and crowd-fund a business project.
BananaFund Review: The website owner is Richard Matthew John O’Neill, who was also known as « Jo Cook », the brain behind MyTrafficValue and Paidverts projects (which changed administration later on).
EDIT: The project never came to live. A few weeks after it’s crowdfunding, the project was canceled and a refund process was set up. See details at bananafund.com or their spreadsheet:
Banana Fund Review : crowdfunding and development.
Video extract: “The world is fuel by great ideas. But making a great idea into a great business can seem overwhelming. Banana Fund is a one-stop solution design to help transform ideas into businesses. Entrepreneurs get started by simply pitching their ideas. It does not even need to be a complete idea, just a rough sketch. They can set their terms for their projects (equity for the investors and themselves) to indicate what they want to keep and what they want to give away to investors.”
How they present the project: The Banana Fund crowd will then brainstorm the idea collaborating with the entrepreneur to fill in the gaps and all the important details (plans, rules, documents and specifications). In return, collaborators are given a slice of the project for free. Next, the equity crowdfunding begins as the project aim to its funding goal. Once that happen, Banana Fund basically takes care of the rest: they handle the paperwork and take care of running the business for you. They assign each project a manager. And it is their job to run the business, provide daily updates, near-real-time accounting, and unprecedented operational transparency.
There is a crowd voting mechanism, a live marketplace to trade your positions in real-time.
Need more details? Read their 29 sheets whitepaper
Banana Fund Launch: get started with the project.
The company is scheduled to launch the 5th December 2016.
STEP 1: Initial Token Offering:
Once launched, there will be an initial token offering where the first 10,000 sign-ups will have the option to pre-bid and buy a stake in the project. Accordingly to the website details, the faster you buy, the cheaper your position is.
STEP 2: Marketplace Opening:
As soon as the project is funded, the token marketplace will start (expected in January 2017).
The price will then fluctuate according to supply and demand. And you will be able to list your tokens for sale at market rates (if you wish to).
STEP 3: The business is created:
As revenues start pouring in, marketplace valuation fluctuates in real-time. The token holders receive dividends and can vote on any changes to the business.
What is your opinion and feeling about it?
Let me know in comment what you think about this project,
and if the fact Richard was the administrator at Paidverts/MyTrafficValue (while it was successful) is a positive or negative thing for you! :)