This is the new 2016 version of Smashfund, a crowdfunding program with a difference that was first launched back in mid 2012. So what exactly is Smashfund and is it worth jumping aboard Rob Towles’ latest revamped version? That's the obvious question that many have been asking.
Pay close attention and read on to find out the truth….
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Company Name: Smashfund
Website: www.smashfund.com
Owners: Rob Towles
Price To Join: $149 per month
My Rating: 5/10
~ Smashfund Social Crowdfunding Review ~
What Is “Smashfund”?
First I'll say that it's really good to see you here reading this review. You do your homework, and that's wise.
Smashfund is crowdfunding, only with a more social media tie-in to help spread the word about campaigns more quickly among your social networks. All crowdfunding platforms incorporate this to some degree, but Smashfund is placing a lot more emphasis on it.
There is also the opportunity to refer others to the program and receive commissions, kind of like being an affiliate. It is based on an MLM model, despite this being disputed by other reviewers.
You do build a downline. You get paid more for direct referrals, and a smaller percentage for money earned through your downline. Smashfund refers to this downline as “Viral Connections”. I’ll explain the revenue breakdown below.
Smashfund is also the only crowdfunding platform that actually charges a membership fee to get on board, whether you are looking to fund a project, or simply wanting to help out with funding. This monthly charge is what Smashfund uses to pay its affiliates/network marketers their share of the spoils.
Like with all MLM/Network Marketing type schemes, you have to be referred to or invited to the site by a current member. Otherwise you can’t join and that member who referred you can’t get paid. The only reason Smashfund has a joining fee to begin with is so the company can use the MLM approach to generate an income, as they reportedly don’t take a percentage of any revenues raised for crowdfunding projects.
The focus of this company isn’t on the actual crowdfunding though, it’s targeted at the network marketing side and making their money from that.
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How Is The Smashfund Revenue Shared?
Out of the $149 per month membership fee that is charged every single member, Smashfund take 20% and keep that. The other 80% they redistribute in referral commissions and payments for viral connections. For everyone you refer directly you get $50 per month for as long as they remain a member. And for indirect referrals that appear in your network you receive $4 per month up to a total of 16,000 viral connections. How someone appears in your network indirectly is a little hazy, and I’m not too sure if the math really adds up if you were to dig deeply into the structure of this system and the proposed payouts.
If there are any mathematicians reading this post and know exactly how this would work, please tell us about it in the comments section at the bottom of this review.
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Who Is The Target Audience?
Obviously anyone looking for ways to make money online. It is also targeted at people looking to raise funds for a project, though there is hardly any emphasis on this aspect whatsoever on the actual Smashfund website. This is really targeted at those seeking to make an income from yet another Network Marketing system.
The Pros
- It’s an interesting take on crowdfunding.
- Could make very good money for those jumping on board early.
The Cons
- The monthly membership fee is excessive.
- The very fact that it even has a monthly membership fee in order to crowdfund is excessive.
- No real emphasis on crowdfunding, more on network marketing.
- The website divulges very little information as yet.
Tools, Training and Support
Well, I don’t think there is too much in the way of tools and training on offer. We shall see if that area improves as the platform gains some traction over the coming months. As far as support goes, we shall wait and see.
How Much Does “Smashfund” Cost?
Simple. If you want to become a part of Smashfund – either as a networker or for a crowdfunding project, you will need to cough up $149 per month, every single month. If you are due referral commissions, you will lose these if you don’t maintain your own membership.
Is “Smashfund” A Scam?
Scam is probably not the word to use to describe Smashfund. This new version is in its infancy, so time will tell how everything pans out. It could be a great income earner for those enthusiastic about network marketing, MLM, or whatever label you want to place on these revenue sharing type systems.
I’m on the fence for now with Smashfund, that’s why at the beginning of this review I gave it a rating of 5 out of 10.
By all means try it out if it sounds like something you could sink your teeth into. The monthly fee is quite high, so you will want to hit the ground running and try and get as many referrals as possible ASAP!
A Non-Crowdfunding Way To Make Money Online
I’m in no way anti other ways to make money online, and I’m sure open to suggestions, but one of the methods I use to generate a consistent online income (an income that is often residual in nature) is with affiliate marketing.
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Darren Burton
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Nice post Darren, I’d never heard of Smashfund before.
That monthly fee is very steep though, $149 just to keep your membership going with the main emphasis on recruiting as many people as possible while in the early stages anyway not really supplying the proper tool and training to get people up to speed so they can actually learn how to find and recruit people do want to get started in this kind of business.
When you say there is a big push on social media with crowdfunding, is that where most of their initial referrals come from? It’s certainly a cheaper way of getting people in the door!
Cheers,
Stephen
Hi Stephen. Yeah, it seems like it’s all pretty tied into social media, but that’s more to get people to join the site rather than raise money for your Crowdfunding project. I think the Crowdfunding part or more of a case of just having to have a product to offer so they have an excuse to have a membership fee. I could be wrong, but we’ll wait and see. Cheers, Darren.