Questions about the Unreasonable Marketplace
What is the Unreasonable Marketplace?
The Unreasonable Marketplace is the platform our 14 selected entrepreneurs will use to raise the funds necessary to attend the 2014 Unreasonable Institute. All entrepreneurs will have their own profile, describing their venture and their team. Read more about the Marketplace here.
What is the cost of the 2014 Unreasonable Institute?
The cost is $10,000 for one entrepreneur and $12,000 for an entrepreneur and a teammate to attend. This amount covers all costs while at the Institute, including housing, food, training, flying out the mentors, staffing, and all excursions. We owe tremendous thanks to our funders and in-kind sponsors who help us keep the costs of the program manageable for entrepreneurs. Read more about the costs of the Institute here.
Why is each entrepreneur raising a different amount of money?
Entrepreneurs who use the Marketplace to raise funds for the Unreasonable Institute are raising an amount equivalent to the tuition ($10,000 for one entrepreneur, $12,000 for a team of two) plus their travel costs (if they choose to raise them via the marketplace). Based on if they are bringing a teammate and where they are located, their travel costs vary, leading to different fundraising goals for each entrepreneur.
Does the $10,000/$12,000 cover roundtrip airfare and visa costs?
No, unfortunately it does not. However, entrepreneurs are allowed to raise their flight costs to and from the Institute on the Marketplace. Additionally, we are keen to help applicants who require financial assistance and can provide loans, possible access to sponsorship, and other solutions to help applicants secure the financial resources they require to attend the Unreasonable Institute. Please speak with the Unreasonable Team if you need financial assistance for your travel and visa arrangements.
What if an entrepreneur raises more than $10,000/$12,000?
If the entrepreneur has chosen to raise their travel costs on the marketplace as well, they will be able to raise funds up to the amount equal to their travel expenses plus their tuition.
How much time do entrepreneurs have to raise $10,000/$12,000?
The Marketplace is open 31 days from February 17th to March 20th, 2014.
Are contributions made on the Marketplace tax-deductible?
Yes, contributions made to entrepreneurs who will ultimately attend the Institute will be tax-deductible for U.S. tax payers because these funds will be retained by the Unreasonable Institute, which is a registered 501(c)3 non-profit organization.
Can a non-U.S. citizen sponsor an entrepreneur on the Marketplace?
Absolutely. Our payment systems use WePay, which is set up to handle credit cards from around the world. We also accept cash contributions in any currency. See the next question for details on this.
What forms of payment can be used to sponsor an entrepreneur?
We utilize WePay for all online payments. WePay a Level 1 PCI Compliant Service Provider (the highest level). You can read more about how WePay ensures the security of your payment here.
I'm interested in sponsoring an entrepreneur, but how do I know that my credit card information will be safe?
For all online payments, we use WePay, a Level 1 PCI Compliant Service Provider (the highest level). You can read more about how WePay ensures the security of your payment here.
Do you have any advice on how to raise the $10,000/$12,000?
Absolutely. We recommend reading the following posts:
What happens to the $10,000/$12,000 an entrepreneur raises if, after being accepted to the Unreasonable Institute, they are forced to drop out due to extenuating circumstances?
If the entrepreneur is unable to attend the Unreasonable Institute for extenuating circumstances (like not getting a visa, family illness, etc.), we will take their specific circumstances into consideration and determine if a refund is warranted. If the entrepreneur voluntarily chooses not to attend the Unreasonable Institute, he or she will be able to either defer attendance by one year. However, if the entrepreneur chooses not to attend the Unreasonable Institute and does not want to defer admission, a portion of the money raised will be retained by the Unreasonable Institute so as to dissuade participants from using our platform and our network to raise funds for their organizations. Additionally, by the time entrepreneurs participate in the Unreasonable Marketplace, they will have already signed a commitment to attend the program. If they raise the money on the Marketplace and then withdraw from the program voluntarily, it will be too late for us to accept another entrepreneur, leaving us, most importantly, without the opportunity to serve another entrepreneur as well as out $10-12,000. For this reason, the Unreasonable Institute has the discretion not to refund the money to entrepreneurs who voluntarily withdraw form the program.
How has the marketplace gone in the past?
In the past four years, 82 entrepreneurs from 37 different countries have raised the funds required to attend the Institute, totaling more than $700,000. Entrepreneurs who have succeeded in raising funds on the Marketplace include a former child soldier from Liberia, a Congolese refugee, a Nigerian farmer, a Pakistani villager, a Venezuelan scientist, as well as two MIT graduates.
If I sponsor an entrepreneur, what information does he or she receive?
When you sponsor entrepreneurs, you will have the option of sharing your contact information with them, or remaining anonymous. If you decide to share your contact information, they will see your name, your email address, and the amount you contributed. They will not have access to any additional information. If you decide to remain anonymous, entrepreneurs will only see the amount you contributed but will not have access to your name or email address.
If I sponsor an entrepreneur, is my contribution amount publicly displayed?
When you sponsor an entrepreneur, you will have the option of requesting that your contribution is anonymous. If you chose to be anonymous, your name will not be displayed publicly as a sponsor and your name will not be shared with the entrepreneur. You will have full control over this when you make a contribution.
Can I sponsor an entrepreneur anonymously?
Definitely! You always have the option to make any contribution to an entrepreneur anonymously.
Does the Unreasonable Institute take any steps to protect the intellectual property of entrepreneurs displaying their information on the Marketplace?
Entrepreneurs will have the final say on what information is shared on the Marketplace. It is their job to ensure that sensitive information is protected and only information they consider appropriate for the public is shared on the Marketplace.