Country: Malaysiaskolafund icon
Year: 2015

  • Skolafund is a crowdfunding platform that helps undergraduates raise funds for their university education through various sources of funding such as crowdfunded donations, bursaries, scholarships, and loans.
  • Skolafund is founded and run by a team of four undergraduates – Tengku Ahmad Syamil and Wildan Zulfikar, students at the International Islamic University Malaysia,  and Muhammad Syakir and Faruq Rasid, students at the National University of Singapore.
  • Revenue model: Skolafund takes an 8% charge on successful campaigns – ones that meet their funding targets within 30 days of the launch date. Funds of unsuccessful campaigns will be refunded to pledgers.

Concept

  • Many high potential undergraduates suffer from lack of funds to pay for their tuition and / or living expenses while studying in university, and end up dropping out or taking up multiple part-time jobs which eventually take a toll on their studies. Skolafund targets this need and is essentially the Kickstarter for university education financing.
  • Students in need can start a campaign on the website and ask for a set amount of target funding. If they meet the funding target within 30 days, Skolafund will pay the funds directly to the university to avoid any misuse of funding.

Consumer Benefits

  • Crowdfunded scholarships: Underprivileged students that would otherwise not be able to continue their studies in university due to lack of funds have a chance to obtain necessary funding through starting a crowdfunding campaign on Skolafund.
  • Talent seeking: University scholarship committees benefit in having an alternative channel to seek high potential students for their scholarships. Similarly, companies have a niche channel to seek for potential talent as future employees.

How it works
Video illustration of Smartly

Video demonstration on starting a campaign on Skolafund

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