- 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.
- 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.
- 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