Frequently Asked Questions from Entrepreneurs

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FAQs for Entrepreneurs

 

Who can apply to become a contestant?

Anyone 18 or older can apply to become a contestant on the American Gnuity reality TV show at no cost. A parent or legal guardian can apply for their children who are under the age of 18. Applicants must have an organized, original business idea and must be willing to share that idea with American Gnuity and its audience. Whether entrepreneurs are only at the idea phase of the project, are already successful small business owners or anywhere in between, being an American Gnuity contestant can help their project receive national exposure world-class mentoring with the potential to receive substantial funding.

How much does it cost to apply?

There is no application fee for entrepreneurs to register online during the pilot season of American Gnuity.  There are fees for receiving non-equity crowdfunding and fees for creating and posting equity/debt offerings. Those fees are included in the American Gnuity Project Owner Participation agreement. Applicants can register online at Gnuity.com by clicking on the “Register Now” button and filling out the registration form completely or by clicking on the following button.

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What services are included once the Registration has been approved?

Approved registrants into the American Gnuity online funding platform will receive a unique page to share photos, videos and other information about you with your friends, family and social contacts, much like you might on other social sites. It also pre-registers you for the regional pitching events held throughout the country. 

This includes the accompanying seminars and networking opportunities with vendors and other entrepreneurs. It will also include periodic emails on how to best take advantage of your opportunity to participate with American Gnuity. Any travel, lodging and/or meal expenses associated with the event are the responsibility of the registrant.

Approved Registrants also have the option of creating a Press Release that states your involvement with American Gnuity. This is a templated press release that informs people about you and your relationship with American Gnuity.

What factors determine whether or not I may be selected as a Contestant?

You could be selected as a contestant on the American Reality TV show depending upon:

♦ The quality of the competition
♦ The innovative nature of the project
♦ The number of your social contacs/customers (the higher the better)
♦ The entertainment value of the project's presenter (will you be entertianing for our audience to watch)
♦ The score from our selection committee 
♦ Your availability when we shoot the episodes
♦ The speed at which you respond to our emails/phone calls
♦ Whether or not you sign the Project Owner Participation Agreement
♦ Additional factors like management team, recent partnerships, funding successes and mergers

Are there additional expenses I should know about?

If you would like to attend any of the regional events, you will be responsible for your own travel, lodging and dining expenses. You must also cover the above mentioned expenses should you accept our invitation to promote your project as a Contestant on our reality TV show. The pilot season is scheduled to shoot in April. 2015. Entrepreneurs will need to be available for two consecutive days. American Gnuity will provide information to the selected Contestants with adequate notice. 

Are there additional services I can purchase to help my business succeed?

Yes. Some of additional services provided by American Gnuity affiliated entities include website creation and hosting, business plan creation, the recording and editing of informational videos. Contact info@gnuity.com for prices, features and benefits.

How can I prepare myself to become a Contestant? Organize yourself as much as possible. Put together a management team, a marketing strategy and informational video. Create an Executive Summary that will explain to our selection committee everything they need to know to make an informed decision about the viability of your project. Entrepreneurs with prototypes of their projects will almost always have a better chance of becoming contestants than those who just have an idea.

Can I still participate as a contestant even if I can’t attend one of the regional events?

Entrepreneurs who did not attend the live pitching events can be selected to participate in the televised business acceleration program as contestants through online, telephone, and in-person interviews.

Who has the best chance at being selected to participate as a Contestant on the show?

There are several variables American Gnuity uses to determine if a project has a better-than-average chance at succeeding. A charismatic entrepreneur who can entertain and educate viewers will likely motivate the audience to vote with their wallets for his or her project. If they or one of their team members has had success in their industry or experience in the field, that will help as well. An entrepreneur who has an innovative project, working prototype, significant potential for high revenue and substantial profitability, an Executive Summary, functioning website, informational video and a huge social fan base has a better-than-average chance at becoming a Contestant.

Who qualifies as a Contestant on the show?

Basically everyone whose registration is approved is a possible contestant for the TV show. If you are not selected to compete on television, you will still receive access to the regional events and an opportunity to compete with other entrepreneurs to obtain capital through our online funding portal. Those who perform well on our funding platform may be selected as Contestants in the next season of American Gnuity for a chance at national exposure and additional capital.

What is the process for receiving contributions provided to my project?

As with other crowdfunding platforms, once the crowdfunding project has been completed, with the target goal reached, project owners with successful campaigns will receive their contributed funds minus a 5% American Gnuity Non-Equity Platform Fee plus any credit card fees charged within 14 days of completion. If there are any products or services offered to contributors as “Thank You Gifts,” rewards, or pre-purchased product, it is the responsibility of the project owner to provide the items as committed in a timely manner, usually within 120 days from the end of the campaign.

For contestants on the American Gnuity reality TV show, funds will be available 14 days following that season’s final episode when that season’s contributions have been tabulated and that round of funding has been closed. Project owners can then use those funds to provide rewards, ship products, and improve their businesses through inventory creation, management, marketing, partnerships, etc.

Consumers will be given the opportunity to contact our customer service provider if there are issues regarding the delivery of the product or service committed. Project owners will receive a rating from our rating and review software provider so that future consumers wanting the product can see the level of satisfaction received by initial consumers.

Going Beyond Rewards-Based Equity Funding! What is the process for receiving additional funding from accredited investors?

Project owners who want to have the potential of raising five times the amount of capital of those who just offer non-equity crowdfunding can sell ownership in their company through American Gnuity and its partners. 

Because we project that only a small percentage of applicants will utilize this option, we encourage those interested to contact American Gnuity’s financial experts for more information at info@gnuity.com.

Project owners wanting to comete as contestants must be willing to provide an Equity or Debt Private Placement Offering for Accredited Investors who are watching the show. All Contestants must have an active Offering.

When can I talk to my friends, family and social contacts about participating in my project?

For those not selected as Contestants, but participating online, it is suggested that entrepreneurs encourage their contacts to participate financially into their projects immediately after Gnuity has approved their projects’ unique funding page on our online funding platform. The quicker money is accepted after pages have been approved, the better chance contestants and potential contestants have at receiving additional contributions. People deciding on whether or not to contribute or invest feel more comfortable participating in projects when other like-minded consumers have contributed/invested.