Fund Stage

In this stage, funds are allocated to participants. Funders can distribute available resources across selected ideas to prepare them for implementation.

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Fund Stage Setup

Fund Stage setup is divided into 4 tabs - Info, Settings, Automation & Permissions. Let's see them in detail.

 

1. Info

Info section contains basic details about the stage as follows:

Stage Function - Select Fund stage from drop down. Once selected and saved, this section will be greyed out and cannot be changed to other stage

Stage Name - Create a custom name/label for the stage. Note: Character limit is 40.

Stage Key - It is a unique identified for the specific stage required for API call data retrieval. Once saved, the key cannot be changed.

Description - Describe stage functionality or how you would like to use this stage. This description will be mouseover text on the stages stack on the right navigation of the community homepage

Stage Color - Select a color for the stage from the 10 available default options.

Reported Ideas As - Set the stage as Selected, Implemented or blank to apply the respective label to all ideas within that stage. Help article on Selected & Implemented Ideas

Enable Stage - Select this checkbox to activate the stage, enabling ideas to be moved into it.

Stage Change Notification - Select this checkbox to activate the stage change notification. Enabling it will send a stage change email notification to the members who have opted for it.

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2. Settings

Settings section contains stage-specific settings as follows:

Currency Type: Select one of the currency types from the dropdown. Currency can be USD, EUR, GBP, JPY, AUD, CAD, HKD, CHF, AED, WD (wooden Dollars), hours (time unit) or tokens. Once selected and saved, the currency type cannot be changed. For e.g USD cannot be changed to EUR once settings are saved.

Target Type: Community admins can choose to apply a single fund target to all ideas, define individual targets for each idea, or disable targets entirely. Based on the target type selected, an additional configuration option will appear, as described below:

  1. Set Default Target for all Ideas:  By selecting this option, the Admin will be prompted to input the target funding amount below. All the ideas in the Fund Stage will start with the same target amount.

   2. Idea Specific Targets: This setting enables selected members to define specific funding targets for each idea. Community admin can choose Idea Team, Idea Submitters or a specific group to set this target. Selecting Specific group will open-up additional dropdown to select a group to set the target.

   3. No Target: Community admins may also choose not to set any funding target for the stage. When no target is defined, ideas will not display a progress bar, since there is no funding goal against which contributions can be measured.

Automatically start all new members with funds: When this option is enabled, the community admin can allocate a fixed amount of funds to all community members using Starting Funds per Member option, allowing each member to distribute (pledge) portions of their funds across different ideas to support their implementation.

Show Funders: When this switch is enabled, the names of members who have pledged funds are shown under the Idea Activity tab on the Idea detail page, allowing participants to see which community members are funding the idea.

Stop pledge above target amount for an idea: When this switch is enabled, no additional funds can be pledged to an idea once its target amount has been reached.

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3. Automation

Use this section to configure automation for the Fund stage. When automation is enabled, once an idea's funding target is reached, it will automatically advance to the next stage in the workflow.

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4. Permissions

The Permissions section in the Fund stage defines who can receive a balance of funds to pledge them in that stage and who can view funding progress and funding activity on the idea detail page. A community administrator can configure these permissions for all community members, for a specific group, or for a specific Team Member role (Only if a team role has been specified & filled in any build team stage in the same funnel).

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Stage Functionality on Homepage

Once the idea moves to the Fund stage, Idea Owner, team member, or group member sets a goal i.e. amount of funding required for implementing an idea using the 'Edit Target' option. Community members permitted to participate in the fund stage can then pledge funds by clicking the FUND button which opens the idea detail page as shown in the screenshot below. Progress bar within shows percent of funding done for an idea.

Community members permitted to participate in the fund stage can then pledge funds by pledging the amount in the blank box and clicking on the Contribute button. Progress bar within shows the percent of funding done for an idea. 

While the idea is still in the fund stage permitted members can see the amount funded and each user would also have the ability to Edit the funds that they have already contributed.

Participants who are not permitted to view or participate will not see the progress bar, percentage fund pledged nor total funds pledged.

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Manage Funds

The community administrator can adjust member balances by adding or removing funds, either for all community members at once or for individual members. To do this, navigate to the Workflow edit screen and select More (three dots) >> Manage fund. Then click the Add Fund/Remove Fund option, enter the amount to be added or deducted from the current balance, and confirm the change by clicking the check mark.

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Export to Excel

The community administrator can conveniently export a consolidated report by clicking the Excel link located in the top right corner.

This feature allows admins to review the funds contributed by members for specific ideas and determine whether each idea has met its established funding target, all presented in an organized Excel sheet. The report will contain two sheets:

1. Fund Target V/s Fund raised

2. Funded Ideas with member funding


Fund Stage Score Calculation Formula:

Fund Score = (Total Collection Percentage / No of Visited Fund Stage)

Please Note:

1. Once any member has depleted their funds they still can go back and make edits to their funds that have already been pledged to any idea only if the setting Allow Members to Edit Pledge Amount Given to an Idea is enabled in the stage settings.

2. Any member who has pledged all his funds to an idea can withdraw all the funds without leaving a single dollar behind.

3. In the Export Report and Idea Leaderboard ( outcome dashboard) total fund score will be represented as the Average Collection Percentage in all fund stages regardless of fund unit. Because an idea might be visited a fund stage where the unit could differ.

4. Only those fund stage will be considered to calculate fund score, where the idea at least has a target amount set.