Methods and System for Raising Funds From and Distributing Royalties to Multiple Recipients Over the Internet

• US 20160225100A1
• Filed: 01/29/2015
• Published: 08/04/2016
• Est. Priority Date: 01/29/2015
• Status: Abandoned Application

• Current Assignee: Enrique Parrila
• Original Assignee: Enrique Parrila
• Inventors: Parrila, Enrique
• Application Number:
  US14/609,287
• Publication Number:
  US 20160225100A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

In one embodiment of the present disclosure, a computer implemented method comprises using an electronic server to receive at least a description and required budget of a literary project through an electronic device; displaying the description and the required budget on an internet platform or mobile application; receiving money from one or more backer who want to fund the literary project; calculating weighted contribution for each of the one or more backers who funded the project; publishing the literary project after the required budget is met; receiving revenues generated by the literary project; and paying royalties to the backers based on their weighted contribution.

Claims

1. A computer implemented method for financing and promoting a literary project, the method comprising:

receiving at least a description and required budget of a literary project at an electronic server which is communicatively coupled to at least one electronic device;

displaying at least the description and the required budget of the literary project on the internet or as part of a mobile application;

receiving money from one or more backers who want to fund the literary project;

calculating weighted contribution for each of the one or more backers who funded the project;

publishing the literary project after the required budget is met;

receiving revenues generated by the literary project; and

paying royalties to the backers based on their weighted contribution.

2. The method of claim 1, wherein the electronic device is a computer, tablet computer, PDA or a mobile device.

3. The method of claim 1, wherein the description includes at least genre of the literary project, estimated time to finish the literary project and predicted length of the literary project.

4. The method of claim 1, wherein the required budget has multiple levels.

5. The method of claim 1, wherein the literary project is any work which is written, spoken or sung, and includes a table or compilation, a computer program, preparatory design material for a computer program, and a database.

6. The method of claim 1 further comprises:

advertising the literary project on social networking website and predicting the likelihood of success of the literary project based at least in part on the literary project'"'"'s popularity on one or more social networking website.

7. The method of claim 1 further comprises:

refunding all or more than 80% of the money to the backers if the required budget is not met within a specified range of time or before a deadline.

8. The method of claim 1, wherein the weighted contribution of each user is calculated by dividing the money contributed by each user over the required budget.

9. A computer implemented method for financing and publishing a literary project, comprising:

receiving at least a description and required budget of a literary project at an electronic server from an author or creator;

displaying the description and the required budget on the internet or as part of a mobile application;

receiving money from one or more backers who want to fund the literary project or receiving information regarding how much the one or more backers want to fund the literary project;

determining the literary project'"'"'s expected sales;

funding or causing at least one party to fund at least a portion of the required budget of the literary project based on the literary project'"'"'s expected sales;

calculating weighted contribution for each of the one or more backers who funded the project;

publishing the literary project after the required budget is met;

having access to revenues generated by the literary project; and

paying the backers or causing the backers to be paid based on their weighted contribution.

10. The method of claim 9, wherein the revenues generated by the literary project include any fees obtained from sales or licensing of the literary project.

11. The method of claim 9, wherein the royalties are paid to the backers for a fixed duration of time.

12. The method of claim 9, wherein all of the revenues received from one or more backers is retained by someone other than the author or creator of the literary project.

13. The method of claim 9, wherein the electronic server updates how it determines expected sales of the based in part on actual sales of the literary project.

14. The method of claim 9, wherein the electronic server contributes or causes at least a party to contribute at least 30% of the require budget when the expected sales of the literary project is higher than 60% of at least some of the previous literary projects.

15. The method of claim 9 further comprises:

providing incentives to backers for them to advertise and assist in marketing of the literary project.

16. A computer implemented method for financing and creating a project, the method comprising:

receiving a description and required budget of a project from a creator at an electronic server which is communicatively coupled to at least one electronic device;

displaying the description and the required budget of the project on the internet or as part of a mobile application;

receiving money from one or more backers who want to fund the project;

determining the project'"'"'s expected sales;

contributing money to the required budget of the project based on the project'"'"'s expected sales;

calculating weighted contribution for each of the one or more backers who provided money for the project;

producing and marketing the project after the required budget is met;

providing incentives to backers and other people for them to advertise and assist in marketing of the project.

receiving revenues generated by the project; and

paying money to the backers or causing the backers to be paid based on their weighted contribution.

17. The method of claim 17, wherein factors used to determine the expected sales include one or more of the following:

1) the project'"'"'s popularity on social networking websites,

     2) publicity of the creator,

     3) number of followers for the project,

     4) successfulness of the creator'"'"'s prior project(s) and

     5) uniqueness of the project.

18. The method of claim 17 further comprises:

advertising the project on social network website and determining the project'"'"'s expected sales based at least in part on reviews received from users of the social networking website.

19. The method of claim 17, wherein all of the money collected from one or more backers is retained by service provider of the electronic server and the service provider is responsible for using the money collected to create, launch and market the project.

20. The method of claim 17 further comprises:

distributing a fixed percentage of revenues to creator and service provider of the electronic server before paying the royalties to the backers.