Reddit has announced they from June, they will introduce CommunityFunds worth a total value of $1 million. We’ve seen other social networks offer financial incentives and Reddit is now adding funding grants to reward the best creators.
Reddit is home to thousands of communities known as subreddits and the creativity of users is really impressive individually, but as people come together, what they can achieve can be incredible, and inspiring.
For the past six months, Reddit has been experimenting with a program called Community Funds to help Reddit community ideas and passions come to life with financial support.
The experiment funded 13 projects that communities nominated. Projects have included a comics tournament, a community-designed musical artist billboard in Times Square, and a digital conference for history buffs.
By providing funding grants, Reddit hopes to foster even more opportunities for connections by making the Community Funds official.
Sometimes it just takes a little boost to make a great idea come to life, and we want to help communities find that supportLaura Nestler, Reddit Vice President of Community.
In just over a month from now, users will have the opportunity to submit ideas for projects, events, contests, giving, almost anything you can think of to bring people together for inspiration and delight.
Individual projects can seek funding between $1,000 to $50,000 in value, with the allocation varying based on their creativity, feasibility, and community impact.
Reddit also provided a short video, highlighting previous grants provided under the Community Funds trial.