Reddit is splashing the cash. The platform is introducing grants to fund some of its users' best ideas. In total, $1 million of funding will be available for user-led projects.
Like Snapchat or TikTok, Reddit is launching its own fund for its community, announcing $1 million to fund the best ideas from users. "We want to foster more opportunities for connection by making Community Funds official, with $1 million in funding," Reddit said on its blog.
"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. Through our experiment, we funded 13 projects that communities nominated," continues Reddit. Previous projects funded in this way include a community-designed BTS-themed billboard, unveiled in Times Square.
The call for projects will start in June. Users will be invited to submit their ideas, projects, events or competitions, for anything that aims to bring users together in an "inspiring" way. Reddit will select projects requiring funding from $1,000 to $50,000. No grants above $50,000 will be awarded.
Reddit said it will use criteria of feasibility, creativity and community impact to select the grant recipients. The platform will release the rules for applying for such funding at a later date.
