Reddit is set to turn more community ideas into life with the latest fund called Community Funds, which is aimed at supporting collective ideas. The company said in a blog post that the new initiative with $1 million in funding is designed to "empower communities" to do more.
Reddit plans to officially start the program in June this year by inviting projects that need anywhere from $1,000 to $50,000 to submit their ideas. The grantees will be selected based on a project's "creativity, feasibility, and community impact." Laura Nestler, Reddit Vice President of Community, said:
Sometimes it just takes a little boost to make a great idea come to life, and we want to help communities find that support.
This isn't the first funding initiative led by Reddit as the network of communities where people can dive into their interests has already funded over 10 projects that communities nominated as part of an experiment.
The move comes at the same time when Spotify is also rolling out a new fund dubbed a Free and Open Source Software Fund, focused on supporting independent open-source projects. Spotify, which recently closed its barely launched Greenroom creator fund, says the new one is about "giving back to open source developers." Over the course of the year, the fund plans to spend a total sum of up to €100,000 on startups, with Spotify's engineers nominating what projects should receive funds.
Although no detailed guidelines were revealed, Spotify said it will target projects that are "independent, actively maintained, and aligned with our company values."
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