With this new $1 million investment, Reddit says it’s making the Community Funds official in order to to create more opportunities for its users. Starting in June, Reddit will invite communities to submit ideas for projects, events, contests and more. The company will accept nominations for projects needing between $1,000 to $50,000 in funding. Projects will be selected based on their creativity, feasibility and community impact. Reddit plans to build out more submission details and guidelines in the future.
“We want to foster more opportunities for connection by making Community Funds official, with $1 million in funding,” Reddit said in a blog post about the announcement. “Community Funds aligns with our mission of bringing community, belonging, and empowerment to everyone in the world. We believe that empowering communities to do more by awarding funds to support their best ideas is one way we can accomplish this.”
As part of the initial experiment, Reddit provided $5,000 to fund a photography competition and another $5,000 to fund a comic-creation competition. The company also provided $5,000 to gift 25 children whose families were facing financial hardship with $200 worth of gifts on Christmas. Reddit also provided $5,000 to fund a nomination-based gifting event for r/pan streamers.