A few of you have mentioned some questions and comments that we would love to address… Where does the other percentages of the money go? The organizers of the event (CMDC)? If they are charging for advertising then is it really right that they keep some of the money from the teams?
First of all, thank you for the questions and comments from everyone so far. This exciting opportunity would be nothing without the participation of you, the public!
In answer to your questions and for the purpose of this clarification we’d like to ask you to not forget that Canada’s Mastermind Development Corporation is also matching all of the charitable donations dollar for dollar. AND none of the individuals from any of the teams are permitted to take ANY financial risk… CMDC has put up all of the money for the contest INCLUDING the $500 for each of the five teams.
As the organizing company of the Race To A Million, CMDC have a lot of large audacious goals. We’re looking for a way to create even more good for even more people across the country and around the world (for individuals, charities, entrepreneurs and the business community as a whole). Obviously all of this costs money. As the organizers of this experiment in positive social media and reality TV (for which we’ve coined the term “Social Reality”) we need to cover the costs of lawyers (who don’t work for free) in order to protect everyone involved, not to mention all of the associated expenses of servers, staff, marketing, prizes for the public, office space, and the list goes on. Of course all of these costs need to be paid for without ever touching the money that is in each bank account managed by each team … and that is regardless of whether each team succeeds or doesn’t succeed.
The people involved, the charities, the city of Kamloops, the sponsors, and the public who participate around the world all deserve to have only the best possible chance for success and that means we must make all of this work and run as a business and not a volunteer effort. Advertising revenue only covers a small portion of the overall costs and we must hope that all the teams succeed in producing a successful first season in order to expand the positive impact that mastermind groups can have across the province of British Columbia, across the country of Canada and perhaps across the world.
Again, thank you for allowing us to clarify… please keep the questions and comments coming … we’re always more than happy to explain and discuss the many aspects of this fun entrepreneurial experiment with everyone.
Cheers
Pete and Dean
Canada’s Mastermind Development Corporation