I would like to start up a fund or foundation to give grants to projects by young people back home (Malaysia), an area currently in need but not served very well. Being a young person myself with plenty of enthusiasm but not enough knowledge, I'm not sure where to begin.
I understand that a lot of information will be location-specific (laws, regulations, etc), but what else do I need to take note of when starting a fund?
How do I get the money? (I can't just use my life savings...)
What sort of bank account would be best?
How do I get people to be interested in the fund, to support it and apply for grants?
How do I choose who do I give grants to, and what do I do with them afterwards?
How do I build credibility? (A big problem back home is that youth projects tend to start up with plenty of hype, then disappear soon after. I don't want that to happen.)
How do I find people to help me? What sort of people should I be after for this - businesses? Community people? Other youth?
What existing models can I follow or use as reference? I've seen the YouthBank UK
website and it looks interesting, and I would like more examples.
What is the difference between a foundation and a fund? Will I have to redefine this project if I decide to do more than just give money?
What else am I missing?
Any and all help appreciated. Assume I know nothing. Thank you!