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Who is responsible for completing a project as promised?

 

It's the Entrepreneur themselves as the project creator's responsibility to complete their project. Crowd Velocity is not involved in the development of the projects themselves.

Crowd Velocity cannot guarantee projects or investigate an Entrepreneurs ability to complete their project. On Crowd Velocity, project funders (you!) ultimately have to decide the validity and worthiness of a project by whether they decide to fund it or not.

How to backers know if a project will follow through?

 

Launching a crowdfunding campaign is a very public act, and creators put their reputations at risk when they do.

Investors should look for creators who share a clear plan for how their project will be completed, and who have a history of bringing their creative ventures and other projects to fruition. Entrepreneurs are encouraged to share links and as much background information as possible so backers can make informed decisions about the projects they support.

If the Entrepreneur has no demonstrable experience in doing something like their project or doesn't share key information, backers should take that into consideration. Does the Entrepreneur include links to any websites that show work related to the project, or past projects? Does the Entrepreneur appear in the video? Have they connected via Facebook?

Don't hesitate to request information from the Entrepreneur themselves. You can always reach out before pledging via the "Contact me" button on the project page.

How do I know a project creator is who they say they are?

 

As a platform we will carry out basic due diligence process that should provide some quality assurance to the rest of the community. We will do our best to ensure genuine intentions and activity where possible. However as a funder you should also carry out own due diligence and assessment of every project and individual you are intending to do business with.

In every user profile you can find basic information about that person or organisation. You can also see any of their live feed activities. You may also be able to find additional resources, like links to websites, relevant background information, and in some cases links to their other social profiles.

If a profile contains Verified Member Badge - This person has been verified by our own internal identity verification process.

Looking for more information? Read through the description and watch the video to get a better sense of the person or team behind the project.

Perhaps you can find someone on the platform who had previous dealings with the projects creators, founders, investors or even members. Our community is designed for easy communication between different parties to open truly collaborative and open sourced environment for ideas and businesses to grow.

What should Entrepreneurs do if they are having problems completing their project?

 

If problems come up, Entrepreneur are expected to post a project update explaining the situation. Sharing the story, speed bumps and all, is crucial. Most backers support

projects because they want to see something happen and they'd like to be a part of it. Entrepreneurs who are honest and transparent will usually find backers to be understanding.

It's not uncommon for things to take longer than expected. Sometimes the execution of the project proves more difficult than the creator had anticipated. If an Entrepreneur is making a good faith effort to complete their project and is transparent about it, backers should do their best to be patient and understanding while demanding continued accountability from the Entrepreneur.

If the problems are severe enough that the Entrepreneur can't fulfil their project, Entrepreneurs need to find a resolution. Steps should include offering refunds, detailing exactly how funds were used, and other actions to satisfy backers.

Seek out to the community for support, resources or advice and mentorship to see your project through to success. We do not expect you to do it all alone!

What is an Entrepreneur obliged to do once their project is funded?

 

When a project is successfully funded, the Entrepreneur is responsible for completing the project and fulfilling each reward. Their fundamental obligation to backers is to finish all the work that was promised. Once an Entrepreneur has done so, they’ve fulfilled their obligation to their backers. At the same time, backers must understand that when you back a project, you’re helping to create something new - not ordering something that already exists. There’s a chance something could happen that prevents the Entrepreneur from being able to finish the project as promised. If an Entrepreneur is absolutely unable to complete the project and fulfil rewards, they must make every reasonable effort to find another way of bringing the project to a satisfying conclusion for their backers.

Do Crowd Velocity ever issue refund on projects that have not gone to plan?

 

No, Crowd Velocity doesn't issue refunds. Transactions are between backers and Entrepreneurs directly. Entrepreneurs receive all funds (less fees) soon after their campaign ends.

Why can't Crowd Velocity guarantee project success?

5.0 

We started Crowd Velocity as a new way for Entrepreneur and their audiences to work together to make things happen. Many traditional funding systems are risk-averse and profit-focused, and many great ideas never get a chance. Crowd velocity opens the door to a world full of creative possibilities, one where anyone can help decide which bright idea will become tomorrow's reality.

Crowd Velocity is full of ambitious, innovative, and imaginative ideas. Many of the projects you see on Crowd Velocity are in earlier stages of development and are looking

for a community to bring them to life. The fact that Crowd Velocity lets creators to take risks and attempt to create new things is a feature, not a bug.

What Does Crowd Velocity do to protect its community?

 

We have a dedicated Integrity team that monitors the system for suspicious activity. This team screens reports that are sent to us by our community and they take action if they find something that does not align with our rules.

@ 2012-2017 Crowd Velocity