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1 years ago
What are our fees?

 

If a project is successfully funded, Crowd Velocity applies a 6.5% fee to the funds collected. Our payments processor will also apply payment processing fees (approx 2.5%). The complete fee breakdowns are available here.

If funding isn't successful, there are no fees.

If an arrangement resulting in funding is made between two parties as a result of being introduced through Crowd Velocity the company applies a 6.5% fee to that arrangement at the same time as the funding is made.

2 yearss ago
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.

2 yearss ago
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.

2 yearss ago
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.

2 yearss ago
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.

2 yearss ago
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!

2 yearss ago
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.

2 yearss ago
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.

2 yearss ago
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.

2 yearss ago
How do I make a pledge to the community members?

 

Making a pledge should be your core focus to pitch to the specific user of our community. Make few level of pledges for basic and premium version of your product or service. Early adopters will focus mainly on your product or value add of your service. Make it attractive for Early Adopters to commit funds to your project and make it easy for your message to spread.

2 yearss ago
What are rewards?

 

These are a creator's chance to share a piece of their project with their backer community. Typically, these are one-of-a-kind experiences, limited editions, or copies of the creative work being produced.

2 yearss ago
What is the Flexible funding option?

 

Funds being taken out from the backer at the time of commitment, but is not distributed to the fundraiser until certain minimum amount it reached. This function can be used to raise money in tranches. This feature is also useful to collect donations for social projects or to be able to distribute ready available products to the backers.

2 yearss ago
What is an All-or-Nothing funding option?

 

No one will be charged for a pledge towards a project unless it reaches its Funding Goal. This way, Entrepreneurs always have the budget they scoped out before moving forward. It reduces a risk and motivates the crowd to take part. If people want to see a project come to life, they need to participate in early stage product adoption and spread the word to create crowd velocity.

It's important to remember that Crowd Velocity is built on integrity and rewards based funding system. No one is charged until a project meets its funding goal and the funding period ends. This gives backers time to fully evaluate a project, and it also gives our Integrity team some time to look into any concerns raised by backers.

2 yearss ago
What is a Funding Goal?

 

The Funding Goal is the amount of money that a the Entrepreneur needs to complete their project.

We have both Flexible or All-or-nothing funding options.

2 yearss ago
What do funders get in return?

 

Backers that support a project on Crowd Velocity get an inside look at the creative process, and help that project come to life. They also get to choose from a variety of unique rewards offered by the project creator. Rewards vary from project to project, but often include a copy of what is being produced or an experience unique to the project.

Project creators keep 100% ownership of their work, and Crowd Velocity cannot be used to offer equity, financial returns, or to solicit loans.

2 yearss ago
Where do Early-Adopters come from?

 

The majority of initial funding usually comes from the fans and friends of each project. If they like it, they'll spread the word to their friends, and so on. Press, blogs, Twitter, Facebook, and the Crowd Velocity members themselves are also big sources of traffic and pledges.

2 yearss ago
What is the role of an Organisation?

 

Organisations can now support early stage businesses and entrepreneurial ideas by committing to support by way of resources or funds to the projects on our site. This is good practice for businesses and organisations that want to give back to the start-up community and help them grow and succeed.

2 yearss ago
What is the role of a Mentor?

 

Mentors can take part on our platform to help guide and support Entrepreneurs on Crowd Velocity to help build sustainable businesses that can achieve stability and good on-going business practices. To ensure entrepreneurs are motivated and guided to achieve their project objectives. We are here to provide the platform to do that by supporting the cause of entrepreneurship and collaboration.

2 yearss ago
What is the role of a Business Angel?

 

Individuals with considerable amount of business and investing expertise that are able to support and fund projects that may have commercial viability to achieve scale and market traction. These individuals should be willing to put in time and resources as well as investment to see these projects through to market success. Each project should aim to attract at least 2-4 Angel investors who are willing to commercially invest into an opportunity.

2 yearss ago
What is an Organisation?

 

An organized group of people who work together in an organized way for a shared purpose, such as a private business or public interest organization.

2 yearss ago
What is a Mentor?

 

An experienced and trusted adviser who is willing to help support less experienced entrepreneurs to make big ideas happen.

2 yearss ago
What is a Business Angel?

 

An affluent individual who is willing to provide support, expertise and / or capital for a business start-up, in exchange for rewards or equity ownership.

2 yearss ago
What is an Entrepreneur?

 

A person who introduces new methods, ideas, or products. An Entrepreneur is the one to introduce new idea or a project into life to create interest and support from the crowd. The Entrepreneur is also often referred to as the creator in the context of this site

2 yearss ago
What is an Early-Adopter

 

Are the first to try new ideas, products and services.

As an early adopter or early customer of a company, product, or technology; you are regarded as an opinion leader and trendsetter. You are willing to make early financial commitment to try new hardware items, programs or new versions of existing programs before any of your peers.

2 yearss ago
What is a member?

 

Our members are also your Early Adopters, so they will be the first people to put in the money behind your idea but also may be your toughest customers. They expect quality, delivery on your promise and actual product or service which you want to release into the world. They will also be your champions and probably your toughest critics, so make sure you are ready to face the challenge!

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