What is LEOcrowd?
LEOcrowd is an online platform that will connect people who want to secure funding for a project, with people who want to fund such projects, in return for a reward. Whether the funds are required to record a music album, write a book or design the new product you have created or to grow your business into a global empire, LEOcrowd can help you. We also accept digital currency which elevates LEOcrowd to among the most advanced crowdfunding companies in the world.
The company’s mission is to help creative minds realize their envisioned ideas by achieving the required funds and 'setting their entrepreneurial spirit free.'
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Who is our Community?
LEOcrowd is a rapidly expanding global community built around the desire to assist entrepreneurs with creative projects. We bring together those proven and aspiring entrepreneurs with a crowd of people looking to back exciting projects.
What is our Mission?
To help creative minds realize their envisioned ideas by achieving the required funds thereby ‘Setting their entrepreneurial spirit free’.
What are the basics?
Backers are people who pledge money to join project creators in bringing ideas to life.
Backers pledge money and every amount carries a reward, which backers will get after the date set for particular rewards, providing a project has funded successfully.
A creator is the person or team behind the project idea, working to bring it to life.
Anyone that meets our creator requirements is eligible to launch a project on LEOcrowd.
Every project creator sets their project's funding goal and deadline. If people like the project, they can pledge money to make it happen.
The Creator needs to deliver the reward promised by the specified date and time.
It is the project creator's responsibility to complete their projects and provide the rewards.
LEOcrowd is not involved in the development or the delivery of the projects themselves.
If the project succeeds in reaching its funding goal, all backers will be charged at the end of the funding period. If the fund falls short, no one is charged. Funding is all-or-nothing.
When ‘backers’ successfully fund a ‘creative project’ then LEOcrowd earn a 5 % fee for facilitating this transaction.
Who can start a project on LEOcrowd?
LEOcrowd is open to backers and creators all over the world.
- be 18 years of age or older
- be a permanent resident of the country that you're creating a project in, either in your own name or on behalf of a registered legal entity
- have an address, bank account, and government-issued ID based in the country that you're creating a project in
- have a major credit or debit card
Parents and teachers can launch projects in collaboration with children under 18, only if the adult registers for LEOcrowd, and payments account and is in charge of running the project itself.
What do backers get?
Backers that pledge to a project will be able to support and help that project come to life. Backers can also choose from a variety of rewards offered by the project creators. Rewards vary from project to project, but often include a copy of what is being created (music CD, DVD, game, book etc.) or a unique experience related to the projects.
Creators must not offer prohibited items or illegal items as rewards to the backers, such as drugs, weapons, alcohol, etc.
What are the fees?
If a project is successfully funded, LEO crowd will charge a 5% fee. Our payments processor will also apply payment processing fees.
If funding isn't successful, there are no fees charged.
Who is responsible for completing a project and fulfilling the promises?
It is the project creator's responsibility to complete their project. LEOcrowd is not involved in the development of the projects.
LEOcrowd does not guarantee or endorse the projects. Backers decide whether they want to fund it or not.
How do backers know if a project will follow through?
Perhaps you are friends and family of the creator, or you heard about the project from a trusted source.
If not, backers should look for creators who demonstrate detailed and clear plans for how their projects will be completed, and who have a history of bringing their creative projects to life.
In the creator biography section of each project, you can find useful information, like links to websites, background information, and in some cases, a connected Facebook account.
If you have more questions, you can send the creator a message asking for more information.
If a creator doesn't share key information, backers should take that into consideration.
Get as much information as possible! Read through the project description and watch the video to get a better sense of the person or team behind the project.
Don't hesitate to request information from the creators before you pledge.
What should creators do if they have problems completing their projects?
If problems arise, creators are expected to post a project update notice explaining the situation as soon as possible.
It's not uncommon for things to take longer than expected. If creators are making good efforts to complete their projects and are honest and transparent about them, backers should do their best to be understanding and patient while demanding fulfilments from the creators.
Backers must be aware that the date written on each reward is the creator’s estimate of when they will provide the reward, not a guaranteed date to fulfil. The plan and delivery date may change as the creator works on the project. We ask creators to communicate with backers about any changes as soon as possible.
If the problems are so severe that the creators can't fulfil their projects, creators need to find and provide a resolution. For example, offering refunds, detailing how funds were used, and other actions to satisfy backers, completing the project in alternative forms or other actions to satisfy backers.
What is a creator obligated to do once their project is funded?
After a project is successfully funded, the creator is responsible for completing the project and fulfilling each reward promised. Their fundamental obligation to backers is to finish all the work that was promised.
If a creator is unable to complete the project and fulfil rewards, they must make every effort to find another way to satisfy their backers.
Can LEOcrowd refund the money if a project is unable to complete?
No, LEOcrowd does not issue refunds. Transactions are between backers and creators directly. Creators receive all funds (less fees) after their campaign ends.
What does LEOcrowd do to protect its community?
We have a dedicated Integrity and compliance 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 comply with our rules.
LEOcrowd is built on an all-or-nothing funding system. No one is charged until a project meets its funding goal. This gives backers time to fully assess and evaluate a project and it also gives our Integrity and compliance team time to look into any concerns raised by backers.
How do I contact LEOcrowd or report something to LEOcrowd?
If you have any questions or concerns, please email us at [email protected]