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, design the new product or fund an Startup business, LEOcrowd can help you. As well as standard payment methods we also accept digital currency which elevates LEOcrowd to among the most advanced crowdfunding companies in the world.
Who is our Community?
LEOcrowd is a rapidly expanding global community built around the desire to assist entrepreneurs, creatives and innovatora with creative projects and Startup businesses. We bring together those proven and aspiring entrepreneurs with a crowd of people looking to back exciting projects.
What is our Mission?
Our mission is simple yet profound … we want to ‘Set entrepreneurial, creative and innovative spirits free’.
What makes us different?
We recognise that over 90% of all new businesses fail within 2 years mainly due to lack of funds or a lack of skills. Within crowdfunding around 65% of all projects (2 out of every 3 projects) fail to get funded. At LEOcrowd we offer a global crowdfunding platform to pitch for funds as well as providing extensive training and support to assist those launching projects. In addition, we offer a consultancy service with which we can manage your campaign on your behalf.
What are the basics?
Backers are people who pledge money to join Project Creators in bringing ideas to life. Backers pledge a set amount of money in return for a pre-determined reward, which backers will receive 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 target 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.
Are there different types of Projects?
Project Creators can start two types of projects on LEOcrowd, which are ‘Fixed Funding’ and ‘Flexible Funding’ projects.
Fixed funding project:
Keep your funds only if you meet your FULL funding target.
If your campaign does not meet its full target by its deadline, no funds will be taken from your backers. Funding is all-or-nothing for fixed funding projects. If funding isn't successful, there are no fees charged.
Flexible funding project:
keep your funds even if you just meet over 50% of your funding target.
If a Project reaches at least 50% of its target, then it can receive those funds. This has proven very popular with a number of projects being successfully funded. The fees for Flexible Funding are 6%. This means that Project Creators can receive their funds if their campaigns reach 50% of their target for only an additional 1% in fees. If a flexible funding project reaches its full target (100%), the fee LEOcrowd charged will remain 6%. If a flexible funding project fails to reach at least 50% of its target, no funds will be taken from the backers and there are no fees charged.
Please choose your project type wisely, as it cannot be changed once you launch your campaign.
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, controls payments account and is in charge of running the project itself.
What do backers get?
Backers can 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.), a product for a discounted price 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 fixed funding project is successfully funded, LEO crowd will charge a 5% fee that includes VAT. LEOcrowd charges a 6% fee for facilitating flexible funding project that reached over 50% of its funding target. Our payments processors will also apply payment processing fees. Credit & debit card payments around 1.4% + 20p per pledge for European cards, and 2.9%+20p per pledge for non-European cards, stripe charges 0.8% per successful bitcoin transaction capped at $5. There is no payment processing fee for LEOcoin or Bitcoin pledges.
Our payments processor will also apply payment processing fees depending on the chosen payment method.
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 and deliver rewards. 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 projects or not.
How do Backers know that the project will be delivered?
In the creator biography section of each project, you can find details of the Project Creators. This will provide 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.
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.
Also remember that every Project Creator has completed their KYC (Know Your Customer) details and each project has been vetted by the LEOcrowd team.
What should Project Creators do if they have problems completing their projects?
If problems arise, Project 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 Project 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 fulfilment.
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.
If the problems are so severe that the creators can't fulfil their projects, Project Creators need to find and provide a resolution. For example, offering refunds, detailing how funds were used, and other actions to satisfy Backers.
What is a Project Creator obligated to do once their project is funded?
After a project is successfully funded, the Project 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 Project 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 Project Creators directly. Project 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 act 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 investigate 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]