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Crowd Supply Announces Early Payment Policy for Project Creators

Crowd Supply Announces Early Payment Policy for Project Creators

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Published by Crowdsourcing.org

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Published by: Crowdsourcing.org on Apr 03, 2013
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08/15/2014

 
SOURCE: Crowd Supply
 April 03, 2013
Crowd Supply Announces Early PaymentPolicy for Project Creators
Successful Campaigns Receive Funds up to Two Months Ahead of Kickstarter
 PORTLAND, OR--(Marketwired - Apr 3, 2013) - Two weeks after itssuccessful launch,Crowd Supply has announced an innovative early  payment policy for project creators. Crowd Supply, which launched onMarch 20 and saw over $40,000 worth of project backing in its firstweek, will release backer funding to project creators as much as twomonths ahead of Kickstarter.Crowd Supply is the first marketplace that supports project creators fromcrowdfunding through product delivery. On top of funding, creators useCrowd Supply to accept pre-orders, access warehousing and fulfillcustomer orders. By recognizing the time-sensitive nature of productdevelopment, Crowd Supply is giving creators the financial head startthey need in order to successfully deliver their products and help themlaunch a sustainable business.
Time is Always Money
 Other sites, including Kickstarter, require that project creators to wait upto 30 days after a successful crowdfunding campaign ends to receiveeven the first dollar of pledges. Kickstarter's stated position is that a project delivered late doesn't diminish its value to backers [1].
 
This may be an appropriate position for artistic projects, but for mosthigh tech consumers, the statement is preposterous. For project creatorsthat are designing compatible accessories for popular electronic itemslike smartphones, time is always money. The short product life of theseconsumer electronics products requires a time-is-of-the-essenceapproach to all aspects of product design.
Delays Shouldn't Be Normal
 With 84 percent of its projects shipping late, the timing of Kickstarter's payments puts creators at a disadvantage before their funding campaignis even finished [2]. Larger projects are more likely to be delayed, andthe delays are longer."Historically, one of the main shortcomings of crowdfunding platformsis the inability of creators to complete high-demand projects on time,"said Lou Doctor, co-founder and CEO of Crowd Supply. "Projects thatreach their funding goals early in their campaigns are often generouslyoverfunded. Then, due to the unexpectedly high volume of interest,creators end up struggling with fulfillment and deliver late. On CrowdSupply, when a project reaches its funding goals early in its campaign,creators will receive funds to immediately jump start their development.Overfunded projects on Crowd Supply will have a much better chance of staying on schedule."
Fast Funding with Crowd Supply
 Backers' pledges are processed immediately after a Crowd Supplycampaign reaches its funding goal. Five business days later, funds areavailable to project creators.

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