Will your commandments be in HD too?
The 10 Commandments of Responsible Crowdfunding
The FTC took interest in crowdfunding following some ill-fated campaigns.
As many of our startups use crowdfunding to go to market, we are acutely aware of the challenges. We also feel sad every time a campaign fails somewhere as it hurts public trust in the platform.
To promote best practices we are considering establishing a code of conduct with a simple set of engagements for project creators. It’s still a draft and we welcome feedback to refine it.
Here they are:
-1- Thou shall show what works for real
-2- Thou shall engage with backers
-3- Thou shall not allow feature creep
-4- Thou shall clarify manufacturing before launch
-5- Thou shall know your BOM
-6- Thou shall plan for viable margins
-7- Thou shall use a realistic timeframe
-8- Thou shall keep track of budget
-9- Thou shall update backers frequently
-10- Thou shall test thoroughly before shipping
How do you think? Anything important missing?