What types of Creators can sign up?
We are currently soliciting creators for our beta-launch, based on the following guidelines:
- You must produce a game, technology, or designer product that is new
- You must have already received $250,000+ USD in funding on another platform
- You must have demonstrated $30,000 in monthly pre-order sales
- You intend to respond professionally, frequently, and transparently with your project backers
Who do we want to work with?
- You are looking to grow pre-order revenues by increasing trust in the crowdfunding community
- You are a serious creator willing to agree to damages if the project is turns out to be fraudulent
- You understand that crowdfunding today requires a significant ongoing marketing effort
- You appreciate the value of expert advice in saving time, frustration, and money
- You have the attitude and temperament of professional business owner striving to make world-class products
What's required and how long will it take?
Initial sign up is very similar to signing up on other crowdfunding platforms. Like them, we use WePay as our payments processor so you can plug in your existing account or create a new one. To become a FitForLaunch company, you'll can expert the following sign up process:
- An initial pre-screening review will be done using publicly available information (typically takes 1 business day)
- If approved, an onboarding questionnaire will be required to further determine the fitness of your product's technical feasibility, manufacturability, marketability, and execution team/strategy. (typically takes 2 business days)
- If approved you will be able to start collecting pre-orders after signing up for a WePay account. Your funds will be held for typically a few days while WePay finalizes their underwriting process with the information we've collected.
- After approval, funds can be drawn whenever you choose - daily, weekly, or monthly.
- A further evaluation may be required for businesses with a large sales increase, and may requires a site visit or product evaluation, and depends ultimately on the risk factors.
- Your project can collect funding indefinitely, can run concurrently with other platforms, and your rewards visibility can be turned off at anytime.
What will it cost
- Basic fixed platform fee (includes payment processing fee): 6%
- Typical warranty fees of 8% (varies from 3%-15% depending on risk assessment)
- Using the FitForLaunch warranty to increase your sales point by 5-10%. Backers will pay a higher sales price for the value provided, and this also allows you to effectively save on your current platform fees.
With FitForLaunch, there is no exclusivity requirement, so there’s no risk.