A Guide for Authors and Backers
Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet.
The crowdfunding model is fueled by three types of actors: the project initiator who proposes the idea and/or project to be funded; individuals or groups (the “backers”) who support the idea; and a moderating organization (the "platform") that brings the parties together to launch the idea.
Crowdfunding is not a source of investments (in India), the initiator cannot sell equity in exchange for money. It is more of a grant given be the backers for something they love, find interesting or curious, or for someone they believe in. Often, the initiators provide 'rewards' for backers in the form of 'thank you' notes/cards, mentions on their website/product, goodies, or even a sample of their first prototype.
Our crowdfunding system is based on trust. Since we do not store your card information, we cannot auto-debit the amount from your account/card. Hence, it is imperative that all those who pledge fulfill their commitment. We strongly suggest you make a pledge only if you are absolutely certain you can fulfill it. If you are unable to do so, please send us a mail or call us.
While uploading their idea, campign authors will also provide a brief of how they intend to use the funding they raise through their campaign. This can be used to purchase equipment, material, labour, and other products or services. It might also be used to cover their travel and other expenses. They are putting their reputation at stake and any misuse will only reflect on them. Over time, we will work to improve transparency and provide data on how each team is using its funds.
No. Lakshya does not guarantee project completion. Itsi the stu responsibility to complete their project. Lakshya is not involved in the development of the projects themselves.
The fact that Lakshya allows creators to take risks and attempt to create something new forms the basis of this platform. We do not guarantee projects or investigate a creator's ability to complete their project. Backers (you!) ultimately decide the validity and worthiness of a project.