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Reddit AMA Recap

Posted by Jessica Buller on Tuesday 05 Jul 16
Below you can find the answers to the top community questions from last week's AMA with our Kickfurther CEO, Sean. 

Sean:  Hi Everyone! Sean here hailing from sunny LA. We have some infographics on the first out and the Kickfurther process. We also have new subreddit rules worthwhile reviewing and commenting.

1) First of all the most significant change is that we will no longer be allowing users to share information provided by business owners on the private buyer forum. This change will be retroactive and we'll be removing infringing posts in a week. The reason for the change is twofold. First of all without some expectation of privacy business owners are becoming more hesitant to provide detailed updates. This is moving communication between brands and our community further apart. Secondly it is a direct violation of our privacy policy.

2) Here is an infographic that shows the impact of the first out sales. This is a simplified example. Notice how since B3 completes early, B1 and B2 receive a larger share of the payouts from business updates.

We have several projects we're working on but I'd be curious to hear what your top feature requests would be for either the store, or the website in general. Recently with offers filling up within a minute we've had requests for a reservation system, it's a really frustrating experience to get through the checkout process and get kicked back because someone else checked out faster.

With the first out sales we're looking at adding more customization options for the store, including those requested by greatm31.

Community Question: What is stopping future business from pulling a Nori on us? From the way I see it, someone can just raise an inventory, sell it all, refuse to pay backers and once in default, he can manufacture new inventory and give it back as stipulated in his contract. By doing that, he just forced backers to buy inventory and he also get to keep the profits and has no interest to pay. No matter the amount of ''screening'' you do, nothing will stop this unless your contract changed within the last few months/year. Business can start KF campaign, fail it but keep being successful, see sweet tea.?

Sean: We have already changed the contract. Now in the event of a breach we have a power of attorney promissory note. So if we can establish a breach of contract we get an automatic promissory note as opposed to having to go through the courts to get a judgement etc.

Community Question: How to get news about cancelled offers?

Sean: The cancelled offers page will be the best place to get updates on the cancelled offers. Should be live and updated next week.

Community Question: What's the deal with international users?

Sean: What I will say is that the worst thing we will do is restrict an account to prevent an international user from additional participation. We will never say "too bad" and not process a withdrawal to get you your money.

This might change in the future if we have to implement more Know Your Customer policies.


For more information, and to view any follow-up questions and answers, please follow this link to view the full AMA: 


Topics: Updates

Posted by Jessica Buller on Tuesday 05 Jul 16
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