euromat:
. So let’s say for arguments sake the end product will cost 30 quid, putting 15 down you are half way there, i believe this is how it works.
No, that’s not how they work. If the end product is £30 everyone pays to the crowd funding site £30. You have an end date to reach your target, say £30,000 in 3 months. At the end of the time limit, if you have reached the target the crowd funder pays you all the money and you have another time limit to deliver all the goods. If you haven’t reached your target, everyone gets their money back.
My daughter did it last year she set her limit about £15k which she reached in 24 hrs and had over £30k once the month was up. It was then a bit of a nightmare to actually produce what she was selling, but she did it! (But then she does have 50k followers on Instagram so that helped with publicity)