Project Management and Follow-up

7. Project Management and Follow-up

On the SOSST crowdfunding platform, project management is not only about successfully raising funds but also involves the effective execution of the project in its later stages and ongoing communication with supporters. The initiator must regularly update supporters on the project's progress, address any delays or issues, and ensure that the funds raised are used on time for project delivery. Additionally, if the project fails to reach its funding goal, the initiator must handle subsequent matters properly, ensuring transparency and trust on the platform.

Below are the classifications and explanations of detailed project management and subsequent sections:

7.1 Project Progress Update

How to post progress updates and thank-you letters

Regular updates: Project initiators should regularly provide updates to supporters, sharing the latest developments and achievements of the project. The update content may include:

Progress report: Such as the completed stages of the project, current work progress, new designs or product prototypes, production progress, etc.

Thank-you letter: Acknowledging all supporters and expressing their contribution to the success of the project. The thank-you letter can be presented not only through text but also in more creative ways, such as through video or images.

Update content: On the platform, initiators can share new progress through the "Post project progress update" feature. Each update typically includes:

1. Update title: Concisely and clearly express the content of the update.
2. Update details: A detailed description of the project's progress, challenges faced, solutions implemented, etc.
3. Media support: Includes images, videos, files, etc., helping supporters better understand the current state of the project.

How to publish updates:

1. Go to the "My Projects" page in the user center and click the "Post Update Project Progress" button.
2. Fill in the update title, detailed description, and any relevant media materials.
3. After submission, all supporters will receive notifications and be able to view progress on the project page.

Publish thank-you letter:

1. After a significant milestone in the project (such as successful fundraising, completion of a phase, etc.), a thank-you letter is published to express gratitude to supporters.
2. The thank-you letter can be presented through text, images, or videos, making supporters feel more appreciated and respected.

How to handle delays and issues:

1. Timely communication: If the project encounters delays or other issues, the initiator needs to promptly notify supporters and transparently explain the situation. When publishing updates, the following should be included:
   1. Problem description: Clearly explain the reasons for the challenges or delays encountered, such as supply chain issues, production delays, design changes, etc.
   2. Solution: Provide a detailed solution and follow-up action plan to let supporters know how the problem will be solved and how the project will continue to progress.
   3. Adjusting the schedule: If necessary, update the delivery date and explain the reasons for the adjustment to supporters. The platform provides flexible time management features, allowing creators to adjust their schedules when facing issues.
2. Building trust: Transparent communication can enhance supporters' trust, especially when facing unforeseen challenges. Timely updates and explanations not only help the initiator maintain supporters' loyalty but also alleviate supporters' dissatisfaction.
3. Emergency response: If the project faces more serious risks (such as vendor default, major design issues, etc.), an emergency notice should be immediately published on the platform, and solutions or strategy adjustments should be sought.

7.2 Post-Crowdfunding Handling

Delivery Arrangement After Project Success

Funding Distribution: After successfully raising funds for the project, the platform will disburse funds to the initiators in stages according to the project's reward plan. The specific funding distribution process may vary based on the project's rewards and usually includes:

Initial Funding Distribution: After the project is successful, the platform will disburse **20%** of the startup funds to help the project begin implementation.

Subsequent Funding Distribution: When the project reward preparations are completed, **30%** of the funds will be disbursed to support further project progress.

Final Payment: When the project is completed and ready to deliver all rewards, the remaining **50%** of the funds will be disbursed (after deducting platform fees and processing charges).

Delivery Arrangement:

Reward Delivery Schedule: The initiators should establish a clear reward delivery schedule based on the project's progress. For product-based projects, the delivery time should include specific dates for production, packaging, and shipping. For service-based projects, the service delivery time should be clearly defined.

Delivery Notification: Once delivery begins, the initiator needs to notify all supporters, informing them of the expected delivery date, progress, and shipping method.

Return Issues: If any problems arise during the delivery process (such as product quality issues, delivery delays, etc.), timely communication with the supporters should occur, along with providing solutions. The platform will offer refund and compensation solutions to protect the supporters' interests.

How to Handle Projects that Do Not Reach Their Goal

Handling of Unmet Goals: If the project fails to meet its fundraising goal within the specified time, the platform will adopt a **“Full Refund” policy. All supporters' funds will be refunded to their payment accounts**, and the project initiators will not receive any funds.

Communication with Supporters: If the project does not meet its goal, the initiator should proactively contact the supporters, express gratitude, and explain the reasons for not achieving the target. Can offer:

Explanatory Letter: Explains why the goal was not met, which may be due to factors such as market demand, product design, insufficient promotion, etc.

Future Plans: Inform supporters on how to stay in touch and continue receiving support if the plan is adjusted or restarted.

Project Restart

If the project does not meet the target but the initiator still believes the project has potential, another crowdfunding campaign can be restarted. The platform provides a re-crowdfunding feature that allows the initiator to adjust the goals and strategies when raising funds again.

The initiators can update the project's reward plan, progress schedule, and promotional methods to increase the chances of success.

Community Maintenance: Even if the project is not successful, the initiators can maintain contact with supporters through social media and emails, thank them for their participation, and continue seeking support in future projects.

7.3 Other Subsequent Management Matters

Project Feedback and Improvement

The initiators can invite supporters to provide feedback on the project execution to improve subsequent crowdfunding activities or product iterations. Opinions are collected through surveys or feedback forms.

Adjust the project plan based on feedback, strengthen the relationship with supporters, and enhance the execution and appeal of future projects.

Continuous Community Interaction

After project delivery, the initiators should continue to stay in contact with supporters and update them on the progress of the product, news, or events. Ongoing interaction helps to build brand loyalty and lays the foundation for the success of the next crowdfunding project.