Simplified language, the removal of legal jargon and a revamp of terms to make them straightforward and as clear as possible are all changes the firm have made.
However, there's more.
"For the overwhelming majority of projects, it's pretty simple: creators finish the work they planned, backers are happy, and nobody sweats the details," Kickstarter states. "But there are exceptions. Sometimes problems come up, projects don't go according to plan, and people wind up in the dark about what's supposed to happen next. So we're spelling it out -- what’s expected from backers, what's expected from creators, and what needs to happen if a project runs into trouble."
The beauty of crowdfunding campaigns is that startups and entrepreneurs can secure the capital needed to get a project or product off the ground, whereas they may not have been able to if applying to the bank or to corporate investors for funding. However, sometimes things do go wrong, and if you back a project as an investor -- whether as an angel or via crowdfunding -- you may not see a return on your money.
"This update reflects the best practices we've seen from our community to get the best possible outcomes from challenging situations. Incorporating them into these terms is a small but important part of building a healthy, trusted environment where people work together to bring creative projects to life."
Read on: In the world of innovation