Before a project can start crowdfunding it must be verified by Locality. This involves reviewing the project to make sure it’s viable and trustworthy. Spacehive is the only crowdfunding platform to provide a verification process for projects before they start crowdfunding.
Why verify projects?
The verification process is designed to give confidence to both the project creator and potential backers (including big funders) that the project has had its viability considered, with the end result being that all parties are confident that the project can be delivered should the funds be secured.
What do I need in order to get verified?
The verification process takes on average 2-5 days. This can be dependent on the size of a project; more complex or larger ones may by their nature require more time to look over the budget and permissions. It can also be dependent on how well prepared you are. Projects that submit for verification having done everything required to satisfy Locality in advance will be verified a lot quicker than those which have not done so. Getting caught into a back and forth with Locality as they request missing information can slow down the verification process by days.
Before you submit for verification, make sure that you have:
- Proof of permission (e.g. event license, council agreement, landowner consent)
- Evidence of costs (e.g. building work quotations, links to online shop listings)
- Relevant insurances, policies, or qualifications (e.g. organisation constitution, safeguarding policy, certifications)
- Evidence of any funds that you have received for this project that you would like to have shown on your campaign (e.g. grant agreement, scan of a cheque, bank statement).
Before you can submit your project for verification you must fill in all the project details in your project dashboard. You’ll know when you’ve filled in all required fields because a button will appear prompting you to submit for verification.
After submitting the project for verification you will not be able to edit your project page, except adding new images and videos. This is so that Locality can verify your project as you have declared it. You should therefore only submit for verification when you are content that you have done everything required and that your project is in its final shape.
For more information on what you should do while you are in verification, read our dedicated FAQ on this.
Once you are verified you need to set your campaign end date. Check out these tips on how long to run your campaign for.