This update was posted for the on-going Kickstarter campaign for TellyMount, a smartphone mount for TVs:

After the successful conclusion of this campaign, we’ll place the funds raised from the campaign into escrow as a way to provide greater safeguards for you, our backers.

People who never backed a project before are often reluctant to do so because of concerns that, before rewards can be shipped to any backers, the creators will run out of funds to complete the project (due to the high costs of product development and manufacturing preparation). The concern is that there may be no amounts left to issue refunds to backers either.

Most crowdfunding projects are completed successfully and do not encounter those issues. But, we recognize the perception problems and we want to introduce safeguards that are very novel to crowdfunding.

Here’s how the escrow will work. GantryWorks will disburse all the funds received from Kickstarter to Wilmington Trust, National Association, who will serve as escrow agent. The escrow funds will be given to GantryWorks after shipment of TellyMount begins. In the extraordinarily unlikely event that shipment of TellyMount to backers has not begun within a certain time, backers can opt to receive refund distributions from the escrow funds.

We believe this will give substantially greater protection for backers. There are further details, which we’ll provide before the end of the campaign. The arrangement is subject to the successful completion of the campaign and subject to change.

Link to Kickstarter campaign: https://www.kickstarter.com/projects/gantryworks/tellymount-better-video-calls-and-motion-games-on