TERMS OF SERVICE

Last Updated: December 2024

PLEASE READ THESE TERMS OF SERVICE CAREFULLY BEFORE USING OUR WEBSITE.

This Terms of Service Agreement (the "Agreement") is a legal contract between you ("User," "you," or "your") and BackingX ("Company," "we," "us," or "our"), governing your access to and use of the backingx.com website and any related services, features, content, or applications offered by the Company (collectively, the "Service").

By accessing or using the Service, you acknowledge that you have read, understood, and agree to be bound by the terms and conditions of this Agreement. If you do not agree to these terms, you may not access or use the Service.

1. Definitions

"Service" refers to the backingx.com platform and all its features.

"User Content" refers to content uploaded, posted, or contributed by users.

"Product Idea" or "Idea" refers to a conceptual product description and design featured on the Service. These Ideas are either submitted by third-party operators/factories or generated by our proprietary AI systems.

"AI-Generated Idea" refers to a Product Idea created by our AI through the analysis, synthesis, and reinterpretation of publicly available product data from across the internet. These are novel concepts inspired by, but not directly copied from, existing products.

"Validation Phase" (Stage 1) refers to the initial market validation stage for a Product Idea.

"Realization Phase" (Stage 2) refers to the product development and launch stage for a successful Product Idea.

"Support" or "Pledge" refers to the act of a User committing a sum of money to a Product Idea in exchange for potential future rewards, as detailed herein. This is not an investment, equity purchase, or loan.

"Like" refers to a free expression of interest in a Product Idea.

"Pioneer Membership" refers to the premium membership tier granted to Users who Support an Idea during its Validation Phase.

"Explorer Membership" refers to the standard membership tier granted to Users who Like an Idea that successfully enters the Realization Phase.

"Discount Voucher" refers to a coupon for a future discount on the purchase of a realized product, granted as a reward.

2. Data Collection and AI Analysis

2.1. Source of Data

Our Service provides information on innovative products. This information is aggregated by our third-party AI and data providers from publicly available sources across the internet. While this may include data from crowdfunding platforms like Kickstarter, Indiegogo, etc., we do not source data exclusively from any single platform. We are not sponsored by or affiliated with these platforms.

2.2. AI Analysis and Idea Generation

A core function of our Service is using advanced AI technology to analyze this aggregated public data. Our AI synthesizes this information to generate new, unique Product Ideas ("AI-Generated Ideas"). These AI-Generated Ideas are transformative works that consider product feasibility and supply chain logistics. They are not copies of existing campaigns and are not endorsed by or affiliated with the original creators or platforms from which the source data was gathered.

2.3. No Intellectual Property Infringement

We respect intellectual property rights. Our AI processes data to create novel concepts, not to reproduce protected expression. If you believe any content on our Service infringes your copyright, please contact us at info@backingx.com.

3. Product Idea Lifecycle

3.1. The Validation Phase

The Validation Phase is a market-testing period for a Product Idea.

  • Likes: Users may express interest by Liking an Idea. Users receive three (3) free Likes per week, which reset every Sunday at 12:00 AM UTC.
  • Support/Pledges: Users may Support an Idea by pledging a small amount of funds (typically $5-$10 USD). This pledge is a commitment to receive future rewards if the Idea is successful; it is not a purchase, investment, or charitable donation.
  • Refunds during Validation: Users who Support an Idea may request a full refund of their pledge at any time during the Validation Phase.
  • Success Criteria: An Idea advances to the Realization Phase once it meets predefined success metrics (e.g., 500 Likes and 100 Supporters). We reserve the right to adjust these metrics.
  • Failure & Refunds: If an Idea fails to meet the success criteria within three (3) months, it is deemed failed. All pledge amounts will be refunded in full to the Supporting users.

Rewards for Success:

  • Users who Liked the successful Idea will be granted an Explorer Membership for that product, entitling them to a small Discount Voucher (guaranteed to be worth at least 2x the standard Support amount) and website points, upon the product's future launch.
  • Users who Supported the successful Idea will be granted a Pioneer Membership for that product, entitling them to a large Discount Voucher (guaranteed to be worth at least 4x their pledged amount) and website points, upon the product's future launch.

3.2. The Realization Phase

The Realization Phase is our commitment to developing the Product Idea into a real-world product.

  • Duration: This phase lasts four (4) months.
  • Progress Updates: We will provide weekly progress updates on the product's development, including supplier engagement and preparation for crowdfunding launch.
  • New Support/Pledges: All users may Support the product during this phase to receive a small Discount Voucher (worth at least 2x the pledged amount). This voucher is stackable with any previously earned vouchers.

Refunds during Realization:

  • Users who pledge during the Realization Phase may request a refund at any time during this phase.
  • Users who pledged during the Validation Phase forfeit their right to a refund once the Idea successfully enters the Realization Phase.

Outcomes:

  • Success: The phase ends successfully once the product is launched on a crowdfunding platform (e.g., Kickstarter) and a live campaign link is generated.
  • Failure: If, after four (4) months, the product fails to launch on a crowdfunding platform or is deemed commercially unviable by us, the project fails. All pledges from both the Validation and Realization Phases will be refunded in full.
  • Completion: Upon successful completion of the Realization Phase (i.e., the launch of the crowdfunding campaign), the Service's obligation is fulfilled. All Discount Vouchers are issued and can be redeemed via a unique link for the crowdfunding campaign. No refunds will be granted for any pledges after the successful launch of the external crowdfunding campaign.

4. User Accounts and Responsibilities

You are responsible for maintaining the confidentiality of your account information and for all activities under your account. You agree to provide accurate and complete information.

5. Financial Terms

All pledges are processed through our third-party payment processors. You agree to their terms and conditions. All amounts are stated in U.S. Dollars. You are responsible for any taxes associated with your transactions.

6. Disclaimer of Warranties

THE SERVICE AND ALL CONTENT ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY WARRANTIES OF ANY KIND. WE EXPRESSLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. WE DO NOT GUARANTEE THAT ANY PRODUCT IDEA WILL SUCCEED, REACH ITS GOALS, OR THAT ANY PLEDGED PRODUCT WILL EVER BE MANUFACTURED OR DELIVERED.

7. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT SHALL BACKINGX, ITS OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING OUT OF OR RELATED TO YOUR USE OF THE SERVICE. OUR TOTAL LIABILITY TO YOU FOR ANY CLAIM ARISING UNDER THIS AGREEMENT SHALL NOT EXCEED THE TOTAL AMOUNT OF PLEDGES YOU HAVE MADE IN THE SIX (6) MONTHS PRIOR TO THE EVENT GIVING RISE TO THE LIABILITY.

8. Indemnification

You agree to indemnify and hold harmless BackingX from any claim or demand made by any third party due to your use of the Service, your violation of this Agreement, or your infringement of any intellectual property or other right of any person or entity.

9. Governing Law and Dispute Resolution

This Agreement shall be governed by the laws of Hong Kong, without regard to its conflict of law provisions. Any dispute arising from this Agreement shall be resolved through final and binding arbitration in Hong Kong, rather than in court.

10. Changes to Terms

We reserve the right to modify these Terms at any time. We will provide notice of changes by posting the updated Terms on the Service and updating the "Last Updated" date. Your continued use of the Service after such changes constitutes acceptance of the new Terms.

11. Contact Information

If you have any questions about these Terms, please contact us at: info@backingx.com.