Revenue and App Coins

How do I earn income from LET´s CREATE?

Every month a product generates revenue, the bills associated with it (server costs, advertising, capital investment repayments, and so forth) are paid transparently by LET´s CREATE. The remaining proceeds are split and distributed as royalties to those who built the product. The ownership of a product is represented through App Coins.

For example:

A product, called XFoo, generated $10,000 in revenue in May, 2014. Operating costs during that month (including LET´s CREATE’s 10% transaction fee) were $1,500. Then, the remaining $8,500 is distributed to everyone who contributed to the product. Your monthly share of the royalty payout will depend on the percentage of the product’s App Coins you own.

You can request a balance transfer of your LET´s CREATE income any time it exceeds 100.00 USD. Balance transfers are made through either PayPal or an ACH (checking account) payment for US residents. International contributors are paid using PayPal. Transfer fees may apply and are your responsibility.

How do I earn App Coins?

App Coins are primarily earned through your contributions (e.g. code, design, copy, etc) to the software products being built on LET´s CREATE. A contribution made to a product can be awarded App Coins by the product's Core Team. Members may also choose to tip you for your contributions with their App Coins.

Here is a common example of how Mary might earn App Coins in the Helpful product.

  1. Patrick suggests a new bounty for building a feature for Helpful.

  2. Community members value the bounty because they think it’s valuable to Helpful’s progress.

  3. Mary jumps in on the bounty and submits work, completing the bounty.

  4. The product’s Core Team then accept Mary’s work, which mints new App Coins and awards them to Mary.

Additionally, most products have “tip contract.” The default tip contract is that 5% of all new coins are tipped to the Core Team, and 5% are tipped to the bounty author.

What happens to my App Coins if I stop working on an app?

Your App Coins remain with you in perpetuity, even after you stop working on the products, as long as you remain an active member (Being an active member just means keeping your email information up to date and commenting, upvoting or completing work once per year).

Contributions by other community members will continue to earn them new App Coins which would dilute your stake over time. However, these contributions increase the value of the product, so you end up with a smaller slice of a larger pie.

Who pays the operating costs before there is any revenue?

LET´s CREATE will often help cover a great deal of these costs in the near future. We can’t promise to cover all costs in all cases, but if we see momentum and vision around an idea, we’re prepared to support you financially until the product ships and starts making money. We do ask to recoup those expenses paid when the product starts earning revenue.

Can an LET´s CREATE project be acquired by another company?

If an offer was made to acquire an LET´s CREATE product the decision would be up to a 2/3 majority vote based on ownership. LET´s CREATE would also be required to be involved to facilitate an acquisition. Any acquisition revenue would be distributed among those who own the product’s App Coins after the acquisition expenses are paid.