Entries in kickstarter (2)

Tuesday
Sep292009

Kickstarter is the epitome of awesomeness

22 hours to go to contribute to the development of "Put This on: A Web Video Pilot About Dressing Like a Grownup," a project crowdsourcing its financing on Kickstarter.  The project is already 264% funded and it's easy to see why.

Donations can be as small as $2 (with the reward of a warm and fuzzy feeling) to $50 (to receive funding credit in the video) to $250 (earning a personal style consultation with the project's creator), and beyond. No one has taken up the $250 offer, although it is creative rewards like that that make this site so fun to browse.

Contribute to an artist's dream project + concretely share in the experience. So cool.

Monday
Jul202009

Success in crowdsourcing project financing with Kickstarter

Andy Baio, of waxy.org, announced today that he is joining Kickstarter as CTO. We've profiled the crowdsourcing-artistic-funding site before and we're impressed to see the growth since then.

As a quick re-cap, Kickstarter enables creative types of all colors to make their pitch online for funding and solicit micro-contributions from family, friends, admirers. While donations are not investments -- donors do not get a share of any proceeds of the project -- a project only receives money if it is 100% funded, reducing risk to both donor and artist.

The site has now facilitated over $250,000 in the 10 weeks since its launch, and that's while remaining invitation-only for artists. What Kiva is doing for micro-entrepreneurs, Kickstarter is doing for budding artists -- through small contributions, as little as $1, people can come together to collectively fund a creator's dream project. Anyone can become an art patron.

Andy's blog today has some interesting insights on success in crowdsourcing financing:

  • All-or-nothing. Projects are only successful if they reach the fundraising goal by the deadline, otherwise nobody pays. This limits risk for both backers and project creators, who don't have to worry about committing money and time to a failed project.
  • Rewards. We strongly emphasize the importance of crafting good rewards, which makes Kickstarter more like commerce than altruism. We support multiple tiers of rewards from $1 to $10,000, limits for each, and tools for creators to contact each tier group independently.
  • Publishing. A simple and powerful reward is access to exclusive updates during a project's funding and development, creating a powerful connection between the audience and project. As a result, we offer publishing tools for public or private updates, including hosted media and update notifications.