People’s Insights Volume 1, Issue 28: Kickstarter
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Transcript of People’s Insights Volume 1, Issue 28: Kickstarter
crowdsourcing | storytelling | citizenship
People‟s Insights: Volume 1, Issue 28
Kickstarter
What is Kickstarter?
Kickstarter is a crowdfunding platform, empowering artists and
engineers to raise funds from individuals. Since 2009, Kickstarter has
helped raise more than $250 million for more than 24,000 projects.
kickstarter.com/start
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[Kickstarter is] a place where artists and engineers can connect with the
people in direct peer-to-peer relationships who aren‟t just buying
entertainment, they‟re helping make dreams a reality.
- Mike Bulajewski, User Experience Designer, Mr Tea Cup
Getting funded
Kickstarter recommends that projects be realistic and well-defined in
terms of scope, budget, funding goal and funding deadlines. Projects
that offer rewards to backers have greater chance of success.
kickstarter.com/projects/420606009/fight-for-space-space-program-and-nasa-documentary
Strictly for creative projects
Kickstarter does not allow funding for causes, charities or „fund-my-life‟
projects. Projects must fall under specific categories, including film,
music and design, and have a tangible result (example: music album).
1) kickstarter.com/start
2) nytimes.com/2012/03/17/arts/kickstarter-and-artspire-as-models-of-arts-financing.html
3) boingboing.net/2012/03/15/using-kickstarter-to-make-fine.html
„All or nothing‟ funding
A project must meet its funding goal by a set deadline in order to receive
any funds. Kickstarter believes this “protects everyone involved,” as
projects with insufficient budgets are less likely to succeed.
“
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Once you add constraints, that‟s what happens. We want that to happen.
„Kickstarter project‟ has some specificity to it, just like a tweet.
– Peter Chen, Co-Founder, Kickstarter, NYTimes.com
kickstarter.com/discover/ending-soon
Notable projects funded on Kickstarter
1) mediadecoder.blogs.nytimes.com/2012/01/30/at-sundance-kickstarter-resembled-a-movie-
studio-but-without-the-egos/
2) core77.com/blog/business/scott_wilson_on_tiktoklunatiks_huge_kickstart_18032.asp
Two Academy-Award-nominated documentaries, art projects exhibited
in the Museum of Modern Arts, an iPod Nano watch, and 10% of films
submitted to Sundance got their start on Kickstarter.
LunaTik
What drives project starters and backers?
Broadly, project starters come to Kickstarter to give life to their creative
ideas, and backers come to support friends, give back to the community,
or commission creation of cool products they‟d like to own.
facebook.com/Kickstarter
Beyond funding - community
Kickstarter sees the platform as more than just a way to raise money.
It also connects starters with their audience and helps promote their
work. Most successful starters feel the same way.
Kickstarter.com/start
- Scott Wilson, Designer, LunaTik, Core77.com
Revenue model
Kickstarter takes a 5% cut of the money raised, and Amazon Payments,
the payment platform, takes an additional 3%-5%. While some say this
is too high, most argue that the value provided justifies the cut.
articles.businessinsider.com/2011-04-28/tech/30065679_1_kickstarter-funding-projects
Exponential rise in dollars pledged
While most successful Kickstarter projects receive less than $10,000, a
few crossed the six- and seven-digit mark in 2012. In March 2012,
Double Fine Adventure raised $1 million in under 24 hours.
en.wikipedia.org/wiki/Kickstarter#Top_projects_by_funds_raised
Post funding – the work has just begun
Some people criticise the lack of accountability of projects once they are
funded, while others point out that artists now have to prove their
business mettle and deliver the product, and rewards, to their backers.
1) businessinsider.com/pebble-kickstarter-crowdfunding-delay-2012-7
2) twitter.com/neilhimself/status/204999882983997441
Legal and tax implications?
As the amounts raised cross six digits, and Kickstarter plans its UK
launch, industry watchers are pointing out the need for laws to
safeguard backers, and to clarify the tax status of the funding.
1) forbes.com/sites/suwcharmananderson/2012/05/23/kickstarters-sting-in-the-tail-tax/
2) mashable.com/2012/04/05/jobs-act-crowdfunding-startup/
Crowdfunding beyond Kickstarter
1) Comment from the Insights Network, MSLGroup Community
2) IndieGoGo.com
3) Taiwan crowdfunding platform www.zeczec.com
Platforms like IndieGoGo cater to more diverse projects including
„fund-my-health,‟ and are less restrictive regarding „all or nothing
funding‟. Overseas, zeczec.com caters to Taiwanese crowds.
More People’s Insights Weekly reports
For more reports, visit: peopleslab.mslgroup.com/peoplesinsights/
Every week, we dive into one topic for discussion on the MSLGROUP
Insight’s Network and discuss insights and foresights, in three key
areas: crowdsourcing, storytelling and citizenship.
CrowdsourcingMahindra Spark the Rise
Storytelling:@MarsCuriosity
Citizenship#Kony2012
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