![]() The site has helped many aspiring artists, designers, filmmakers, musicians, and more to secure funding for their projects. Kickstarter is a crowdfunding platform that helps people bring their ideas to life. If you are running an awareness-building campaign or trying to maintain a nonprofit organization with funds from donations coming in but not enough financial support coming out, then it would make sense that the company uses these funds only towards its cause and mission statement instead of purchasing personal items like food or clothes–which could be seen at best as wasteful spending and at worst unethical behavior altogether! Read more about what is crowdfunding and how it works. For example, if someone is raising money to help pay for medical bills, they must use their funds exactly as desired (i.e., paying medical fees). The money you generate through a project should be used for the exact reason it was given. It’s essential to keep in mind the purpose of your crowdfunding campaign. Crowdfunding customers offer ideas to improve the products and connect businesses with potential suppliers and retailers. The willingness of crowdfunding customers to engage and contribute and the depth and breadth of their contributions are unrivaled by other forms of interactions with companies in their developmental stages or present company operations. It is also an alternative for those looking for customer feedback. Crowdfunding is not only a way to collect funds for a business. There's always an element of chance.What is Kickstarter? How does Kickstarter work? The five most common questions: Can I back a project without donating money? What are the payment options on Kickstarter? Is there a minimum amount to pledge? When will I be charged for my pledge? Can I cancel my pledge at any time? How is the customer support at Kickstarter? What are the pros and cons of using Kickstarter? ConclusionĬrowdfunding has become one of the most popular ways to fund your startup. Of course, the risk and reward levels of any given product depend on your interests and how much confidence you have in the developers to successfully complete the project, but this breakdown can give you a good idea of how you might think about it.Īnd it's good to remember that no matter how likely you think a project is to succeed, it might not get enough funding to get off the ground. Board games have a lower risk/high reward, as the board game community is getting good at Kickstarting projects, and some fantastic games have come about because of it. Video games are medium risk/medium reward, as they very regularly go over their projected deadlines, but you can can help an independent studio get a cool game released. ![]() Books and comics are low risk/medium reward, as backers can almost certainly count on at least getting a digital copy, even if the physical one takes a long time. Tech campaigns, he says, are high risk/medium reward, as there's a good chance they'll go through problems or fail outright. When he considers backing a game, he checks out the other projects the developer has had on Kickstarter, reviews of their other games on Steam, relevant sub-reddits, reviews from reviewers that he trusts, and even the professional quality of their posted bio on Kickstarter and their website to see if their games are likely to be worth the investment. ![]() I asked Bruce Alcorn, a backer of over 110 Kickstarter projects, how he makes decisions on which projects to back. If you don't know the developer, you might want to do some research. Some companies have done a great job with multiple campaigns, and they've developed a reputation for coming through on their projects. One of the most important factors to consider when you're thinking about backing a Kickstarter is who the developer is. So here are three things to keep in mind next time you think about helping fund a project. Deciding whether or not to back a Kickstarter project might not seem like a big deal, but when every dollar counts, it's important to make sure that every purchase you make is a good one. ![]()
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