Hey it would be great to get your advice for a successful first kickstarter ?

I realise money follows value so to have a profitable business its value or atleast perceived value relative to the market needs to be created, OK. Got it. Doesnt really matter if the biz is entertainment, education, innovating, inventing or otherwise. Aslong as its solving a need or doing something better than a competitor at the same or lower price and marketed well, it should most likely be profitable. OK. I have a prototype that is an existing product, redesigned and marketed differently. I have a strategy to innovate and add value whilst expanding the market for this particular product. Is kickstarter a good plan to raise capital for full scale production & marketing? If so I plan to publish 2-3 videos, business mission statement and incentives on kick starter. what am I missing?

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Startups – Rapid Growth and Innovation is in Our Very Nature!

How much to spend on Kickstarter marketing?

I have an awesome idea and thinking about ways to make it happen.

The project would cost at the very least $ 50-$ 100k which I don't have, so I am thinking the easiest way to would go with Kickstarter.

My question is how much do I need to gather to be able to generate enough traction to make project visible on Kickstarter and spread the word, so to speak?

Any info would be deeply appreciated!

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Startups – Rapid Growth and Innovation is in Our Very Nature!

GoFundMe, Kickstarter; 6 Best Crowdfunding Platforms for Personal and Business Projects – Technext

GoFundMe, Kickstarter; 6 Best Crowdfunding Platforms for Personal and Business Projects  Technext
“nigeria startups when:7d” – Google News

Kickstarter vs Indiegogo: Which Platform To Choose?


kickstarter vs indiegogo

Do you have an idea or a product or a startup?

But, are you low on funds to even get started?

Crowdfunding is here to help.

Crowdfunding is the method of raising funds for bringing your ideas or projects to life from interested individuals on the internet. But there’s a catch – there are a lot of crowdfunding platforms out there – with Kickstarter and Indiegogo being the most popular.

Choosing between these two platforms might get confusing – especially for a newcomer – since they both seem to offer similar methods of raising funds.

Let’s find out whether you should choose Kickstarter or Indiegogo for raising funds for your next big project.


What Is Kickstarter?

Kickstarter is a crowdfunding platform that was started in 2009 to provide people with the ability to support and fund creative projects via the internet.

Kickstarter has been highly successful in helping bring newer ideas and products to life which otherwise would not have seen the light of day. As of writing, Kickstarter has helped fund over 183,072 projects and raise over $ 5 billion in pledges for all projects listed on its site.

What Is Indiegogo?

Indiegogo is a crowdfunding platform, similar to Kickstarter, in the fact that it helps users post their ideas or projects to receive funding from interested users.

Indiegogo was founded in 2007 and is quite popular as a direct rival to Kickstarter. The site gets over 10 million monthly unique visits, helped raise over $ 1 billion in pledges, and lists over 19,000 new campaigns on its platform every month as of writing.


Kickstarter vs Indiegogo

Kickstarter Indiegogo
Raising Funds One-time: Fixed Fixed & Flexible options
Funding Payout Once the Funding goal is Reached (Or) Upon completion of the campaign Once the Funding goal is Reached (Or) Upon campaign meeting its deadline
Platform Fees 5% of the total funds raised + transaction fee (3-5%) 5% of the total funds raised + transaction fee (3-5%)
Availability Campaign creation available in 22 countries (at the time of writing) Campaign creation available in 20 countries (at the time of writing)
Suitable For New, one-time, one-off projects Developing emerging ideas or products

Raising Funds

Kickstarter

Kickstarter provides a more “fixed” approach towards raising funds:

  • You create a campaign on Kickstarter and set a certain amount and duration as the goal of your campaign
  • Other users get to fund your campaign

You are provided with the option for setting the duration of your Kickstarter campaign and the maximum numbers of days that you can run your campaign are limited to 60 days.

Kickstarter, in effect, help create a one-time, large fund that will help you in your endeavours.


Indiegogo

Indiegogo provides users with the ability to choose between two different methods of raising funds –

  • Fixed: You receive the amount only after it meets your goals within the set deadline. Recommended if your campaign objective requires a minimum amount to be produced and delivered.
  • Flexible: You get to keep the amount you raised even if it does not meet your goals or the deadline. Recommended if your main intention is to raise money and if you’ll be able to provide on your promises even if the target goal is not met.

Indiegogo also allows users with the option of setting the duration of their campaigns (max. duration – 60 days).

Funding Payout

Kickstarter

Kickstarter funds are paid out only upon completion of the campaign. A campaign is considered to be “successful” if it reaches or exceeds the funding goals set before the deadline. The raised amount is held for about 14-15 days after the completion of the campaign before it is credited to your account.

This is because of the way Kickstarter handles funding from users –

Once a user pledges an amount for a project, it does not get debited from the user’s card immediately. Instead, the amount is debited from the user only when the campaign is “successful”. This time is also used by Kickstarter to check campaign for inconsistencies and allows payment processors to verify payment details.

In case your campaign does not reach its goals or runs out of time, backers are not charged and you do not receive any funding amount.


Indiegogo

On the other hand, Indiegogo credits the total amount raised to your bank account within 14-15 days after the project ends.

  • Fixed Indiegogo campaigns get their amount credited to their bank accounts after the project reaches its goals.
  • Flexible Indiegogo campaigns get their amount credited to their bank accounts once the project reaches its deadline.

This is due because of the way Indiegogo handles its pledges.

Unlike Kickstarter, when a backer pledges an amount to an Indiegogo campaign, the amount gets instantly debited from the backer’s account.

Platform Fees

Kickstarter

Kickstarter takes 5% from the total amount you managed to raise during your campaign as the platform fee and also charges another 3-5% in the form of payment processing fee.

kickstarter fees
Kickstarter Fees | Source: Kickstarter


Indiegogo

Similar to Kickstarter, Indiegogo takes 5% from the total amount that you were able to raise during your campaign as a platform fee and also charges another 3-5% in the form of payment processing fee for handling the individual transactions made by backers. Apart from that, it also charges certain fixed rates every time Indiegogo sends funds to your bank account –

Kickstarter vs Indiegogo
Indiegogo Transfer Fees Breakdown | Source: Indiegogo

Availability

Kickstarter

Kickstarter allows backers from anywhere in the world to pledge for a Kickstarter project. But Kickstarter project creation is available only for users from the following countries (as of writing) –

The United States United Kingdom Canada Australia New Zealand
The Netherlands Denmark Ireland Norway Sweden
Germany France Spain Italy Austria
Belgium Switzerland Luxembourg Hong Kong Singapore
Mexico Japan      


Indiegogo

Indiegogo also allows backers from anywhere in the world but the ability to create an Indiegogo campaign is limited to users from the following countries (as of writing) –

The United States United Kingdom Canada Australia  Hong Kong (China campaigns may be eligible)
Austria Belgium Denmark Germany Finland
France Republic of Ireland Italy Luxembourg Netherlands
Norway Portugal Singapore Spain Sweden
Switzerland        

Suitable For

Kickstarter

Kickstarter is more suitable for funding new, one-off projects or products that require a fixed amount of funding for production. Kickstarter’s fixed, one-time funding also means that it is more suitable for those requiring large amounts of funding.

Here are a few products and companies to come out of Kickstarter campaigns –

  • Pebble Smartwatches
  • OUYA Video Game Console
  • The Everyday Backpack

These types of one-off products would greatly benefit from a Kickstarter campaign than from Indiegogo.


Indiegogo

Indiegogo is more suited to emerging projects and ideas. While Indiegogo allows for funding to be raised in a “fixed” manner similar to Kickstarter’s approach, it also allows a “flexible” campaign.

This is useful if your primary aim is to raise money – how much ever it may be. This works if you are looking to raise money for a cause, for non-profit, or if you’re sure that you will be able to deliver your product as well as perk even without reaching your goal.

This flexibility is not available in Kickstarter and Indiegogo also benefits from the faster transfer times of the raised funds.

Here are a few products, companies and causes that were successfully funded with the help of Indiegogo campaigns –

  • AIT Smart One: The GameChanger Smart Desk
  • Restoring King Chapel
  • Opal Nugget Ice Maker
  • Jibo

Takeaway

Both, Kickstarter and Indiegogo are highly popular. Both are similar to one another in more ways than one. But even then, Kickstarter can be seen as a more traditional and stricter take on the crowdfunding model while Indiegogo has a more laid-back approach with its flexible funding supporting even the smallest of ideas and projects.

Needless to say, it is up to you to find out which platform fits your goals and your unique idea or project.

Generally speaking, you will find more artists, musicians, filmmakers, geeks and gadget makers on Kickstarter while you get to see more small businesses and unique ideas on Indiegogo.

Go On, Tell Us What You Think!

Did we miss something?  Come on! Tell us what you think of our guide on Kickstarter vs Indiegogo in the comments section.


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Endlesss, the iOS music-making app from Tim Exile, takes to Kickstarter for desktop version

In entrepreneurship, timing is everything. Launch too early and the market or underlying tech may not be ready to support your idea. Launch too late and the opportunity may have already been conceded to competitors. For Endlesss, the music-making app from Tim Exile, the timing feels just right.

Launched on March 31st, just as the U.K. and many other countries around the world entered lockdown, the iOS app’s collaborative approach to music making proved to be an overnight hit. It seems that many people not only had time to fill, but craved the kinds of social and creative interactions that Endlesss was conceived to facilitate.

More broadly, Exile tells me the app and cloud-service is based on the premise that music has always been about performance and social interactions. However, as the recording industry developed, the tools for making music developed with it. This saw the onus put squarely on producing a final product — music-making as a means to an end rather than a means in itself — and along the way the spontaneity or “in the moment” element of music has been lost.

A vision years in the making (see this video interview with Exile conducted by TechCrunch’s Mike Butcher in 2016), the resulting Endlesss app combines software recreations of drum machines, samplers, synths and FX, with a “tap to loop” workflow that should be familiar to anyone who has used a looper pedal or loop-based sequencer. The app also accepts live audio for use with guitars, mics and other external instruments. However, the clever part is the way these loops or riffs can be shared or remixed by others participating in your jam — essentially sending musical messages back and forth as if it were a chatroom. Or at least that’s one analogy Exile is fond of using.

“Endlesss started life as an instrument I developed to allow me to take a spontaneous performative approach to improvising electronic music,” explains Exile in a Medium post. “I wanted to liberate myself from the perfectionism that I fell into in long solitary hours in my studio. The workflow evolved over a decade of regular touring at a time when process-based music was an arty experimental niche. At first I wanted to build a career for myself as an improvising musician but I soon realised there was much greater potential in what this workflow could do for others.”

Now, via a Kickstarter campaign launching today, the Endlesss team is aiming to bring an even more ambitious version to desktop Macs and Windows machines, including VST/AU compatibility for integration with your favourite DAW. Dubbed Endlesss Studio, the idea is to retain the accessibility and sense of play that the iOS app delivers, but couple it with a more involved studio setup so the music-making possibilities really are endless.

With that said, a few Kickstarter caveats. Endlesss Studio isn’t planned to ship fully until next year, with backers given access to an alpha version in December 2020 at the earliest and a beta release scheduled for February 2021. However, the team already has a track record shipping software, including the iOS app and accompanying cloud-based back end, so hopefully the release dates won’t slip too much, if at all.

Exile has also thought long and hard about how to create a sustainable business model that will support an even more ambitious roadmap into the future. Early Kickstarter backers can grab lifetime access to Endlesss Studio for a one-off fee, but the longer-term model is a monthly subscription of $ 12 per month — jamming as a service, if you will. This includes HD audio-quality jams and archives, an option that should prove popular for users who want to use Endlesss as a jumping off place for more polished tracks. In fact, Exile has already launched a record label dedicated to Endlesss-enabled releases.

Meanwhile, Endlesss isn’t entirely self-funded. The startup disclosed its first funding round in July last year. Backers include Tim Clark (co-founder, IE:Music), Mathew Daniel (VP International, NetEase Cloud Music), Dhiraj Mukherjee (co-founder, Shazam), Richard Jones (manager, Pixies) and Paul Kempe (Tileyard), along with a number of unnamed but “well-known” artists. In addition to equity funding, Endlesss has also received a grant from Innovate UK.

The company’s advisory board includes Stephen O’Reilly (IE:Music, Topspin), Cliff Fluet (Eleven Advisory) and Will Mills (Shazam, LyricFind).

Startups – TechCrunch

Kickstarter vs Patreon: Which Is Better?


kickstarter vs patreon

Bringing your idea to life no longer requires you to go around pitching your product to potential investors, VCs or backers to raise funds. Earlier this was the only way to gain enough capital for your project or company.

This situation has changed after the realization of crowdfunding platforms such as the Kickstarter and Patreon. These online platforms allow you to pitch your product or idea to the entirety of the internet and obtain funding from them.

Apart from being able to raise funds, these platforms provide flexibility with on how the funding is bought to the table – many ideas, products and services require stable, long term support rather than a large up-front donation to their cause nowadays.

And when it comes to online crowdfunding platforms out there, Kickstarter and Patreon are the most popular – be it raising money for your new or existing venture, they are ones that generally feature on top in the list of platforms.

So, how do they stack up against one another?

Which one would be a good fit for your project or cause?

Let’s find out.


What is Kickstarter?

Kickstarter is a crowdfunding platform that was started in 2009 by Perry Chan after coming up with an idea of allowing customers to buy tickets for a show online and the show would only take place when it reached a set amount.

This idea was further fledged out, and thus Kickstarter was born as a crowdfunding platform. Kickstarter has helped successfully fund over 182,407 projects, with over $ 5 billion pledged into its projects.

What is Patreon?

Patreon is more of a membership platform than a crowdfunding platform. But that does not mean that it cannot be used to raise funds for projects.

Patreon was founded in 2013 by two individuals – Jack Conte and Sam Yam – when they were trying to boost their YouTube earnings. They decided to create a separate platform where users could support their favourite creators by having them pay for a subscription plan for which they receive certain perks in return.

Patreon not only helped support YouTubers but also helped in the conception of various products and services such as supporting creation of documentaries and such. Constant funding for newer endeavours taken up by creative professionals was made possible and easier by Patreon and its subscription-based fundraising model.


Kickstarter vs Patreon

Kickstarter Patreon
Raising Funds One-Time Periodic & Repetitive
Funding Payout Once the Funding goal is Reached (Or) Upon completion of the campaign Monthly Payouts
Platform Fees 5% of the total funds raised + transaction fee (3-5%) 5% of the total funds raised + transaction fee (3-5%)
Suitable For New projects, products or one-off ideas Individuals with a long term goal or gradual development or serving time

Raising Funds

Kickstarter

The Kickstarter platform allows users to raise the necessary funds all at once.

Say you create a Kickstarter campaign to fund your idea of creating an innovative power bank for mobile phones. You set your large funding goal to cover all your costs.

Kickstarter helps in the creation of this one-time, large funding pool that helps fund that specific endeavour of yours. Also, the people backing your campaign will be ones who are completely interested or desire your product or service. This means that you have to consider marketing and promoting yourself and your product at the very least to gain the edge over the others.


Patreon

Patreon is a subscription-based platform where-in you can generate a recurring, periodic supply of funds. Your backers, or “patreons” as they are called, pledge a monthly fee to your endeavours.

This usually means that the ones funding you and your projects are the ones who have already seen you accomplish the goals that you had previously set.

Funding Payout

Kickstarter

A Kickstarter pays you once you complete a successful campaign. A successful Kickstarter is one where you have reached your funding goals within the specified time frame.

Kickstarter then transfers over the entire amount that you have managed to raise for you to set out to create your product.


Patreon

Patreon pays you in a monthly fashion, wherein your “patreons” are charged monthly fees that they decided to donate and this is then paid to you.

This helps create a steady, monthly-recurring cash flow to fund your projects.

Platform Fees

Kickstarter

Kickstarter takes 5% from the total amount you managed to raise during your campaign as the platform fee and also charges another 3-5% in the form of payment processing fee.

kickstarter fees
Kickstarter Fees | Source: Kickstarter

In case your campaign is not successful, Kickstarter does not charge any fees and your backers are not charged any funds. The backers are charged only when the Kickstarter campaign is successful and reaches its goals.


Patreon

Patreon charges from 5% to 12% of your monthly funds that you manage to raise depending on the pricing plan that you choose.

Though getting started on Patreon is free, it offers three different plans with varying features –

patreon plans
Patreon Pricing Plans | Source: Patreon

Patreon Pricing Plans | Source: Patreon

Apart from the platform fee, Patreon also charges 3-5% fees for handling the payments –

patreon payment fees
Patreon’s Payment Processing Fee Breakdown | Source: Patreon

Most Suitable For

Kickstarter

Kickstarter is more suitable for funding new, one-off projects or products that require a fixed amount of funding to bring to production.

Kickstarter’s one-time funding also means that it is more suitable for those requiring large amounts of funding, say in the neighbourhood of hundreds of thousands if not millions of dollars.

Here are a few products and companies to come out of Kickstarter Campaigns –

  • Pebble Smartwatches
  • Coolest Cooler
  • OUYA Video Game Console
  • The Everyday Backpack

These types of one-off products would greatly benefit from a Kickstarter campaign than from Patreon.


Patreon

Patreon is more suitable for those looking for long term funding to help supplement their projects. Here, supporters of your projects generally come from those who already know you and are fans of your work.

This means that Patreon works well for –

  • Content Creators – YouTube, Artists and Designers to name a few
  • Brands
  • Service providers
  • As a VIP club where people get early access and exclusive deals for providing their support

Patreon could be your major source for funds, but most of the times it helps act as a backup source of funding that is consistent and available for larger timeframes.

Takeaway

Just a decade ago, if anybody would have told you that it would be possible for you to create any dream project or product using funding available from the internet, you would have scoffed at the absurdity of the idea.

Fast forward to 2020.

Crowdfunding, subscriptions and membership programs are everywhere, be it groceries or technology or services. Not only have these revenue models changed the way products are designed, online crowdfunding, in particular, has helped design more products.

Want to raise funds for your obscure idea? There is a crowdfunding platform for everyone that work well for certain niches more than the others. But in the end, it all depends on how and when you wish to receive your funding.

TL;DR:

Kickstarter is your best bet if you have a one-off product or idea and want a large sum to get things started.

Patreon is your best bet if you already have a userbase wanting to see more of your work and will help you fund and sustain your newer projects.

Go On, Tell Us What You Think!

Did we miss something?  Come on! Tell us what you think about our article on Kickstarter vs Patreon in the comments section.


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