Kickstarter and indiegogo are two of a number of crowdfunding platforms for gathering money from the public, which circumvent traditional avenues of investment. Making a top quality crowdfunding video can be the difference between success and failure.
We produced the following video for our most successful Kickstarter called “Gripbell“. The inventor brought us the concept and some CAD models. We did all the production in our studio with our in-house production team and fully animated the device in 3D. The modest $25,000 funding goal ballooned to over $360,000 in funding in 30 days! The inventor’s determination, and our video production led to the success of this campaign.
On Kickstarter, project creators choose a deadline and a minimum funding goal. If the goal is not met by the deadline, no funds are collected, a kind of assurance contract. The platform is open to backers from anywhere in the world.
Professor Ethan Mollick and Jeanne Pi conducted research into what contributes to a project’s success or failure on Kickstarter. Some key findings from the analysis were that increasing goal size is negatively associated with success, projects that are featured on the Kickstarter homepage have an 89% chance of being successful, compared to 30% without. So, you want not just a good video but a GREAT video if you want to look your best on the kickstarter page and become successful!
Kickstarter claims no ownership over the projects and the work they produce, and the web pages of projects launched on the site are permanently archived and accessible to the public. After funding is completed, projects and uploaded media cannot be edited or removed from the site.
The business has grown quickly in its early years. In the year 2010, Kickstarter had 3,910 successful projects and $27,638,318 pledged. The corresponding figures for 2011 were 11,836 successfully funded projects and $99,344,381 pledged; and there were 18,109 successfully funded projects, $319,786,629 pledged in 2012.
February 9, 2012, saw a number of milestones set by Kickstarter. A dock made for the iPhone designed by Casey Hopkins became the first Kickstarter project to exceed one million dollars in pledges. A few hours later, a project by computer game developers Double Fine Productions to fund a new adventure game reached the same figure, having been launched less than 24 hours earlier, and finished with over $3 million pledged. This was also the first time Kickstarter raised over a million dollars in pledges in a single day.On August 30, 2014, the “Coolest Cooler”, an icebox created by Ryan Grepper, became the most funded Kickstarter project in history, with US$13.28 million in funding, breaking the record previously held by the Pebble smart watch.
To maintain its focus as a funding platform for creative projects, Kickstarter has outlined three guidelines for all project creators to follow: creators can fund projects only; projects must fit within one of the site’s 13 creative categories; and creators must abide by the site’s prohibited uses (including charity and awareness campaigns).
The guidelines are designed to reinforce Kickstarter’s position that people are backing projects, not placing orders for a product. To underscore the notion that Kickstarter is a place in which creators and audiences make things together, creators across all categories are asked to describe the risks and challenges a project faces in producing it. This educates the public about the project goals and encourages contributions to the community.
Indiegogo and others
Indiegogo was one of the first sites to offer crowdfunding. Indiegogo allows people to solicit funds for an idea, charity, or start-up business. We could go on for a long time abut how these various companies operate. Please visit indiegogo, gofundme, GoGetFunding and any other services which might work best for you. When you’re ready for your crowdfunding video to take shape, let us know!