This post is part of our online series Crowdfunding Journal which chronicles our open crowdfunding campaign.
One of the first things we found out, upon researching Kickstarter, was that there are other options. They are not mentioned nearly as much as Kickstarter, and don’t have nearly as much traffic. However, they do exist. And what’s more – they present some perks that Kickstarter doesn’t. We are not yet sure which we are going to pick, but here are our notes on each of the ones that we looked in to. There are some major differences in how these platforms work that could, possibly, affect the outcome of your project.
We originally included PeerBackers and RocketHub, but did not debate them for long because they did not seem as developed as IndieGoGo and Kickstarter. We have still included them in the comparison table, however.
|Campaign Duration||Max 60 Days||1 – 120 Days|
|Funding||If successful||Can accept regardless|
|Platform Fee||5% if successful||
|Additional Payment Fee||3 to 5% (Amazon)||“Around 3%”|
|Campaign Duration||15 – 60 Days||15 – 90 Days|
|Funding||Can accept regardless of goal||Funds regardless of goal|
|Platform Fee||5% if successful||4%|
|Additional Payment Fee||2.9% (PayPal)||4%|
The famous one. The coca-cola of crowd-sourced funding platforms. The benefits are obvious, the drawbacks are interesting. Keep in mind, what is a drawback to us may be a benefit for your campaign, so read through analytically:
- It’s famous. Kickstarter projects go viral. There’s a lot of people on this website. People have heard of this website.
- They have a lot of resources, like Kickstarter School.
- Unlike other platforms, Kickstarter has no options for projects being funded if the goal is not reached in time.
- Their target market does not match our own. Kickstarter focuses on creative projects, artists, etc. Our target market is primarily working professionals, entrepreneurs, etc. These don’t line up at all.
- Has an entrepreneurial section, so part of their market matches our target market
- We can accept the money if we haven’t reached the goal as long as it’s close to the goal and we can still make the kickbacks
- Not the name-brand “Kickstarter” which may or may not matter. We just wonder if conversations would go differently: “Check out project out on Kickstarter!” “You’re on Kickstarter? No way!” versus “Check out project out on IndieGoGo!” “Huh?”
- Smaller base to draw from versus Kickstarter. This may not be bad, because there’s probably proportionally fewer projects for the audience to look at. But say you got featured, being featured on Kickstarter would bring much more eyes than being featured on IndieGoGo
- Successful projects have lower average raised funds versus Kickstarter
So what do you think? Kickstarter, IndieGoGo, or another?