Monday, August 08, 2011

Kickstarter: Financing Innovation via Crowd-Funding: There are CONDITIONS to be met and a GREEN LIGHT to be obtained

Have a great idea for a project but no money to finance it? How about Kickstarter, a platform for online crowd-funding. It is not easy, but possible to raise money this way. Rob Walker not only has the story at the New York Times in The Trivialities and Transcendence of Kickstarter but also describes the CONDITIONS that must be met for submitting PROJECTS for funding:
"users must define a specific “project” ... Kickstarter isn’t for handouts.... Creators must offer “rewards” to their backers: written notes of thanks, custom T-shirts, handmade objects.... [P]roject makers must pick a target dollar amount and a deadline. If they fall short of the goal, they get nothing.... The company takes a cut — 5 percent — of the money raised on successful projects. (The transactions are processed through an service, which takes a slightly smaller cut.) The founders say it is profitable."
By the way, don't submit banal projects like "buy a prom dress" of "finance my art work", because they will surely be rejected, as all projects must FIRST get a green light from Kickstarter to get into the crowd-funding process:

Rob Walker writes as to what kinds of projects are preferably crowd-funded that:
"Wired recently assessed Kickstarter not as the champion of artistic underdogs but as “a lab for daring prototypes and ingenious products.”"

This posting was reposted due to a typo in the title. The original posting was deleted. Thank you for your understanding.

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