Not since venture capitalism got underway in 1957, for elite groups of idea developers to attract financial backing from wealthy individuals and corporations, has there been such an opportunity for entrepreneurs as crowd funding. Once again, technology of computers and the internet has changed the game in business opportunities. Crowd Funding is an innovative way for budding entrepreneurs with good ideas to obtain funding.
Since there are quite a few crowd funding sites available, how does one go about finding the right one? Careful research and investigation will separate the funding sites more suitable for the particular needs of an idea or business plan from others. Some, like “Kick Starter” are geared for performing arts, photography, fashion and films. They will help find backing for creative arts projects only. They do not take charity projects, funding for life, or any contests, raffles and certain products like drugs. If you are unsure if your project falls within Kick Starter’s guidelines, click here.
You simply register, fill out the project information and wait for the powers-to-be at Kick Starter to review your application. It is imperative that your initial presentation and idea be sharp, to the point, and inviting to Kick Starter to include in their list of projects. Many of the ideas do not get accepted after review, from poor organization, even if the core idea is sound. You usually get only one chance, so it must be a focused and well-defined project, perfectly explained. Usually this is done within two days. If it is a “thumbs up”, you will be notified and once you have set your goal, it will be active on their website.
Kick Starter works off of an “all or nothing” premise. They feel it is safer and less risk involved all around. If you need $10,000 for a project and only receive $6,000, you would have a lot of people waiting on results and not enough cash to complete. Kick Starter will only pay out the funds when the entire goal is met. This method is also more motivating for the entrepreneur to make all possible contacts. Offering rewards is usually expected and crucial in the funding project. Examples of rewards for creative projects are: copies of the DVD or album; a mention in a publication or comic; visiting a set; a call from an author; or a mention in the credits.
Although Kickstarter.com is currently the most common name we hear regarding crowdfunding, we highly recommend that you consider taking a look at GoFundMe. Many very worthy crowdfunding projects are denied by kickstarter, you will not have that problem with our top recommendation.
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Kickstarter is the website that I will be utilizing for my creative flash fiction venture, Leodegraunce. I like the fact that this crowd funding site is geared towards the arts. It’s actually smart for a crowd funding site to specialize. It makes it easier for the person seeking funding to get funds, and it also makes it easier for those who want to donate to find what they’re interested in. I look forward to making Kickstarter work for me. This is a user-friendly site that those seeking funding for creative ventures should consider.
I first found out about this site when I saw the news on the Pebble watch. Since it’s geared more towards arts and entertainment, it’s definitely a great place for budding artists to build their mark and develop their career and reputation, apart from raising funds for their campaigns. It sure is difficult to get accepted… My test ideas got rejected due to lack of solid concepts and details to prove its feasibility, which is good thing since it prevents spammers and scammers from trying to abuse its insane massive traffic.
It has a main audience of Caucasians, and the middle age group, which is pretty expected as the most visited crowdfunding site in the US, so if your project targets the US traffic, this is the perfect choice. I like the fact that charges for opening a campaign will apply only if your campaign is successful, so it is completely risk free as you can list your project for free and pay only if you can get funds. I also love the “all-or-nothing” system where you only get the funds if you achieve your target, as it is fair for the investors and entrepreneur.
KickStarter was one of the first sites I’d ever heard of for crowdfunding and they’re still one of the best. My company worked with them last year on a major endeavor and we were very pleased.
I think their ‘all or nothing’ premise is a sound business practice – for the reasons stated. They’re one of our frontrunners now. Thanks for the review.
What I love about kickstarter.com is that it already has an audience for you. Kickstarter is not about taking donations from your family and friends, you can but you don’t have to. I believe it is a place where you share your vision and your dream with people who are on the same wavelength as you are. Best of all, it’s a good way to test yourself out there in front of total strangers. The concept of the site is just mind-blowing.
How can you find people to prototype your idea.
i have a proposal to help girls in my communty against FGM and poverty eradication
When in doubt, go with the biggest name in the business. I’ve been doing an extensive research on crowdfunding organizations and to be honest, I couldn’t find a single organization that looks more trustworthy than kick starter. I know that being the biggest doesn’t mean the best, but it does mean they were in the business for a long time and one thing that I do know is that you can’t stay competitive for the long-term if you run a bad business. I feel most comfortable with kick starter and I believe I’ll get my fund fastest with them.