The misperception of crowd-sourced funding and the reality of Kickstarter.

We often hear stories of someone posting a creative project online. Then hundreds or thousands of people come rushing to them and it takes off. It seems so simple. Come up with a brilliant idea and the Internet will take over to make our dreams come true.

Somewhere deep down inside we know there is more to it than that. There must be some explanation as to why their idea took off. We’re just not sure what it is. We launch our own project, hoping the masses will show up, but they never do. We are left feeling disappointed and full of doubt. Why not me? Was my idea not good enough?

The truth is that there is a lot of work that goes into a project before it will take off. Simply posting an idea online is rarely enough to get meaningful traction.

In the fall of 2010 I posted my first Kickstarter project for a documentary film that I wanted to make with a friend of mine. Our project finished just two days before the launch of the TikTok Multi-Touch Watch. TikTok went on to raise $942,578 set a new record for amount raised via crowd funding. It was the first time people started to realize the true potential of Kickstarter.

TikTok held the record for over a year until the Elevation Dock and Double Fine Adventure broke the $1,000,000 funding mark. After that it seemed like every week I was hearing about projects raising hundreds of thousands of dollars. By the time the Pebble: E-Paper Watch had set a new record at $10,000,000, I had run three different projects of varying size and results. Throughout my three projects I had yet to experience anything like what I was reading about. In fact my campaigns had been much different.


My three experiences

During the campaign for Identifying Nelson/Buscando A Roberto we raised $15,212 from 170 people, the majority of which were family and friends. Not exactly a crowd but it was my first project. After that, I ran a campaign to create A Kickstarter’s Guide to Kickstarter. This ended up being 150% over funded and raised $1,303 from 104 backers. Definitely a great success but still this mythical “crowd” had not shown its face. Granted, the guide was a small project so that could be one reason why the masses didn’t flock to it. Then in February I ran a campaign for StreetXSW: Capturing The Moments You Missed. It was an attempt to create a project that would go beyond my family and friends and attract a larger crowd. Despite all my hard work the campaign flopped and I end up canceling the project a week in.

I started to wonder why none of my projects caught on like the ones I was reading about. Were my ideas not good enough? The projects in the news were pretty damn cool but I didn’t feel like my mine were unworthy of more attention. After all, my documentary film was about how I had been separated from my birth family during El Salvador’s civil war and then was reunited with them when I was 16.

The story involves revolutionaries, kidnappings, government cover ups, loss, regret, and redemption. It’s one of those larger than life true stories that you can’t make up. If anything had the legs to go big wasn’t this it? Now, I am in no way suggesting that I deserve or that our film deserves that kind of attention. I’m just trying to say, that even an incredible story like mine doesn’t necessarily catch on with the crowd.

I probably would have felt like a complete failure had something not happened, which started to shift my perception of crowd funding.


The first 10,000

On June 19th, 2011 Kickstarter posted 10,000 Successful Projects, which highlighted how far the service had come in two years. Along with the post was this video which featured a screen shot of all 10,000 successful projects.

I went looking for my project. It was a bit tough because the pictures went by so fast but I realized that the projects were being displayed by amount raised. Great! I thought, I’ll just click a head until get into the ball park and then I can slow it down. I clicked about half way through the video to where I thought my project should be but the projects at that point had only raised a couple thousand dollars. I thought it was a little weird but I kept clicking.

To my amazement I was 2/3 of the way though and still no where near the amount of money I had raised. It wasn’t until I got to 5 minutes and 9 seconds, out of the 5:33s video, that I started to get close. I finally found our project at the 5:11s and thats when it hit me. Identifying Nelson was one of the most funded projects on the site! Doing some quick back of the napkin calculations I estimated that we were in the top 10% of projects funded. I’m sure this is no longer true but at the time it was a big shock. That was when my perception of crowd funding started to change.

Over the past couple months, some new information about Kickstarter has come out that has furthered my belief that our perception of Kickstarter as we read about it is much different from the reality of what most people experience.


What I learned 


The “crowd” is actually a lot smaller than you might think

Recently, Kickstarter released a new statistics page that gives us some insights into what is happening behind the scenes. One of the most interesting statistics was that only 2,200 out of the 28,600 projects launched have raised more than $20,000. Of those only 251 have raised over $100,000. That means roughly 92% of all projects launched on Kickstarter have raised under $20,000!

Again I was surprised by how few projects ended up raising large amounts of money. I’ve done enough research to know that is easier to get funding for smaller goals but I didn’t expect the number of “high end” projects to be so low. If you’ve been following crowdsourced funding in the news you may get the perception that there are a lot of large projects bringing in well over $100,000. Turns out that’s not the case at all.

I think part of the misperception lies in the name. The words crowd-funding or crowd-sourced funding represent the idea of a project raising tens of thousands of dollars from thousands of backers. Partly because the definition of the word “crowd” means a large group of people. However, if our perceptions of the amount of money being raised is off, could we be wrong about the number of people backing a project as well?

On a side note: What is this mythical crowd anyway? Is it made up of people living in some corner of cyber space with credit cards at the ready, waiting for someone to launch a project? As great as that sounds I doubt thats the case.

One way of figuring how many people make up the crowd is by looking at the average pledge amount on Kickstarter. According to Kickstarter the average pledge amount is $70. This means that a project with the goal of $10,000 should be funded by roughly 142 people. Right away this is interesting, because the number of backers is a lot lower than we might expect. Using the $70 average pledge as a benchmark we can estimate that 92% of all projects on Kickstarter are funded by less than 300 people. Not exactly a crowd…


The number of friends you have matters

I have a theory that the average Kickstarter project is primarily funded by a small number of 1st degree connections, not a large group of anonymous strangers. This is something I experienced in Identifying Nelson. Less than $1000 of our $15,000 came from 2nd degree connections. People who had never personally met John or or myself before.  My theory has to do with something called Dunbar’s number. You might be familiar with it but if your aren’t here is a refresher.

Robin Dunbar is a British anthropologist that suggested humans have a limit to the number of social relationships they can maintain. While there was no exact number that was proposed by Dunbar, it said to be between 100 and 230 people, with the most common number being 150 people. Does that number look familiar? It’s roughly the same amount of people that it takes fund a project of $10,000. If humans are limited to roughly 150 social connections, I’m willing to bet those connections are somewhat meaning. I’m also willing to bet that the people who make up those meaningful connections would be willing to pitch in $70 to help a friend. It happens all the time with charity walks and bake sales, why should Kickstarter be any different?

I recently came across an article entitled, The Untold Story Behind Kickstarter Stats, that seams to support my theory. In this post Jamie from appsblogger.com teamed up with Prof. Ethan Malik of The Wharton School of the University of Pennsylvania to dig deeper into Kickstarter statistics. Prof. Malik found that the number of Facebook friends you had mattered:

For that $10K project, holding everything else constant, if you had 10 Facebook friends, you would only have a 9% chance of succeeding. If you had 100 Facebook friends, your chance jumps to 20%. And if you have 1,000 Facebook friends? Your chance of succeeding is now 40%.

Facebook allows us to extend the reach of our campaign to people who care about us but might not be in our, day to days lives. Not all of those friends will chip into our campaign but some will share it and pass it along to friends who will back it. The larger the group of people you have to draw from the easier it is to find the group of people that care enough to help you out.

In A Kickstarter’s Guide to Kickstarter I argue that projects are funded by a specific audience or group of people. Most of us do not have “fans” but we do have family and friends. I think your family and friends acts as a kind of build-in audience. The mistake we make is thinking that our project has to the strength to go beyond our family and friends. In my experience creating something that resonates with a people beyond family and friends is a lot harder than you think.

Part of the challenge is that it just takes a long time to understand what gets people excited and how to communicate your ideas in a meaningful way. If you look at the most successful projects on Kickstarter they are done by established artists, entrepreneurs or skilled individuals with proven track records.


The reality of Kickstarter is much different than what we read and that’s OK!

I think what we are presented with here is the reality of Kickstarter and perhaps crowd funding in general. Kickstarter works well for projects under $20,000 and only a few top-tier projects, get more than that. Sounds like the 80 to 20 rule to me. But does this hurt the crowd-funding and sites like Kickstarter? I would argue not at all. If anything, it means project creators need to adjust their exceptions and understand what they are up against.

Don’t try to hit a home run right away. Launch small and launch often. Over time you will figure out what works and what doesn’t. Be realistic in your expectations. If you’re project takes off great, but it should be a reward for working hard, not your strategy. (Hey even Amanda Palmer did it that way.)

Sure I would love for one of my projects to take off, but I’m not expecting it anytime soon. I’m not sure thats the point either. Kickstarter provides a safe and reliable way to test ideas and learn what it takes to create something that resonates with people beyond family and friends. It also provides a platform for skilled project creators to reach a large number of people. It’s pretty clear that on Kickstarter there is room for both. The challenge is being honest with ourselves about where we fall on that scale.

Let me be clear, without Kickstarter there is NO way I could have raised $15,000 to start our film. Maybe I’m not giving myself enough credit, but I just don’t think asking friends to send money via paypal would have had the same impact. There is just something about a project on Kickstarter that people respond to.

It gave me an opportunity to launch an idea and learn with very little risk. What bothers me is when people present Kickstarter as an easy source of capital or a lottery where your project just might get picked. I think that completely glosses over all the work that goes into a project and sells people false hope. Projects that take off represent solid ideas, skilled creators and hard work. Anyone who says otherwise is lucky or lying. Now, stop reading and go make something happen!

The 30% Kickstarter project “Tipping Point”

One of the most fascinating aspects of Kickstarter is the project’s “tipping point,” the point at which a project has enough momentum that it will most likely be completed. In Yancey Strickler’s Creative Mornings presentation, he explains how a project that reaches 30% funding has a 90% chance of being successfully completed.

I learned of the 30% tipping point during my campaign for Identifying Nelson. At the time I found it hard to believe. I couldn’t imagine how a project with 70% of its funding goal left had such a good chance of making it. Even when the project passed its tipping point, I was still skeptical. But to my amazement we made it.

Initially, I thought the 30% tipping point had to do with having a critical mass of backers. Once a project got enough backers to fund 30%, then that group would bring in the rest of the backers. It turns out that the number of backers it takes to reach 30% is quite low. During A Kickstarter’s Guide it was only 16 people. Each person would have had to bring in three to four more people. While this might have happened, I think critical mass isn’t the only factor in play.

More recently, I began to think that there could be a psychological barrier before a project is 30% funded. When viewing the little green progress bar, a project with less than 30% funding looks like it won’t make it. Once that barrier is broken, people are more likely to jump on board. One thing that is clear about Kickstarter. People like to support projects that are going to make it. Maybe there is something about the 30% mark that subconsciously signals eventual success.

We may never know why 30% is such an important number, but it almost doesn’t matter. What matters is getting to that mark as quickly as possible. Try your hardest to get to 30%. Then you can ease off a bit until you need to do a big push at the end.


A Kickstart’s Guide to Kickstarter TOC:

pssst…you can read all of this offline by downloading the e-book.

Introduction
A Kickstarter’s Guide to Kickstarter: Introduction
How Kickstarter “Kickstartered” it’s own website
Understanding Kickstarter
The Basics of Kickstarter
Kickstarter is an updated version of the Parton Model
Kickstarter is like girl scout cookies…without the calories!
Make sure your project has an ending
Some additional benefits to running a Kickstarter project
Perry Chan’s Six Principles on why Kickstarter projects are successful
Yancey’s thoughts on getting funded
Brainstorming Your Project
What is this damn thing about?
Simplify your project for success
Is your project a Purple Cow?
Making Lemonade And Telling A Good Story
Reward The Patrons
Naming Your Kickstarter Project
Doing Your Homework
Before you launch, do your homework
No one cares about you
Some People Care About You
Who is Your Audience?
Where is Your Audience?
Resonating With Your Audience
Crossing Chasms
What Will it Cost?
Understanding Profit Margin and Costs
Setting Your Goals
Make or Break Decisions
Running the Numbers
Focus on what you need
Reasonable funding goals
Why be Reasonable?
How long your campaign runs depends on one thing, momentum
30 days or less
Managing Deadlines
Going for the BIG bucks
The Allure of a Large Backer
Pricing theory, thoughts about pricing your Kickstarter rewards
The Paradox of Choice
Crafting Your Pitch
Creating a compelling pitch for your Kickstarter project
Four questions people want answered when visiting your Kickstarter page.
Show some credibility to get more backers
Clarity is your friend
How to ask for Support
Kickstarter is a video-driven site
Examples of great pitch videos
Launching Your Project
Launching your project
How to track the progress of your Kickstarter campaign
The 30% Kickstarter project “Tipping Point”
Conclusion
How to engage an audience with a Kickstarter project: Idea & Story

Pricing theory, thoughts about pricing your Kickstarter rewards

The psychology of pricing is very difficult and complex. This book is too short to really get into it, but here are some things to think about. If you would like an in-depth look at pricing theory, I recommend Smart Pricing by Z. John Zhang

People enjoy a purchase more if they pay more for it. This is counter-intuitive. A common misconception is that people are very price sensitive, and always look for the best possible price. That might be true for food or gas, but most people coming to Kickstarter want to connect with other people. Stay away from really high reward levels, but don’t undervalue your rewards either.

If a higher priced reward is not significantly better, then why pay more? The tricky part about creating rewards is increasing value to match the increase in price. For example, if you are making an album you could offer a digital download and a CD as rewards. But, how much more valuable is a CD vs the digital download? I don’t mean monetary value but sentimental value. If the download is $10 and the CD is $25 is there enough of a difference that I would purchase the higher priced reward? For me, no. In fact I might pay you $15 extra NOT to make a CD. What’s the point? It wastes resources and gets scratched. However, if your CD is personally burned, and has an extra track, and sold for $50, then it might be a compelling enough reward.


A Kickstart’s Guide to Kickstarter TOC:

pssst…you can read all of this offline by downloading the e-book.

Introduction
A Kickstarter’s Guide to Kickstarter: Introduction
How Kickstarter “Kickstartered” it’s own website
Understanding Kickstarter
The Basics of Kickstarter
Kickstarter is an updated version of the Parton Model
Kickstarter is like girl scout cookies…without the calories!
Make sure your project has an ending
Some additional benefits to running a Kickstarter project
Perry Chan’s Six Principles on why Kickstarter projects are successful
Yancey’s thoughts on getting funded
Brainstorming Your Project
What is this damn thing about?
Simplify your project for success
Is your project a Purple Cow?
Making Lemonade And Telling A Good Story
Reward The Patrons
Naming Your Kickstarter Project
Doing Your Homework
Before you launch, do your homework
No one cares about you
Some People Care About You
Who is Your Audience?
Where is Your Audience?
Resonating With Your Audience
Crossing Chasms
What Will it Cost?
Understanding Profit Margin and Costs
Setting Your Goals
Make or Break Decisions
Running the Numbers
Focus on what you need
Reasonable funding goals
Why be Reasonable?
How long your campaign runs depends on one thing, momentum
30 days or less
Managing Deadlines
Going for the BIG bucks
The Allure of a Large Backer
Pricing theory, thoughts about pricing your Kickstarter rewards
The Paradox of Choice
Crafting Your Pitch
Creating a compelling pitch for your Kickstarter project
Four questions people want answered when visiting your Kickstarter page.
Show some credibility to get more backers
Clarity is your friend
How to ask for Support
Kickstarter is a video-driven site
Examples of great pitch videos
Launching Your Project
Launching your project
How to track the progress of your Kickstarter campaign
The 30% Kickstarter project “Tipping Point”
Conclusion
How to engage an audience with a Kickstarter project: Idea & Story

The Allure of a Large Backer

While large backers definitely give your project a boost, they also take away from the size of your new audience. One of the biggest benefits to Kickstarter is that it allows you to talk to more people. Every time you post an update, you get into the inbox of people who want to hear from you. Large backers are, in a way, a double-edged sword. They help your project, but hurt your reach.

Let’s say you launch a project for $3000. You get six backers and raise $400. Then a BIG backer pledges $2000 and almost completes your project. Now you only have a handful of people you can talk to. One of the best things to come out of my first project, Identifying Nelson, was the 170 people I can now talk to directly. Next time I want to launch a creative project I have a small group of people that I can share the idea with first.

Quantity OF Quality

When creating rewards the goal should be to have an adequate quantity of quality backers. You want to design the rewards so that most people will pledge right in the middle of your reward levels. You want some high backers and some low backers with most falling in the middle. Having a good spread of rewards, especially in the $25 to $250 range, will really help get a solid group of backers.


A Kickstart’s Guide to Kickstarter TOC:

pssst…you can read all of this offline by downloading the e-book.

Introduction
A Kickstarter’s Guide to Kickstarter: Introduction
How Kickstarter “Kickstartered” it’s own website
Understanding Kickstarter
The Basics of Kickstarter
Kickstarter is an updated version of the Parton Model
Kickstarter is like girl scout cookies…without the calories!
Make sure your project has an ending
Some additional benefits to running a Kickstarter project
Perry Chan’s Six Principles on why Kickstarter projects are successful
Yancey’s thoughts on getting funded
Brainstorming Your Project
What is this damn thing about?
Simplify your project for success
Is your project a Purple Cow?
Making Lemonade And Telling A Good Story
Reward The Patrons
Naming Your Kickstarter Project
Doing Your Homework
Before you launch, do your homework
No one cares about you
Some People Care About You
Who is Your Audience?
Where is Your Audience?
Resonating With Your Audience
Crossing Chasms
What Will it Cost?
Understanding Profit Margin and Costs
Setting Your Goals
Make or Break Decisions
Running the Numbers
Focus on what you need
Reasonable funding goals
Why be Reasonable?
How long your campaign runs depends on one thing, momentum
30 days or less
Managing Deadlines
Going for the BIG bucks
The Allure of a Large Backer
Pricing theory, thoughts about pricing your Kickstarter rewards
The Paradox of Choice
Crafting Your Pitch
Creating a compelling pitch for your Kickstarter project
Four questions people want answered when visiting your Kickstarter page.
Show some credibility to get more backers
Clarity is your friend
How to ask for Support
Kickstarter is a video-driven site
Examples of great pitch videos
Launching Your Project
Launching your project
How to track the progress of your Kickstarter campaign
The 30% Kickstarter project “Tipping Point”
Conclusion
How to engage an audience with a Kickstarter project: Idea & Story

Going for the BIG bucks

I see a lot of rewards in the thousand dollar range on Kickstarter. Sometimes projects even skip the most lucrative pledging tiers altogether, going from $20 to $200 to $1000. To me this is another example of people misunderstanding how Kickstarter works. The idea of crowd-sourced funding is that a lot of people will pledge smaller amounts of money. Pricing rewards in the thousands of dollars contradicts this idea. It is very hard to get people to spend large amounts of money on a perfect stranger.

In my experience, pledges of a $1000 or more came from people who knew me BEFORE I ran the campaign, not people who found me online. They are close family and friends who wanted to support our work. If someone is going to pledge in the thousands, you probably already know them. They already believe in your project, and you may have an inkling they will pledge at that level. You could have the coolest rewards in the world, but it probably won’t convince people who don’t know you to back at that level. Then again, if you are catering to an audience that regularly pays $1000+ for products, it just might work.


A Kickstart’s Guide to Kickstarter TOC:

pssst…you can read all of this offline by downloading the e-book.

Introduction
A Kickstarter’s Guide to Kickstarter: Introduction
How Kickstarter “Kickstartered” it’s own website
Understanding Kickstarter
The Basics of Kickstarter
Kickstarter is an updated version of the Parton Model
Kickstarter is like girl scout cookies…without the calories!
Make sure your project has an ending
Some additional benefits to running a Kickstarter project
Perry Chan’s Six Principles on why Kickstarter projects are successful
Yancey’s thoughts on getting funded
Brainstorming Your Project
What is this damn thing about?
Simplify your project for success
Is your project a Purple Cow?
Making Lemonade And Telling A Good Story
Reward The Patrons
Naming Your Kickstarter Project
Doing Your Homework
Before you launch, do your homework
No one cares about you
Some People Care About You
Who is Your Audience?
Where is Your Audience?
Resonating With Your Audience
Crossing Chasms
What Will it Cost?
Understanding Profit Margin and Costs
Setting Your Goals
Make or Break Decisions
Running the Numbers
Focus on what you need
Reasonable funding goals
Why be Reasonable?
How long your campaign runs depends on one thing, momentum
30 days or less
Managing Deadlines
Going for the BIG bucks
The Allure of a Large Backer
Pricing theory, thoughts about pricing your Kickstarter rewards
The Paradox of Choice
Crafting Your Pitch
Creating a compelling pitch for your Kickstarter project
Four questions people want answered when visiting your Kickstarter page.
Show some credibility to get more backers
Clarity is your friend
How to ask for Support
Kickstarter is a video-driven site
Examples of great pitch videos
Launching Your Project
Launching your project
How to track the progress of your Kickstarter campaign
The 30% Kickstarter project “Tipping Point”
Conclusion
How to engage an audience with a Kickstarter project: Idea & Story

Why be Reasonable?

Of course you don’t necessarily have to play it safe. Craig Mod provides an interesting counterpoint to the “be reasonable” argument.

“Our biggest mistake was that we set our financial goal too low. It’s inevitable that a Kickstarter project becomes less exciting and loses its ‘gambling’ element when the financial goal is met and there’s still time on the clock (just look at our funding graphs above for empirical evidence!). An ideal situation for any Kickstarter project is to define a financial goal that is high enough to just be met within the allotted time.” – Craig Mod, Kickstartup

Perhaps for Craig’s project, the goal was set too low, and it might have been able to get more backers. However, I just want to point out what I think is the key sentence in his entire post.

“We took advantage of the vast contact lists we had built up while working in the design and art worlds over the past six years.” – Craig Mod, Kickstartup

To me, this demonstrates that Craig had a large existing audience before launching the Kickstarter project and therefore could have gone for more money.

Personally, I think it is better to get funded at a lower level than to be too ambitious and not get anything. Of course, the risk is yours. I reiterate: unless you have a relatively large existing audience, it is going to be very hard to generate $10,000 or more.


A Kickstart’s Guide to Kickstarter TOC:

pssst…you can read all of this offline by downloading the e-book.

Introduction
A Kickstarter’s Guide to Kickstarter: Introduction
How Kickstarter “Kickstartered” it’s own website
Understanding Kickstarter
The Basics of Kickstarter
Kickstarter is an updated version of the Parton Model
Kickstarter is like girl scout cookies…without the calories!
Make sure your project has an ending
Some additional benefits to running a Kickstarter project
Perry Chan’s Six Principles on why Kickstarter projects are successful
Yancey’s thoughts on getting funded
Brainstorming Your Project
What is this damn thing about?
Simplify your project for success
Is your project a Purple Cow?
Making Lemonade And Telling A Good Story
Reward The Patrons
Naming Your Kickstarter Project
Doing Your Homework
Before you launch, do your homework
No one cares about you
Some People Care About You
Who is Your Audience?
Where is Your Audience?
Resonating With Your Audience
Crossing Chasms
What Will it Cost?
Understanding Profit Margin and Costs
Setting Your Goals
Make or Break Decisions
Running the Numbers
Focus on what you need
Reasonable funding goals
Why be Reasonable?
How long your campaign runs depends on one thing, momentum
30 days or less
Managing Deadlines
Going for the BIG bucks
The Allure of a Large Backer
Pricing theory, thoughts about pricing your Kickstarter rewards
The Paradox of Choice
Crafting Your Pitch
Creating a compelling pitch for your Kickstarter project
Four questions people want answered when visiting your Kickstarter page.
Show some credibility to get more backers
Clarity is your friend
How to ask for Support
Kickstarter is a video-driven site
Examples of great pitch videos
Launching Your Project
Launching your project
How to track the progress of your Kickstarter campaign
The 30% Kickstarter project “Tipping Point”
Conclusion
How to engage an audience with a Kickstarter project: Idea & Story

Reasonable funding goals

So what are some reasonable expectations for funding amounts?

  • For a single person with a limited or no built-in audience, $5000 or less is manageable, $5000 to $10,000 will be hard but doable, $10,000+ will be very hard.
  • For projects with more than one creator and a limited or no built-in audience, each creator can probably bring in $7000, assuming their networks do not overlap too much.
  • For projects with established audiences it really depends on the size of your audience. Nataly Dawn raised $104,788 from 2315 backers, but one look at her Youtube channel shows over 88,000 subscribers. Videos from her group Pomplamoose get over a million views. The majority of her backers are people who have been following her for awhile. If you don’t have this type of built-in audience, think hard about your goal.

You are free to set your funding goal to whatever you want. Just keep in mind how many people you will need to look at your project to get it funded. Even the “most funded” projects on Kickstarter have relatively small goals compared to what they were able to raise.


A Kickstart’s Guide to Kickstarter TOC:

pssst…you can read all of this offline by downloading the e-book.

Introduction
A Kickstarter’s Guide to Kickstarter: Introduction
How Kickstarter “Kickstartered” it’s own website
Understanding Kickstarter
The Basics of Kickstarter
Kickstarter is an updated version of the Parton Model
Kickstarter is like girl scout cookies…without the calories!
Make sure your project has an ending
Some additional benefits to running a Kickstarter project
Perry Chan’s Six Principles on why Kickstarter projects are successful
Yancey’s thoughts on getting funded
Brainstorming Your Project
What is this damn thing about?
Simplify your project for success
Is your project a Purple Cow?
Making Lemonade And Telling A Good Story
Reward The Patrons
Naming Your Kickstarter Project
Doing Your Homework
Before you launch, do your homework
No one cares about you
Some People Care About You
Who is Your Audience?
Where is Your Audience?
Resonating With Your Audience
Crossing Chasms
What Will it Cost?
Understanding Profit Margin and Costs
Setting Your Goals
Make or Break Decisions
Running the Numbers
Focus on what you need
Reasonable funding goals
Why be Reasonable?
How long your campaign runs depends on one thing, momentum
30 days or less
Managing Deadlines
Going for the BIG bucks
The Allure of a Large Backer
Pricing theory, thoughts about pricing your Kickstarter rewards
The Paradox of Choice
Crafting Your Pitch
Creating a compelling pitch for your Kickstarter project
Four questions people want answered when visiting your Kickstarter page.
Show some credibility to get more backers
Clarity is your friend
How to ask for Support
Kickstarter is a video-driven site
Examples of great pitch videos
Launching Your Project
Launching your project
How to track the progress of your Kickstarter campaign
The 30% Kickstarter project “Tipping Point”
Conclusion
How to engage an audience with a Kickstarter project: Idea & Story