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What is crowd funding?

Created date

February 21st, 2014

Crowdfunding is the term used when products, companies, or causes are financed by donations from individuals who want to see the project succeed. In turn, early-bird pricing is often offered to backers on the newest products. Crowdfunding is also a good resource if you’re looking for a specialty product not yet available in the general market. While there are a number of crowdfunding sites, Kickstarter is the most well known.

At its core, Kickstarter is a way to fund new creative ideas. Founded in 2009, Kickstarter has launched over 54,000 successful projects. Millions of dollars have been donated by Kickstarter backers to artists, designers, filmmakers, and musicians. 

Kickstarter has two main guidelines that must be adhered to. The first is every project must have a clear ending point, such as a completed movie, album, or book. Second, every project must fit into one of Kickstarter’s thirteen predetermined categories: art, comics, dance, design, fashion, film, food, games, music, photography, publishing, technology, or theater.  

Advantages to Kickstarter

Kickstarter pledges are “all or nothing.” If a project’s funding goal is not met in a predetermined amount of time, no credit cards are charged. Owners only collect funding for their projects if they meet or exceed their goal. Project owners can offer rewards or incentives for backers. The more money donated, the better the reward. For example, if you pledge $10 toward the production of a film, you may get a t-shirt, while $50 will get you an exclusive invitation to the premiere. 

Kickstarter staff provides feedback to all proposed projects and must give their approval before the project owners are allowed to post to the site. This helps weed out ill-conceived projects and makes sure rewards are worth close to market value. These procedures are in place to ensure that as many projects as possible are successful. 

Kickstarter superstars

Some mainstream projects that were launched on Kickstarter include the Pebble. The Pebble is a smartwatch compatible with the iPhone that boasts an e-link reader screen and Bluetooth connectivity. Pebble raised over $10 million and is, to this day, the most funded project in Kickstarter history. Other successful projects include video games, video consoles, and mainstream films, with some of these raising well over $5 million. 

Check it out

If you’re interested in crowdfunding, go online to and start browsing some of the newest projects.  Here are some already in the funding process.

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