Kickstarter - People's Insights Volume 1 Issue 28

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crowdsourcing | storytelling | citizenship People‟s Insights: Volume 1, Issue 28 Kickstarter

description

This week, we distill insights around Kickstarter - the largest US crowdfunding platform, empowering artists and engineers to raise funds from ‘crowds’ of individuals. 80+ thinkers and planners within MSLGROUP share and discuss inspiring projects on corporate citizenship, crowdsourcing and storytelling on the MSLGROUP Insights Network. Every week, we pick up one project and do a deep dive into conversations around it -- on the MSLGROUP Insights Network itself but also on the broader social web -- to distill insights and foresights. We share these insights and foresights with you on our People’s Insights blog and compile the best insights from the network and the blog in the iPad-friendly People’s Lab Quarterly Magazine, as a showcase of our capabilities.

Transcript of Kickstarter - People's Insights Volume 1 Issue 28

crowdsourcing | storytelling | citizenship

People‟s Insights: Volume 1, Issue 28

Kickstarter

What is Kickstarter?

Kickstarter is a crowdfunding platform, empowering artists and

engineers to raise funds from individuals. Since 2009, Kickstarter has

helped raise more than $250 million for more than 24,000 projects.

kickstarter.com/start

[Kickstarter is] a place where artists and engineers can connect with the

people in direct peer-to-peer relationships who aren‟t just buying

entertainment, they‟re helping make dreams a reality.

- Mike Bulajewski, User Experience Designer, Mr Tea Cup

Getting funded

Kickstarter recommends that projects be realistic and well-defined in

terms of scope, budget, funding goal and funding deadlines. Projects

that offer rewards to backers have greater chance of success.

kickstarter.com/projects/420606009/fight-for-space-space-program-and-nasa-documentary

Strictly for creative projects

Kickstarter does not allow funding for causes, charities or „fund-my-life‟

projects. Projects must fall under specific categories, including film,

music and design, and have a tangible result (example: music album).

1) kickstarter.com/start

2) nytimes.com/2012/03/17/arts/kickstarter-and-artspire-as-models-of-arts-financing.html

3) boingboing.net/2012/03/15/using-kickstarter-to-make-fine.html

„All or nothing‟ funding

A project must meet its funding goal by a set deadline in order to receive

any funds. Kickstarter believes this “protects everyone involved,” as

projects with insufficient budgets are less likely to succeed.

Once you add constraints, that‟s what happens. We want that to happen.

„Kickstarter project‟ has some specificity to it, just like a tweet.

– Peter Chen, Co-Founder, Kickstarter, NYTimes.com

kickstarter.com/discover/ending-soon

Notable projects funded on Kickstarter

1) mediadecoder.blogs.nytimes.com/2012/01/30/at-sundance-kickstarter-resembled-a-movie-

studio-but-without-the-egos/

2) core77.com/blog/business/scott_wilson_on_tiktoklunatiks_huge_kickstart_18032.asp

Two Academy-Award-nominated documentaries, art projects exhibited

in the Museum of Modern Arts, an iPod Nano watch, and 10% of films

submitted to Sundance got their start on Kickstarter.

LunaTik

What drives project starters and backers?

Broadly, project starters come to Kickstarter to give life to their creative

ideas, and backers come to support friends, give back to the community,

or commission creation of cool products they‟d like to own.

facebook.com/Kickstarter

Beyond funding - community

Kickstarter sees the platform as more than just a way to raise money.

It also connects starters with their audience and helps promote their

work. Most successful starters feel the same way.

Kickstarter.com/start

- Scott Wilson, Designer, LunaTik, Core77.com

Exponential rise in dollars pledged

While most successful Kickstarter projects receive less than $10,000, a

few crossed the six- and seven-digit mark in 2012. In March 2012,

Double Fine Adventure raised $1 million in under 24 hours.

en.wikipedia.org/wiki/Kickstarter#Top_projects_by_funds_raised

Legal and tax implications?

As the amounts raised cross six digits, and Kickstarter plans its UK

launch, industry watchers are pointing out the need for laws to

safeguard backers, and to clarify the tax status of the funding.

1) forbes.com/sites/suwcharmananderson/2012/05/23/kickstarters-sting-in-the-tail-tax/

2) mashable.com/2012/04/05/jobs-act-crowdfunding-startup/

Crowdfunding beyond Kickstarter

1) Comment from the Insights Network, MSLGroup Community

2) IndieGoGo.com

3) Taiwan crowdfunding platform www.zeczec.com

Platforms like IndieGoGo cater to more diverse projects including

„fund-my-health,‟ and are less restrictive regarding „all or nothing

funding‟. Overseas, zeczec.com caters to Taiwanese crowds.

Read People’s Lab insights and foresights

The People’s Lab team shares the insights and foresights from the

MSLGROUP Insights Network on the People’s Insights weekly blog and

the People’s Insights Quarterly magazine.

MSLGROUP Insights

Network

50+ MSLGROUP planners

share and discuss inspiring

projects on corporate

citizenship, crowdsourcing and

storytelling.

People’s Insights

weekly blog

We deep dive into

conversations around one

project -- on the MSLGROUP

Insights Network itself but also

on the broader social web -- to

distill insights and foresights.

People’s Insights

Quarterly magazine

Every quarter, we will compile

the best insights from the

network and the blog in the

iPad-friendly magazine, as a

showcase of our capabilities.

For more, visit http://peopleslab.mslgroup.com

Coming soon: People‟s Insights Annual

Report

In early January 2013 we will publish the People‟s Insights Annual

Report, in which we synthesize our insights from throughout 2012 and

provide foresights for business leaders and change-makers for 2013.

People’s Lab: Crowdsourcing Insights &

Innovation

People’s Lab is MSLGROUP’s proprietary crowdsourcing platform and

approach that helps organizations tap into people’s insight for

innovation, storytelling and change.

For more, visit http://peopleslab.mslgroup.com

For People’s Lab

solutions, [email protected]