There are a number of crowdfunding platforms available, each with their own pros and cons. For months Ross has researched into crowdfunding platforms, attended a number of crowdfunding talks, and for this project, the signs seemed to point to Kickstarter. Indiegogo is a popular platform but with its flexible goals (if you don’t get the full amount you still get whatever was raised), it can be harder to get the full amount required.
Because Kickstarter is a make or break site – if you don’t reach the full amount, you don’t get a penny, the dynamic of the campaign is much different – having a higher pressure, to the right type of campaign (for example ours) can bring in more funders, rather than the relaxed feeling of having a flexible goal.
Crowdfunding has been on the rise for the last few years. We think it is at the stage where it is not saturated like how YouTube and Facebook became around 2012, but it is not unheard of to the point where nobody understands crowdfunding. The awareness of platforms like Kickstarter, Indiegogo and Patreon are on the rise, and we think there is a shift from traditional equity/loan based funding, to a more personal, hands on and involving funding. The idea of funding a project you want to see come to life, not what a TV network or product manufacturer wants to see come to life will see many changes coming to the world of business.
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