Voting With Pocketbooks

Dipr, a spoon for dunking cookies  in milk, was successfully  funded by Kickstarter.
Dipr, a spoon for dunking cookies
in milk, was successfully
funded by Kickstarter.

Since it began in 2009, Kickstarter has helped creative types (artists, filmmakers, musicians, writers, etc.) to raise more than $75 million for 10,626 creative projects, with the help of 813,205 “backers.” The start-up receives over 1500 proposals a week on an average, of which 40% are rejected.

So, could you raise money for your prom dress through Kickstarter?

First, users must define a specific “project,” which is finite and specific.

Second, Kickstarter isn’t for handouts. It encourages—indeed, it mandates—an exchange of value. Creators must offer “rewards” to their backers: written notes of thanks, custom T-shirts, handmade objects.

Finally, to add some marketplace discipline to the process, project makers must pick a target dollar amount and a deadline. If they fall short of the goal, they get nothing.

Kickstarter is as much about unlocking creators’ marketing potential as their creative potential. The company takes a cut—5 percent—of the money raised on successful projects.

All said, succeeding on Kickstarter is actually easier than it sounds.

h/t: NYT

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