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Kickstart or indiegogo?

Discussion in 'Starting Your Business' started by innov8, Oct 6, 2016.

Kickstarter or Indiegogo?

  1. Kickstarter

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  2. Indiegogo

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  1. innov8

    innov8 Entrepreneur

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    Back again Entre Fix!

    Id love some help on deciding how to go about using a social funding platform.

    1. Before I launch my project, is it best to build a big following or do I just go for it? (any personal experience or friends that have either tried and failed, or succeeded)
    2. Which platform do I use? Do I try both?
    3. If I fail, does that mean my product wont succeed?
    Just some questions that I've running around in my head and would love some guidance.

    Thanks everybody,

    Mofectious
     

  2. Matthew Toren

    Matthew Toren Entrepreneur

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    Hi there! To start, I want to let you know that the failure of a crowdfunding campaign doesn't mean the product has failed. A failed crowdfunding campaign could mean a number of things: improper timing, poor marketing, that adjustments need to be made to the product to make it desirable.... However, you obviously don't want your campaign to fail if possible, so here are my thoughts on the matter.

    Kickstarter and Indiegogo are massively different, and you were right to approach them with caution. Kickstarter only allows the "all or nothing" type of crowdfunding, in which you don't receive any money if you don't fully meet your goal. Indiegogo lets you use "all or nothing" crowdfunding, but it's up to you. With Indiegogo, you can choose a model that essentially allows people to donate to your cause without the stress of meeting a particular goal. However, this comes with a disadvantage: without that stress, people may assume that the product will still come to fruition without their help, and leave the responsibility of donating up to someone else.

    Kickstarter comes with a much larger user base. Journalists (like our own) tend to keep an eye on Kickstarter because it consists of more projects, so there's a bigger chance they'll find a juicy topic for a story each day. But here's the thing: the people you advertise to don't care whether you use Kickstarter or Indiegogo. Nobody is going to see your campaign and say, "Oh, they're using Indiegogo--I won't donate." So if you know you're great at marketing and have a buddy or two in journalism, platform size doesn't have to be a factor.

    Ultimately, it's up to you which platform you use--but I hope this helps you make the most educated decision possible.

    Matthew Toren
     

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