Voting with your wallet

Are you an entrepreneur without enough cash to  get your venture going?  Enter Kickstarter, a creative new way that combines the power of markets with social media to help fund good projects and let bad projects fail without wasting any money.

How?

Every project has a time limit between 1 and 90 days (set by the project creator) to reach its its desired funding goal.

When the deadline is reached, there are either of two results:

1. Funding Successful: If a project has met or surpassed its funding goal, all backers’ credit cards are instantly charged and funds go directly to the project creator. Project creators are then responsible for completing the project and delivering rewards as promised.

2. Funding Unsuccessful: If a project has NOT met its funding goal, all pledges are canceled. That’s it.

Most of the projects on the site are movie ideas and album releases, but you’re allowed to post a fairly wide scope of projects like the one about a guy driving from NYC to Alaska and capturing it all on his camera.

Funding aside, it’s creates a new realm of markets and marketing.  What big corporation is going to to start snooping around for its next project/emulate one for their own gain? Think genre trending.  If a particular genre of project consistently gets 200% funding, will industries shift much quicker?

Advertisements

2 Responses

  1. i LOVE this post.
    i recently supported an album release (for Holcombe Waller’s newest cd, CHECK HIM OUT!) via Kickstarter and he reached his goal in just a few short weeks. considering the other example you provided of the guy and his road trip im thinking (me) and the bee may have to take advantage of this site as well with a like-minded project. i think this is definitely the way of the future and it opens up a lot of opportunity for those who may have never been able to find financial backing in the “traditional” ways we’ve been accoustomed to in the past.
    thanks for spreading the word on this!

  2. @ Steff, I think it’s an incredible way for people to guage the popularity of their ideas. What is the follow through or whatever to make sure that the project that wins it’s goal actually use the money to produce the product/project they’ve described?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: