In the last couple of years since I launched a Kickstarter campaign, the landscape for crowdfunding has changed markedly. At that time there were only a few sites in the mix. Now, it’s bigger than ever. Since I have an article about Al Satterwhite’s new Kickstarter campaign for Muhammad Ali, I thought this would be a good time to take a look at what is going on in the now-crowded field.
The recent Crowdfunding Industry Report by Massolution data shows the overall crowdfunding industry raised $2.7 billion in 2012, across more than 1 million individual campaigns globally. In 2013 the industry is projected to grow to $5.1 billion.
Some of the most interesting developments in crowdfunding, which are expected to grow in the months and years ahead, include: investment crowdfunding (becoming a shareholder in a company), localization (funding focused on participants in specific cities and neighborhoods), mobile solutions, and group-based approaches.
Even though it’s been two years since I had my (failed) Kickstarter project, the projects that were eventually funded had one thing in common. The projects that were not funded also had one thing in common, for the most part.
Funded projects were very well developed, with good writing describing the project and excellent information about the project producer, as well as a compelling video. It makes for positive viewing when all elements are in place, and the project “shines.”
Projects that went unfunded were not as well developed. The videos looked very amateurish, and most of the writing wasn’t very polished. As in all things in the marketing and promotion world, presence is EVERYTHING!
If you have a photo project in mind you are considering for Kickstarter (KS), do your homework. On the KS site, there is a wealth of excellent information about how to present your project, from the writing to the video. It is, basically, no different from any other form of marketing. Using a very time-worn addage, “you only get one chance to make a good impression.”
There have been 70,840 projects launched on KS since its inception, with 2,349 coming in the field of photography, resulting in 845 being successfully funded. You can see that the odds are not with you.
This is just the tip of a very big iceberg. There are, however, several items that you will need to pay absolute attention to:
• Your audience (make sure your campaign reflects “you”)
• The description of your project
• The neccessity of a good video
• A good description of your relation to the project
• An image of you somewhere in your presentation
• Making sure your goal amount is enough to cover ALL the expenses
If you choose to do a KS project, I wish you the best of luck. Be sure to let me know how it works. Here is a list of the top ten crowdfunding sites, according to Forbes: