Perry Chen and Kickstarter
Kickstarter is an online threshold pledge system for fundingcreative projects. Kickstarter has funded a diverse array of endeavors,ranging from indie film and music to journalism,solar energy technology and food-related projects.
Kickstarter, created in April 2009 by Perry Chen, Charles Adler and Yancey Strickler, is the largest website dedicated to crowd-funding creative projects. People use the site to pitch specific project ideas, usually using a short self-made video, and aim to collect a target amount of funding over fixed time period, usually about a month.
The startup is based in Manhattan's Lower East Side. Andy Baio served as the site's CTO until November 2010, when he joined Expert Labs. Lance Ivy has been Lead Developer since the website launched.
Kickstarter has collected more than $20m in pledges for people in creative fields such as music, film and design, and has also found success among innovators in food and other areas. Perry Chen, a co-founder of the site, talked to More Intelligent Life about why Kickstarter works and what it means for a growing community of DIY artists.
People must apply to Kickstarter in order to have a project posted on the site, and Kickstarter provides guidelines on what types of projects will be accepted. Project owners choose a deadline and a target minimum of funds to raise. If the chosen target is not gathered by the deadline, no funds are collected (this is known as a provision point mechanism).
People are offering cool stuff and experiences in exchange for becoming backers of a creative project. People are creating these mini-economies around their project ideas. So, you aren’t coming to the site to get something for nothing; you are trying to create value for the people who support you.
Even with all of its successes, about half of all Kickstarter projects fail to secure any funding at all — Kickstarter’s all-or-nothing policy commits backers only after a project closes with pledges matching or exceeding its funding goal. Projects that do not meet their funding goals are not charged for using the service.
Kickstarter has raised $125 million dollars and has had more than 15,000 successfully funded projects since April 2009. The project success rate is 44%.
People must apply to Kickstarter in order to have a project posted on the site, and Kickstarter provides guidelines on what types of projects will be accepted. Project owners choose a deadline and a target minimum of funds to raise. If the chosen target is not gathered by the deadline, no funds are collected (this is known as a provision point mechanism).
People are offering cool stuff and experiences in exchange for becoming backers of a creative project. People are creating these mini-economies around their project ideas. So, you aren’t coming to the site to get something for nothing; you are trying to create value for the people who support you.
Even with all of its successes, about half of all Kickstarter projects fail to secure any funding at all — Kickstarter’s all-or-nothing policy commits backers only after a project closes with pledges matching or exceeding its funding goal. Projects that do not meet their funding goals are not charged for using the service.
Kickstarter has raised $125 million dollars and has had more than 15,000 successfully funded projects since April 2009. The project success rate is 44%.
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