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Crowd funding... Indiegogo vs. Kickstarter?

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Huck_Norris
Posts: 11487 - Karma: 18,627
Putting together the finishing touches to all the financial and construction details to a product for a crowd funding campaign I hope to launch within the next week or two but I was hoping to draw on the experience of the collective before I set the ball in motion.

Indiegogo and Kickstarter both seem to be nearly identical on the surface, is there a difference once you get into it or are they the same thing? I've never financed anything through crowd funding before but I figure it would be perfect for what I'm trying to do with this product. Any experiences or insight you could give me would be greatly appreciated, thanks!
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Jul 30 2014 11:50AM
22 7
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jacklong27
Posts: 184 - Karma: 485
Kickstarter is way more known so you probably would get more response. and not sure about this one but on indigogo i don't think you can pay with PayPal but i think on Kickstarter you can
Jul 30 2014 12:01PM
1 0
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FilmingBitch
Posts: 6463 - Karma: 212
It depends if you think you'll reach your goal. It's my understanding that on Kickstarter, you only keep the money if you reach or surpass your goal. On Indiegogo you get to keep everything, even if you don't reach your goal.

Kickstarter is better known, so if you have no worries about reaching it then maybe go with them.
Jul 30 2014 12:05PM
1 0
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SKI.ING
Posts: 2695 - Karma: 2,535
^ that and the pledge systems are a little different. I'm sure a google search will turn up something.
Jul 30 2014 7:28PM
0 0
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Daski
Posts: 658 - Karma: 2,348
Kickstarter, if for no other reason than that it is so much more widely known.
Jul 30 2014 7:41PM
3 1
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SpookyCat
Posts: 1232 - Karma: -2,617
They're both the same because I'm sure your idea is horrible.
Jul 30 2014 7:51PM
1 5
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skiersupreme
Posts: 1549 - Karma: 4,872
why not both? split the cost down the middle and use that amount for both websites.
Jul 30 2014 8:37PM
0 0
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steezbox
Posts: 1394 - Karma: 701
They are both widely known. From what I understand (and I could be completely wrong, but look into it), Kickstarter asks for a lower % but if you don't meet your goal, no $ for you. Indiegogo requires a larger % to be paid to them, but even if you don't reach your goal you get to keep the pledged money. Research it man. Find out what platform works for your project.
Jul 31 2014 10:41AM
1 0
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steezbox
Posts: 1394 - Karma: 701
FilmingBitchIt depends if you think you'll reach your goal. It's my understanding that on Kickstarter, you only keep the money if you reach or surpass your goal. On Indiegogo you get to keep everything, even if you don't reach your goal.

Kickstarter is better known, so if you have no worries about reaching it then maybe go with them.


ah, ya beat me to it. But there you go man. Find out what works for you.
Jul 31 2014 10:43AM
0 0
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theBearJew
Posts: 10951 - Karma: 15,633
Kickstarter, its more known and I think has a better community backing. I feel like I see more that are the 800% funded, well beyond the goal, on kickstarter.

When you do your incentives and lay it out, I would do some research on current and past successful projects, model it after that. Go into detail about why backing is an advantage rather than just waiting for the product to hit the shelves.
Jul 31 2014 10:49AM
0 0
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theBearJew
Posts: 10951 - Karma: 15,633
This is a great example of a well laid out kickstarter. The thing I like most is at the bottom of the page it shows the rewards clearly with pictures to tell you exactly what you are getting.

https://www.kickstarter.com/projects/hello/sense-know-more-sleep-better

Shows alot of info on why you should get it now and not wait.
Jul 31 2014 10:54AM
0 0
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Huck_Norris
Posts: 11487 - Karma: 18,627
Yeah thanks guys, I've been reading up a lot on it but there's a lot of stuff that you'll never get into until you're using it no matter what. Was just wondering if anybody had any experience, complaints or direct insight running a project.


Right now it looks like I'll probably use indiegogo, but it does charge a higher percentage up front. (if you reach your goal they give I think 4% of that back though.) There's plenty of profit margin to absorb that though so I'd rather go with the one that accounts for underfunding (although if I reach my goal it's essentially the same deal though)since even getting close would mean I'd just finance the rest of the machine I'm trying to buy.


Also working with a good friend of mine on a baller product pitch video, I'm building another prototype and even doing testimonials, as I've been making these things for a while. I'm not interested in half-assing this at all. Not even a little bit. If I play it right I will be rolling this project into a large equipment purchase that will open a shitload of doors for my business anyways.
Jul 31 2014 11:01AM
0 0
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.MASSHOLE.
Posts: 7472 - Karma: 11,419
Can we get a hint on this project?
Jul 31 2014 11:05AM
0 0
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Huck_Norris
Posts: 11487 - Karma: 18,627
.MASSHOLE.Can we get a hint on this project?


It's a revolutionary new dildo
Jul 31 2014 11:13AM
4 0
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theBearJew
Posts: 10951 - Karma: 15,633
Huck_NorrisIt's a revolutionary new dildo


Jul 31 2014 11:16AM
5 0
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yelsel
Posts: 12967 - Karma: 3,451
Huck_NorrisYeah thanks guys, I've been reading up a lot on it but there's a lot of stuff that you'll never get into until you're using it no matter what. Was just wondering if anybody had any experience, complaints or direct insight running a project.


Right now it looks like I'll probably use indiegogo, but it does charge a higher percentage up front. (if you reach your goal they give I think 4% of that back though.) There's plenty of profit margin to absorb that though so I'd rather go with the one that accounts for underfunding (although if I reach my goal it's essentially the same deal though)since even getting close would mean I'd just finance the rest of the machine I'm trying to buy.


Also working with a good friend of mine on a baller product pitch video, I'm building another prototype and even doing testimonials, as I've been making these things for a while. I'm not interested in half-assing this at all. Not even a little bit. If I play it right I will be rolling this project into a large equipment purchase that will open a shitload of doors for my business anyways.


umm cough cough....need a lawyer???? I may know of someone :P
Jul 31 2014 3:57PM
0 0
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c.cirillo
Posts: 227 - Karma: 2,211
Kickstarter seems to be the way to go- it's a more serious platform and has better success rate. Kickstarter takes 5% or what you get, where as indiegogo takes 4% (indiegogo will take 9%, however if you don't reach your goal). All or nothing platform through kickstarter gives people a sense of urgency and will probably get you more into it as well, for you're not just getting money no matter what. Check out a class on skillshare.com about crowdfunding, it gives a lot of good tips and info if you're unsure of how to be successful through crowdfunding. Good luck and can't wait to see it.
Aug 1 2014 6:37AM
3 0
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Daski
Posts: 658 - Karma: 2,348
yelselumm cough cough....need a lawyer???? I may know of someone :P


Yoski is gonna be a great lawyer in a few years, being at Harvard and all
Aug 1 2014 9:50AM
0 0
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Huck_Norris
Posts: 11487 - Karma: 18,627
yelselumm cough cough....need a lawyer???? I may know of someone :P


I sincerely hope not! haha
Aug 1 2014 11:32AM
0 0
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yelsel
Posts: 12967 - Karma: 3,451
Huck_NorrisI sincerely hope not! haha


I meant in a good way, silly.

I'd recommend doing an LLC. It's something you can actually do on your own too...or with the assistance of yours truly.

Shit, we can talk more later. Have your people call mine.
Aug 1 2014 11:43AM
1 0
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Huck_Norris
Posts: 11487 - Karma: 18,627
yelselI meant in a good way, silly.

I'd recommend doing an LLC. It's something you can actually do on your own too...or with the assistance of yours truly.

Shit, we can talk more later. Have your people call mine.


Probably worth looking into, even though I was planning on running it as an add-on to my current shop... Might be beneficial to separate it strictly for perception purposes though.


My people will be in touch ;)
Aug 1 2014 11:57AM
0 0
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yelsel
Posts: 12967 - Karma: 3,451
Huck_NorrisProbably worth looking into, even though I was planning on running it as an add-on to my current shop... Might be beneficial to separate it strictly for perception purposes though.


My people will be in touch ;)


Definitely separate them. Not for perception purposes but for legal purposes. If anything were to happen with this start-up you're thinking about and it being tied to your current shop, you could have some serious issues.
Aug 1 2014 12:04PM
1 0
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