IndieGogo and Kickstarter. (Crowdfunding)

Q1: What trends in crowd funding have you noticed developing over the 21st century? How has the crowd funding changed from the point of its origin?

Q2: What has been the most outrageous campaign you have encountered, and how the situation has been resolved?

Q3: Does other financing platforms such as Patreon, somehow interfere with the funding coming through Indiegogo? And has Indiegogo considered other systems of funding in addition to the current one.

 

Summary: On the Tuesday of March 10th we were visited by Steve Tam from IndieGoGo, who has given us a lecture about trends and modern tendencies in crowd funding. During his talk about his experience he mentioned working at Kickstarter, a crowd funding platform that opposes IndieGoGo in the field. Following up on that he drew a connection between IndieGoGo and Kickstarter, compared their financial capabilities and funding strategies, from which he concluded that while Kickstarter has a much larger base of people and larger amount of money flowing through, IndieGoGo is more flexible due to customizable project funding periods and lack of requirement for the finalized product before launch of the campaign. Then he talked about product development and “How the customer should not be defined in the board room” since it is almost impossible to precisely identify the target audience, since people from different ages and other categories have shown to have interest in many various things. Then was a topic about branding and the difference between a brand and a logo. Particularly how the brand sticks with the company and crosses the boundaries of physical products attracting more attention due to the people’s interest in popular items. And finally the lecture was finished with an insightful conversation. One of the questions was about the possibility of crowd funding replacing the material (regular) ways of funding, to which Steve responded with an open-ended answer: That it will most likely stay as it is crowd funding for the internet, while traditional ways remain as they are.

Reflection: Prior to this lecture, the only funding platform I had experience with was Patreon which lets people support the creators of their favorite content with a sort of monthly salary, Therefore a closer look at IndieGoGo proved to be quite resourceful. As I have noticed many similarities between these platforms: Such as perks, given for a certain amount of funding, milestones set by the authors and such. Particularly interesting in Steve’s lecture was the idea of exclusiveness, which the backer (financial supporter) gets when he funds a certain product or project. I have experienced that myself and able to relate to this trend. As for the other trends discussed by Steve that I found interesting was the idea of urgency, set by the campaigns due date, people really are willing to spend money when they see the other people investing and the timer running out. Looking at the trend of crowd funding there is this marvelous campaign on Kickstarter, a space simulator PC game called Star Citizen. The project rocketed beyond imaginable collecting $2,500,000 instead of prompted $500,000. This is a perfect example of a successful campaign and a productive relationship between the consumers and the creators, since the game has been continuously in development receiving all kinds of positive feedback from people.

https://www.kickstarter.com/projects/cig/star-citizen

https://robertsspaceindustries.com/ship-specs