Start Your Business on a Ramen Noodle Budget by Felecia Hatcher-Pearson

Author:Felecia Hatcher-Pearson
Language: eng
Format: epub
ISBN: 978-0-7689-4137-1
Publisher: Peterson's
Published: 2016-05-22T16:00:00+00:00

Crowdfunding Platforms

Kickstarter

Kickstarter is a crowdfunding platform launched in 2009, and it has quickly grown into the most popular crowdfunding website, launching over 60,000 projects and raising over $237 million. Kickstarter’s founders set things up so there is both a funding goal and a deadline. Kickstarter then uses an “all-or-nothing” approach: you must raise your goal amount by the deadline, or the funds will not be collected from investors and passed along to you.

Kickstarter Pros and Cons

Size: The biggest advantage to using Kickstarter is size. It is the largest crowdfunding site on the internet by far, and it has the most interest from potential investors. This interest can increase your chances of raising money. However, the popularity of Kickstarter can be a double-edged sword, as you will be competing for attention with many other projects on the platform.

Project Types: Kickstarter has a relatively strict approval process for projects; they must be creative in nature. In addition, Kickstarter focuses heavily on the arts, media, and inventions. Kickstarter rejects up to 40% of project proposals.

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