If one of your resolutions this year was to finally go ahead and complete that arts project but lack of funds remains an issue, it may be time to give some thought to crowdfunding as a potential route. Here we’ll look at two of the more popular crowdfunding resources available to you, as well as the advantages and disadvantages of each. Thanks to social media, crowdfunding has been made both dynamic and accessible. In some form or another, crowdfunding has always been around. Film is one medium that has used the crowdfunding concept to raise funds. That’s partly due to the fact that films come with high budgets, making it a natural fit for crowdfunding.
However, it’s since spread to conferences, study tours, theatrical productions and more, thanks to such platforms as IndieGoGo and Kickstarter. Crowdfunding is basically a form of Microfinance for creative professionals. Each of these sites provide similar services as they each give artists a platform from which they can connect with potential patrons. However, there are also some key differences.
Your type of project
Kickstarter requires that all projects adhere to its guidelines. IndieGoGo, on the other hand, is far more open and doesn’t require a review period for your campaign to be approved before being made live. So, if your funding interests pertain to a small business, as opposed to a discrete project with definite start and end dates, IndieGoGo would be your better option.
Both sites enable you to pick your campaign’s timeframe. Kickstarter imposes a 90-day limit, while on IndieGoGo, it’s 120 days. Bear in mind, however, that it may not make much sense to choose a longer deadline. If you’re using Kickstarter to fund your project, for example, you won’t be able to access your funds while your project is still live.
You’ll need to take into account, not just a case of needing to access your funds in the short-term but also giving your campaign ample time to make progress. If your campaign fails to meet its goal, you can always have another go, however. Kickstarter asks you to start the whole process again, while IndieGoGo affords you the opportunity to simply update your page and link and update your original campaign.
Eyeballs on the page
With so much content on the Web, standing out can be quite a challenge in itself. As with any major online platform, changes are often made. Kickstarter used to place a number of projects in one of three categories: Recently Successful, Popular this Week, and New and Noteworthy. Now it offers Featured Projects and Recommended. The website’s staff made a section on which projects shall be placed within these categories. The platform offers an insight into what goes into their selection process by telling creatives that they look for fun projects that illustrate creative ways of using the system, have engaging videos, and offer enticing rewards.
IndieGoGo, on the other hand, doesn’t employ any editorial actions in its process but rather relies on an algorithm that looks at activity, comments, updates, and promotions. While all projects are promoted on the site, that algorithm, along with what you do to market your own campaign, has a direct influence on how many eyeballs land on your page.