In 2010, Time Magazine named Kickstarter as one of the ’50 Best Inventions of the Year”
Kickstarter is described as a “crowd-funding” site. It’s a place where creative people can put their ideas out there and ask for help getting those projects funded.
In fact, KFI's own Bryan Suits, recently got his book project funded via Kickstarter!
…are the architects of Kickstarter.
In 2002, Chen, then a waiter and a Tulane Business school graduate, was trying to organize a $20,000 concert, but couldn’t afford to assume the risk on his own, so the concert never happened.
He started thinking of ways to make sure that this wouldn’t happen to him again.
In 2005, he approached, Yancey Strickler, music journalist and the editor-in-chief of the website, eMusic, with the idea for Kickstarter.
They went to Charles Adler, a tech designer and fleshed out the idea for what they called a “marketplace for creativity” and a place where people who needed money for a project could get it.
There are many categories of projects. For example:
According to Kickstarter’s guidelines:
There’s also a list of ‘prohibited’ things you can’t start a project for.
If you don’t fall into one of the prohibited categories, it’s simple and free to POST your project.
You go to Kickstarter and:
Then you send out the link to friends, family, or via social networks and wait for the donations to come in!
If you get enough donations in your allotted time, then:
If you don’t raise the money by the deadline:
Critics say there is one worrisome part of Kickstarter.
What if a project that was fully funded is never completed? After all, when a project is funded, the creator gets their money minus the fees.
Because of that, can Kickstarter be liable if a project isn’t completed?
Since creators receive their money after their project is funded, Kickstarter can not issue refunds.
Kickstarter says that creators of projects that are fully funded are expected to keep those that donated to them up to date on the status of the project through completion.
If a funded project isn’t completed, the creator of the project needs to find a resolution, such as offering refunds or detailing exactly how funds were used to satisfy those that backed the project.
Here’s one thing to remember, this is not an investment. You’re basically giving your money away. So if you invest in a movie that makes a HUGE amount of money, you get nothing but the pleasure of knowing that you helped make it possible and whatever little trinket they offered you for contributing.