What’s the deal with Kickstarter and IndieGoGo?

I think I mentioned a couple months back (when I took a blogging hiatus) that I was super busy not only because I was fine tuning my new spec for TV contest season, but also because I was helping some buddies out on their webseries.

Like many people out there, my friends financed their webseries (successfully!) through IndieGoGo (a site similar to the relatively more well known Kickstarter).   Now, I thought everyone knew about these sites, but apparently not, because whenever I mention my friends using them, I get all sorts of questions.  Below are some of the most common ones I've gotten and my best answers.

Money, money, money...

What is IndieGoGo? ...or... What is Kickstarter?

You can go to either of their sites to read more (IndieGoGo, Kickstarter), but quickly, I can say that these are both online crowdfunding sites, AKA socially acceptable ways to beg your friends (Facebook and otherwise) for money to fund your creative projects (webseries, indie film, music album, small business, event, etc).  While you could probably just open a Paypal account and make yourself a nice webpage, these sites have a whole interface already set up for you to promote your project and get donations, and hey, they also provide exposure for your project on their site so maybe some random people you’ve never met will donate money (not likely unless Taylor Lautner or Justin Bieber has signed on to star in your project, but you never know).

What’s the difference between Kickstarter and IndieGoGo? ...or… Which is better, Kickstarter or IndieGoGo?

A quick Google search of Kickstarter vs. IndieGoGo yields a ton of pages and articles that I’m sure can detail all of these sites subtle and not so subtle differences, but from my own experience, the biggest difference I have seen has to do with money.  As of now, you only get the money pledged to you on Kickstarter if you raise it ALL (AKA you must meet your goal to get the moolah…this is insurance I guess for anyone pledging to donate that you won’t just take their money and never do your project).  IndieGoGo, however, allows you to take away whatever you can raise even if you don’t meet your goal (with IndieGoGo taking a bigger cut if that happens).

So…does that make IndieGoGo better?  Hard to say.  I think it depends on your specific goals and needs.  You might think IndieGoGo is a great deal, but since both sites require people to register to donate and since I think Kickstarter is more ubiquitous (at least in the US) choosing it might make it easier to get donations when you Facebook spam all your friends to donate.

MONEY!

How do I make a successful Kickstarter or IndieGoGo?

John August already has a post about this, direct from the source, but I think I have a few tips to share (some similar some different) from the experiences of my friends who have used both sites:

1. Have an awesome promo video – Really put time and whatever money you can spare into making a great promo for your project.  This is what you’re selling to your friends.  Something dinky isn’t going to inspire anyone besides your mom to open their wallet.

2. Have decent incentives – While most people are donating because they like you and not because they want a free DVD, I think it’s wise to remember the little people giving you their money…so don't be stingy with those copies of your CD/DVD at the low contribution level and maybe think of offering executive producer/equivalent credit at the high ends.  And hey, if your incentives...er...products are really great (like this guy) you might be surprised how fast you meet or even exceed your goal.

3. Have reasonable expectations – These sites are great ways to raise a lot of money in a relatively short amount of time but remember, it’s mostly coming from your close friends/family and a lot of them probably don’t have $1000 bucks to give up (and if you have a ton of friends like that, what the heck are you crowdfunding for?).  In other words, yes, people can raise lots of money on these sites, but setting something like a 50k goal is extremely ambitious…the most I’ve ever seen a friend raise was about 8k and a large portion of that came from parents/close family who had already agreed to donate...so just know what you're getting yourself into.

4. Don’t lose hope - Keep plugging your project’s site.  I think the going always seems to be slow early on, but the money tends to really start rolling in at the end if you’re promoting hard and the project looks good.  All of my friends who have used Kickstarter/IndieGoGo have met their (reasonable) goals with the majority of the money coming in the last 48 hrs.