Indiegogo & Kickstarter

[SimonMac]

I know the general idea of these sites, but what happens when something goes wrong? You don't raise as much money as needed, you under estimate and don't have the money to fulfill all the requests?

[AtW]

I know the general idea of these sites, but what happens when something goes wrong? You don't raise as much money as needed, you under estimate and don't have the money to fulfill all the requests?

I believe both services require set goal to be reached, otherwise money returned back to those who made committments.

[FatLazyContractor]

I believe both services require set monetary goal to be reached, and then the owners turn up in South America

FTFY

[TheFaQQer]

I know the general idea of these sites, but what happens when something goes wrong? You don't raise as much money as needed, you under estimate and don't have the money to fulfill all the requests?

On kickstarter, if you don't hit the target level, no money is taken. I think that on Indiegogo, they take the money anyway.

The problems come when the people doing the projects miscalculate the costs required / disappear with the money - because Kickstarter will just say "we'll encourage them to communicate and to do their bit or refund the money". Quite often, this happens with technology projects.

For example, look at the Vachen smartwatch on Kickstarter (which I backed, but dropped my pledge level at the last minute to $1) - no sign of life, no word from the person in years, no chance it's ever going to deliver. Look at the Agent smartwatch on Kickstarter (which I backed) - very little progress, the partnership between technology person and watch designer broke down, and someone has $1 million. Look at the first version of Pebble, where they hit massive problems because they were too popular.

It's a risk - some projects will deliver early (a few I've backed have!), some will be on time, the majority will be late, and quite a few will fail. I backed one project that only got completed because another backer gave them an extra $10000 to fund the machinery to make the parts.

Some of the projects are from existing businesses, which helps (I have backed three projects from TYLT and I've been happy with them, same as the ones from Andy&Rich / Meenova). I've funded some films which have been good, I've funded some games which have been good, and some that have just disappeared and failed. If you can't afford to lose the money, then don't back the project.

I backed the Dash headset from Bragi - it's years late, but my headset is due to roll off the production line this week. But the manufacturer has been in contact the whole time, so we've all known what was happening, been able to congratulate and commiserate, been able to see things being made. And if you're watching the project take shape, then it's quite fun.

The first project I backed was a simple thing - a guy was taking pictures of your pets and making a cartoon version in linocut and printing them for you. I've got a framed, handmade picture of my dog on the wall downstairs, plus the lino to be able to reprint any if I wanted to. From there, I've spent too much money, but I've got some interesting things.

[NickFitz]

I believe that Kickstarter now require projects involving physical objects to demonstrate a working prototype: https://www.kickstarter.com/rules/prototypes

[MarillionFan]

On kickstarter, if you don't hit the target level, no money is taken. I think that on Indiegogo, they take the money anyway.

The problems come when the people doing the projects miscalculate the costs required / disappear with the money - because Kickstarter will just say "we'll encourage them to communicate and to do their bit or refund the money". Quite often, this happens with technology projects.

For example, look at the Vachen smartwatch on Kickstarter (which I backed, but dropped my pledge level at the last minute to $1) - no sign of life, no word from the person in years, no chance it's ever going to deliver. Look at the Agent smartwatch on Kickstarter (which I backed) - very little progress, the partnership between technology person and watch designer broke down, and someone has $1 million. Look at the first version of Pebble, where they hit massive problems because they were too popular.

It's a risk - some projects will deliver early (a few I've backed have!), some will be on time, the majority will be late, and quite a few will fail. I backed one project that only got completed because another backer gave them an extra $10000 to fund the machinery to make the parts.

Some of the projects are from existing businesses, which helps (I have backed three projects from TYLT and I've been happy with them, same as the ones from Andy&Rich / Meenova). I've funded some films which have been good, I've funded some games which have been good, and some that have just disappeared and failed. If you can't afford to lose the money, then don't back the project.

I backed the Dash headset from Bragi - it's years late, but my headset is due to roll off the production line this week. But the manufacturer has been in contact the whole time, so we've all known what was happening, been able to congratulate and commiserate, been able to see things being made. And if you're watching the project take shape, then it's quite fun.

The first project I backed was a simple thing - a guy was taking pictures of your pets and making a cartoon version in linocut and printing them for you. I've got a framed, handmade picture of my dog on the wall downstairs, plus the lino to be able to reprint any if I wanted to. From there, I've spent too much money, but I've got some interesting things.

****s sake. If you wanted a watch, why not tell the missus so she can get one for your birthday. No need to try and buy the bloody company, who do you think you are, Victor Kiam?

[DimPrawn]

I'm working on a startup rival to Indiegogo, called Outdicomecome.

[MarillionFan]

I'm working on a startup rival to Indiegogo, called Outdicomecome.

Pah. I'm setting one up called FattyBoomBoom. I'll appear in my own adverts. Bootiful.