Successes and Failures of Crowdfunding

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Successes and Failures of Crowdfunding

Is it for everyone?

You can crowdfund anything: disaster relief, citizen journalism, startup company funding, movie making, research, and products.

Successes

Kickstarter and Indiegogo are the 2 of the most prominent crowdfunding platforms:

Top 3 Most Funded Kickstarter Projects:

Pebble

What is it? E-Paper Customizable Watch

Features:

Time

Phone Notifications (Texts, Reminders, Emails, etc.)

Applications (Use as a smartphone remote, a smartwatch for running, a cycling computer, golf rangerfinder)

How much did it raise?

$10,266,845

10,266% funded

Ouya

What is it? Video Game Console powered by Andriod

Features:

Allows any developer to build games for Ouya to play on TV

Applications (Video, Radio, Movie Streaming)

A controller with a touch pad

How much did it raise?

$8,596,474

905% funded

The Veronica Mars Movie Project

What is it? A movie based on the Veronica Mars TV series

Features:

People finally get a Veronica Mars Movie

Rewards for people who donated $10+

Movie will premier in early 2014

How much did it raise?

$5,702,153

285%

“Feel Good” Crowdfunding:

Karen the bullied bus monitor

What is it? A video of a 68 year old bus monitor being harassed to by middle schoolers went viral

Features:

Indiegogo campaign to send her on the vacation of a lifetime

How much did it raise?

$703,168

14,063%

Goofy Crowdfunding

Operation BearLove Good, Cancer Bad

What is it? The Oatmeal counter to Funnyjunk Defamation Lawsuit

Features:

The Oatmeal was sued for $20,000 for a blog post stating funnyjunk was using uncredited comics from The Oatmeal to generate revenue.

The Oatmeal took this course of action:

Try and raise $20,000 in donations.

Take a photo of the raised money.

Mail funnyjunk the photo

Take the money and donate one half to the National Wildlife Federation and the other half to the American Cancer Society

How much did it raise?

$220,024

1,100%

Failures

3 Accused Crowdfunding Scams:

1. Mythic: The Story of Gods and Men

What is it? A video game

What made it a scam:

All artwork for game was stolen

Claimed to be a team of designers with experience at Blizzard and Activision

Was actually an office aid

Outcome:

Raised $4,739 before it was suspended

No backers lost money

2. ZionEyes

What is it? Pair of glasses with built in mic and camera that can stream video and audio to web

What made it a scam:

Too ambitious

3 years later the product had not been made

Backers have received nothing for the money given

Outcome:

Raised $343,415

Backers lost 100% of money

3. Kobe Red

What is it? 100% JAPANESE BEER FED KOBE BEEF JERKY

What made it a scam:

Red flags prompted private investigations of this Kickstarter

Fake testimonials

No list of creators names

All stock images used

It was never proven that it was a scam from the start, but likely

Kickstarter shut it down hour before fundraising ended

Outcome:

Raised $120,309 before it was suspended

No backers lost money

Copy/Paste:

What is it? Lazy Scamming

What made it a scam:

Scammers copy and paste a crowfunding project

Steal from one platform (Kickstarter)

Post on Indiegogo

Outcome:

None have successfully raised money so far

They are generally found quickly by original owners

So close but so far away

DreamQuest Games “Alpha Colony”

What happened? Bad luck

Kickstarter came up $28 short of goal

Therefore project fails and they get no money

Outcome:

Raised $49,972, failed

Backers were refunded money

crowdfundingthumb

Sources:

http://www.kickstarter.com/discover/most-funded?ref=sidebar

http://www.kickstarter.com/projects/ouya/ouya-a-new-kind-of-video-game-console?ref=most-funded

http://www.kickstarter.com/projects/597507018/pebble-e-paper-watch-for-iphone-and-android?ref=most-funded

http://www.kickstarter.com/projects/559914737/the-veronica-mars-movie-project?ref=most-funded

http://www.indiegogo.com/projects/bearlove-good-cancer-bad–3

http://mashable.com/2013/06/21/kickstarter-scam/

http://www.indiewire.com/article/exclusive-video-the-top-5-accused-scammers-of-crowdfunding-from-the-makers-of-kickstarted

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