With nearly everything available or possible online, the internet has become an additional avenue for fundraising. Websites such as Kickstarter, IndieGoGo, and RocketHub have experienced World Wide Web success with their crowdfunding websites, each catered to specific audiences or product categories.
So what is crowdfunding? It can be easiest described as proposal to raise money to fund a project. The contributions can be as small or as large as the “backer” or contributor desires, allowing those of all financial backgrounds to contribute or be a part of something they truly believe in.
Retailbound has decided to focus on Kickstarter versus the other crowdfunding websites due to their success in backing and launching technology related products. What is Kickstarter and how does it work? One of the most successful Kickstarter campaigns was “Pebble”, a product that acted as a fitness tracker, notification center, and watch, ALL AT ONCE! The campaign raised over 10 million dollars and is now sold at Best Buy. As you probably already know, Retailbound works with a variety of technology manufacturers, therefore, we will go into more depth as to how Kickstarter can benefit you!
There are a variety of benefits in starting a Kickstarter campaign. First things first, if you receive backers for your potential product, it provides a reassurance that there is a market for your product and that people believe in your product. It also provides those who do not have the funding to get their product off the ground a fair opportunity, evening the playing field slightly for product manufacturers. Additionally, the graduation to online fundraising eliminates time and money spent on fundraising events held in person. Countering this benefit is the retraction of the interpersonal aspect of fundraising events, however, in our highly technological world, this is something we as a society are adapting to.
Something important to note: Kickstarter requires project approval, so make sure you put utmost effort into your proposal. If they approve you, you do run the risk of not reaching full funding and having to pay the remainder plus potential fines.
Despite this, with a great product and great proposal, Kickstarter can truly increase exposure and get your great idea in motion!
