Hi everybody! I liked the way the weekly summary post turned out last week so I thought I would try it again. I hope you all had a good week.
As I continue to explore the various data sources for good ways to find projects, I’ve found a number of sites doing similar work to what I’m trying to do. This may be self defeating, but I love you all so much that I’m going to share what I find. So here they are: G4TV (Nerdsourcing), io9 (Crowdfund This) and SparkFun (A curated Kickstarter page).
Via ShackNews, a new games-only crowdfunding site, Gamesplanet Labs was recently launched.
Here are a few quick project updates on some of our favorites. Kickstarter-funded Fireside Magazine will now be open for submissions beginning in August, for one month.
Final Frontier Design was a featured project this week. Curious to see what effect that has.
Here also are a few new projects. Also via the Kickstarter Projects We Love Email (give me a break, it was a holiday week), come two projects, an open source robot submarine…
OpenROV is an open source robotic submarine designed to make underwater exploration possible for everyone. It’s also an online community of professional and amateur ROV (remotely operated vehicle) enthusiasts on OpenROV.com.
The Goal: to inspire and enable anyone to become a DIY Ocean Explorer.
We believe in the power of open source communities to create amazing tools and experiences. This is an invitation to become a co-developer of the OpenROV project.
…and a new magazine.
Tomorrow is a one-shot magazine about creative destruction—a fitting concept for eight recently unemployed journalists and designers. Our next move: Pushing others to jump out of their comfort zones, too, and writing and designing the hell out of the results. For the next month, we will crash on one issue of a magazine. No salaries, no health care, no ergonomic office chairs. No foundation grants, no advisory boards, no independently wealthy vanity investors—for now, at least. That means no filler, no product placement, no luxury gift guides. It means we won’t be afraid to publish things that are complicated or sexy or weird… the kinds of things that might just get you fired. (We’ve been there.) Tomorrow will feature original articles and essays about what’s on the cusp, plus fresh design, illustrations, and photography in a quality print publication.
And here’s a bit of information in the media I found interesting this week on crowdfunding in general.
Kickstarter’s release of their stats page has created a lot of coverage of the types and amounts of projects that get funded, but what I found most interesting was the 30% tipping point, after which funding becomes much more likely. People have known about the tipping point for some time but the release of project stats has provided significant support for this theory. My initial reaction was that 30% seems a low bar to clear. My guess is that most projects that break through the 30% barrier do so in their first week and pick up steam from there. I believe many campaigns stall out in the middle two weeks, and so getting to 30% quickly is a good test of the viability of the campaign. When you reach the Kickstarter doldrums, you have enough interest to sustain the project, and get to the last 25% of the funding period more than half funded. This can encourage those on the fence to take the plunge. Planning on how to get the first 30% quickly seems a good strategy to follow, either through priming your audience ahead of time to get them to back as soon as possible, or perhaps trying to find backers before the campaign starts, specifically those who might be interested in the big rewards.
This past week I ran across a number of good “food for thought” discussions on how to use crowdfunding to raise money. First is Kevin Clark, a composer discussing how to plan your Kickstarter. He has a series of posts going, of which I’ve linked to the third such post. And here’s one talking about how Kickstarter is not a magical pony, and that hard work and building an audience are still the key. Lastly, Northwestern University students are on the case, researching how to design a successful campaign. Meta-alert: They are running their own campaign to distribute their findings.
I could be wrong, but there seemed to be a lot of traditional media coverage of crowdfunding this week. This seems due to some new US laws that will soon allow small businesses to use crowdfunding to find true investors as opposed to donors or backers. The distinction is important in that donors, of course, are owed nothing further, backers are usually sold a reward, but investors get a share of your business. They become part owners with you. These new laws are leading to new platforms. I’m curious to see whether the investment-banking mindset is able to copy with the wisdom of crowds or whether the platforms are too limiting in what they allow to be placed on offer. The Atlantic also weighed in on the perils and promise of our crowdfunded future, including a good discussion of what the new laws mean.