Cracking The Kickstarter Code: Vital Information To Make Your Project A Success
9:52 am, June 12th | by Amy Tennery
Kickstarter: It’s the entrepreneur’s (or altruist’s… or bored hobbyist’s) dreamland. Enter in your project on the website, draw in sympathetic people with cash and bam! There’s your money.
Well, not exactly. Turns out there are a few key factors that make your project more successful than others on Kickstarter, according to recent data compiled on the site.
First of all, brace yourself: Just half of all pitched products on Kickstarter are actually successful (i.e., able to reach their goal fundraising amounts). This number is either depressing or impressive, depending on your perspective — and considering that Kickstarter is more or less a high-tech place to beg people for start-up juice.
And, of all the projects available for funding on Kickstarter, the most successful types may surprise you. Performing arts tend to have a shockingly high success rate, with Dance, theater and music boasting 75 percent, 71 percent and 68 percent success rates, respectively. And, considering that it’s an online start-up nest, technology projects surprisingly have some of the worst success rates — just 39 percent of tech projects succeed (the second-worst rate, behind fashion, which clocks in at a 33 percent success rate).
So what’s the big secret? (Aside from an artsy objective, that is.) A lower fundraising goal. The typical successful project had an average goal of $5,487, while failed projects aimed for $16,365 on average.
As in life, lowered expectations win the day.