There are two names that are synonymous with crowdfunding: IndieGoGo and Kickstarter.
Anybody who has dealt with crowdfunding before will have come across these hugely popular websites. IndieGoGo and Kickstarter are responsible for helping fulfill the entrepreneurial dreams of hundreds of people across the world every year.
Which is Best For Your Next Crowdfunding Campaign?
So what separates IndieGoGo from Kickstarter?
Which crowdfunding platform promises better prospects?
This article will look into both these websites by covering some important characteristics that govern the crowdfunding world.
Kickstarter is huge and eagerly followed by journalists looking for an exciting story. Over the past couple of years, several of Kickstarter’s campaigns have won admiration at a national level.
2. Nature of Projects
Kickstarter is open only to projects which are creatively inclined such as those that seek funding for a movie, game or book.
Trivial projects are quickly shown the door.
IndieGoGo, on the other hand, is more flexible and allows individuals to pursue their financial goals with ease.
It is difficult for an individual living outside the United States (apart from Canada and the UK) to seek funding on Kickstarter.
IndieGoGo is more flexible in this regard. However, anybody from across the world can pledge to take the campaign forward pn both sides.
4. Community of Backers
Kickstarter is followed by a huge community of backers who remain faithful to the site. The number of backers behind IndieGoGo is only 1/6 that of Kickstarter!
5. Funding Model
Kickstarter has deployed an “all or nothing” funding model.
This means that it is important for the project goal to succeed for the creator to gain from the campaign. A 5% fee is applicable on all projects that are funded successfully while no fees are imposed on failed projects.
IndieGoGo is more flexible as far as funding is concerned.
Project creators will be allowed to keep money raised even if the project turns out to be unsuccessful. However, a hefty fee of 9% will be imposed on all failed projects while it’s only 4% on successful ones.
6. Google Search
A search for the keyword “Kickstarter” on Google pulls out close to 30 million results, 5 times more than a similar search for IndieGoGo, which returns 6 million results.
There is no doubt that Kickstarter has established itself online more than any other crowdfunding site.
The Kickstarter Handbook provides crowdfunders with the right guidance to launch a successful crowdfunding campaign.
What’s more, the site also provides users with the necessary marketing know-how to showcase their campaigns.
8. Failed Campaigns
56% of crowdfunding campaigns at Kickstarter resulted in failure. Compare this with the 80% failure rate for IndieGoGo.
The average crowdfunding campaign at Kickstarter stands at $5000 while its $3,700 for IndieGoGo.
So which is the best crowdfunding website among the two?
While Kickstarter is definitely a winner, several people find IndieGoGo more suited towards their needs.
Are you deciding which website to use for your next campaign?
Ponder over the nine points mentioned above and choose a crowdfunding website that best suits your needs. If you need more flexibility and have a project that isn’t guaranteed to do well, go for IndieGoGo.
If you are supremely confident about the strengths of your project, then Kickstarter is the way ahead!
All the best for your campaign and may you achieve your financial goals!