November 11, 2012

Crowdfunding & Indiegogo for newbies from a newbie

BlissEscape, Our first crowfunding project on Indiegogo

  1. Colleen and I started exploring crowd-funding option for BlissEscape, the worlds first audio relaxation travelogue, few months back and launched our campaign on Indiegogo a week ago. In this post I discuss our rational for picking Indiegogo. And why we think it is a better platform for innovative projects that blur the line between existing categories.
  2. Many people have since asked me the rational for choosing Indiegogo and crowdfunding etc. I thought a blog post (series) is the best way to respond to the questions.
  3. I compared existing crowdfunding platforms I was aware of.    
  4. Firstly, in my opinion crowdfunding is an excellent market research tool to estimate the potential sales (viability of your product)
  5. Why did we decide to go with Indiegogo for our crowfunding?
    1. It works in Canada ! 
    2. BlissEscape is a better fit for Indiegogo given the wide range of projects it allows, compared to the limited Kickstarter. 
    3. Indiegogo allows for flexible funding
    4. BlissEscape is very innovative (not like next best photo app & software innovation, more like Doritos blowing up the snack category!) and rides on micro trends - of love for travel, growing stress, rise of mobile apps, mobile savvy moms, and laws of subtraction !
  6. From out observation, if your project is not software or hardware based then Indiegogo is likely a better fit for your project compared to others. At least the community curation is easier to manage than blanket/canned statements from KS staff evaluators. 
comparison of crowdfunding sites for innovative projects