1 in 10 projects are fully funded on Kickstarter's biggest rival
C Frank0 stashed this in Kickstarter
When the Ubuntu Edge high-end smartphone raised $3.4 million in the first 24 hours of its crowdfunding campaign on Indiegogo, it seemed poised to crush previous crowdfunding records. Two weeks later, the Edge is projected to wildly miss its $32 million mark. But the campaign’s swift rise hinted that maybe the chronically second-place Indiegogo was finally catching up to the crowdfunding gold standard, Kickstarter.
Indiegogo was founded in 2007; Kickstarter didn’t come along until 2009. The former has hosted 1.3 times as many completed projects as the latter. There were some breakout Indiegogo campaigns, like the $1.3 million Tesla museum and the $703,168 raised after a video of an elderly bus monitor being bullied by kids went viral. But the biggest blockbuster crowdfunding hits — the Pebble smartwatch, the Veronica Mars movie, the Ouya gaming console — have all been on funded on Kickstarter.
Furthermore, out of 142,301 projects that have ended on Indiegogo, only 9.3 percent raised 100 percent of their goals or higher, according to an analysis of public data byThe Verge (an Indiegogo spokesperson says that figure includes "test" projects that shouldn't be included in the statistics, but did not provide different numbers by the time of publication).
That’s much lower than on Kickstarter, where about 44 percent of projects meet their funding goals, but it's not as bad as it sounds — there’s no "all or nothing" requirement on Indiegogo, so creators can still opt to collect money even if the goal isn’t met. Many underfunded projects still come to fruition, and underfunded creators who choose to cash in are still supposed to fulfill the rewards promised to backers.
44% of Kickstarter projects hit their funding goals?! That seems very high.
Sites that assign coaches (The HatchFund, Fund.it) boast a 75% success rate. One observer told me that HatchFund formerly called USA Projects had more films premiering at Sundance the year he was there than Kickstarter. GiveForward also has fundraising coaches assigned to projects. It seems that makes a difference.
That's an amazing success rate. Wow!