Crowdfunding research

By admin on August 3, 2011 in Uncategorized
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This wasn’t going to be a blog post but I got more and more frustrated as I researched I thought it might be helpful.

I find myself suggesting to people that they should think about crowdfunding but have never actually got a project funded myself, so here goes.

We started with Kickstarter, obviously. As a UK based company and individuals we can’t add our project (boo). Kickstarter has been saying they would go global for sometime – pull your finger out! Having looked around (a lot) you quickly see why kickstarter is the market leader. They are the best. They have thought about a lot of the detail, hat tip.

So where do we start next now? I honestly thought this would be easy, but it became obvious quickly why kickstarter are so damn successful, their service is just better than everyone else’s!

www.crowdfunder.com
This was top of my list to use, I really liked the feel and vibe. Most importantly it was used a ‘Fully funded’ model. Something we think is really important in asking for funding.
* Fully funded model
* Costs: 4% + paypal costs
* Credit Cards supported through Paypal
Prefect – until I came to test the process of funding (pretty damn important) For some CRAZY reason you have to deposit money into an account before you can fund. This put me off, and would no doubt put prospective funders off too.
(I really wanted to fund: http://www.crowdfunder.co.uk/invest-now/jar-of-angels-a-short-film-275 and I wish they had had a way for me to shortlink it to I could tweet – yes I could bit.ly I know, but I’m lazy. I’m really sorry Jar of Angels!)
We really like the site but for now we can’t use it.
UPDATE 1st Aug 2011 : Just spoke to crowdfunder and it seems that this may be changing this in the coming months so worth watching.

next…

http://www.sponsume.com/
* Costs: 4% and 9% if you don’t hit target. + paypal
* Credit cards via Paypal

I fundamentally think you have to have a hit target model. (or as I now know this is called ‘Fully funded’ )
Will I have to rethink this belief?
Looks and feels good
Funding process was straight forward. Though the terminology ‘delivery info’ confused me somewhat.

next…

http://www.indiegogo.com/

They too don’t have a fully funded model – strike from list
Project in $ (not a bad thing as we wanted an international audience)
Costs: 4% and 9% if you don’t hit target. + paypal
What’s with the MTV link? Not bad in fact kind of interesting.

next…

http://www.newjelly.com/

Fully funded model
Cost 5% of fee +plus paypal
The site is in BETA – which feels really odd when I’m handing over cash!
The site is very low on content: 9 new projects. 0 fully successful
Funding in €
They say they only support PayPal – but they may support cards via PayPal – I didn’t check.
If someone is going to take 5% of the money I make they have to bring something to the party, don’t they?

next…

http://en.fansnextdoor.com/

European site
5 successful projects! 7 in total ummm echoooo
This is getting depressing!

next…

http://rockethub.com/

Initially I was a little skeptical that this would support what we wanted from Crowdfunding. It has a very community driven approach and I wasn’t sure we would be able to commit enough to the community to make our submission work.

I’m not 100% convinced about the ‘fuel’ metaphor and the design puts me off a little (would it do the same for funders?)

The gamifaction of crowdfunding sort of put me off, but then again I suddenly really wanted a badge – I’m being sucked in :)

Oh hold it !!!
Not a fully funded model – they have a All & More™ which means it’s get as much as you can model
Cost: 4% fee + 4% cards (most seem to be 3% based on paypal) + 8% if you don’t hit target

next…

http://www.fondomat.com/
Not open yet!!!

I’m getting a little desperate not and thinking about changing my nationality – perhaps it would be easier:
I started to wade through this: http://www.crowdsourcing.org/directory

At this point we had a discussion internally – why don’t we just set up a page and take pledges via another method. It didn’t seem like these sites were going to bring us much traffic so perhaps we could do it ourselves. We pondered. Perhaps we should use a PayPal Donate button? @StanDoubt pointed us to http://bit.ly/cARQKq – interesting. This suddenly seems overwhelming. We want to make NightVision not a webste..

On with the hunt:

http://invested.in/
A all or nothing model AND a raise as much as as possible. Actually you get to decide what kind of funding you want. All or Nothing, with or with out a deadline. Or a model of raising as much as you can. there is a downside though… we can’t bust our limit if we choose the All or Nothing model (I think this is true – I’ve just emailed them)
Cost 3%
+ Credit card fees
Some of the other sites do updates better so I think we would need to integrate into Facebook better. (something we didn’t really want to do.
It doesn’t seem like there is a massive vibrant community of funders. Lots of 0% funded projects.
A pretty simple and straight forward payment system, but you do need to create an account, but that seemed easy…
hold it, why is there always a BUT – doesn’t except paypal just Credit Cards.

———-
Enough is enough. We stopped researching. So it has to be one of these options.

We’re still convinced Fully Funded is the way to go. I like crowdfunder but I just don’t get why I have to deposit cash – it make no sense. For this reason they are out.

This leaves invested.in or do it ourselves. I’m worried about trust if we do it ourselves. (and I did hear a couple of stories of paypal holding/freezing cash if they feel they need to investigate you) plus it means it will be harder to run a fully funded campaign (if not impossible)

so invested.in it is. And here is our page…

Now after all that amazing research give us your cash >>>>

http://inv.st/12G

10 Comments

  1. Neil Cocker August 4, 2011

    Did you try http://www.pozible.co.uk ?

    :-)

  2. Author
    admin August 4, 2011

    I was going to write about Pozible. Love the site but seemed to down-under focused.

  3. Neil Cocker August 4, 2011

    Yeah, it started off as an aussie site called Fundbreak but then they renamed as Pozible. But they’ve got a .com for the Aussies and a .co.uk for us Brits.

    Just remembered it, otherwise I would have mentioned it sooner.

  4. Author
    admin August 4, 2011

    when I looked at it it might have a .co.uk address but projects advertised in A$ and pretty much all are Australian. I could only see one outside Oz – project from Ireland. (and Lucy has a strong Oz assent)

    I remember I did a quick search and read a blog post that said it was hard(er) for a non-oz company to get an invitation. Not sure if true but makes sense.

    Didn’t make the UK/Euro cut :)

  5. Neil Cocker August 4, 2011

    Ahhh, I see. I had brief contact with them when they launched as an Aussie outfit and they said they were going to launch in the UK once they got the financial/legal shizzle sorted. Doesn’t seem like they did, particularly.

  6. Chris August 8, 2011

    There’s an interesting UK-based one on the way called Angel Shares. The website isn’t up yet (although I’ve had a peek and it looks good) but the Twitter account is @loveangelshares

    I’ve heard good things about wedidthis.org.uk too – they were being touted around by DCMS quite a bit at the beginning of the year too.

    Also, there’s a typo in the title and link for crowdfunder.co.uk

  7. Author
    admin August 8, 2011

    I looked at wedidthis.org.uk and I guess my research was quite specific and I wondered if wedidthis was too arts – i wasn’t sure about the 30 projects per month either.

    following @loveangelshares. I was also pointed towards http://launch.sprowd.com/ which looks interesting too.

  8. Hywel August 19, 2011

    Hi there, very good post, I hadn’t heard of a number of these sites. I just wondered if you had looked over http://www.crowdcube.com/ too? Also appears to have a Fully Funded model and similar to a number of those above. What do you think?

  9. Author
    admin August 19, 2011

    Hi Hywel, glad you like. I pretty sure crowdcube.com is a white-labeled version of crowdfunder.co.uk (mentioned above). Also Crowdcube is more business focused an we were looking for a more creative funding solution. Worth thinking about using as they seem great.

  10. Hywel August 19, 2011

    Ah yes, I remember that Crowdfunder was created by the same guys. Also I agree that Crowdcube is of course very business focussed, I should’ve looked more into what exactly you need funding for first, but yes it does seem to be a very good set up. The PR opportunity alone for being funded in this manner is very attractive for a small business. At least while its new anyway!

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