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Have you created the next world-changing product? Entrepreneurs use crowdfunding campaigns to raise funding and bring their products to life while delivering them to the marketplace.
During your crowdfunding journey, you will have to make several decisions that you feel benefit your campaign. One central question is, what platform will you use for crowdfunding?
Although there are many platform options to launch your campaign, Kickstarter and Indiegogo are two of the most popular. While you can be successful on either platform, the key is learning each site’s advantages, disadvantages and discovering which will work best with your product.
Each site is known for its impressive crowdfunding campaigns for the latest and greatest products. However, to jump on either of these bandwagons, you must agree to the rules as the creator.
Kickstarter’s rules and requirements are more demanding than Indiegogo’s rules right off the bat. To be listed on Kickstarter, you must feature a fully functional prototype and show that it works. Kickstarter is also reserved for creative products. You aren’t able to launch any product that you want to. If your campaign doesn’t include developing an innovative product or service, you can’t use Kickstarter.
Alternatively, Indiegogo’s rules are more relaxed. Indiegogo can be used to raise money for almost anything. The award-winning international platform will accept conceptual ideas or working prototypes, unlike Kickstarter.
For the sake of your timeline, it is good to know which platform requires approval and which one doesn’t.
A Kickstarter campaign must be submitted for approval before it can go live. Basically, they are confirming that your campaign is centered around one of their categories and that you can deliver on your promises. Kickstarter’s categories are dance, design, fashion, film, food, games, music, technology, and theater.
Indiegogo does not require any application. Anyone can sign up for a free account and launch their campaign without an approval process.
Perhaps the most important consideration, how much do these platforms cost? In exchange for the use of their platforms, each one charges fees that are taken out of the money you’ve raised during your campaign.
Kickstarter collects a 5% fee to the total amount of the funds collected through their site. They also apply a 3% to 5% processing fee.
If you choose Indiegogo, expect a 5% fee on the total amount raised if your campaign reaches the funding goal.
Kickstarter practices as an all-or-nothing crowdfunding platform. That means if your crowdfunding goal isn’t met, backers will not be charged, and creators do not receive any funding.
Indiegogo offers campaigners a couple of options to set up their campaign. Flexible funding allows creators to keep any money that they raised, even if the campaign doesn’t reach its goal. If you opt for the Fixed Funding option, all contributions collected are returned to backers if the goal is not reached.
If you choose Indiegogo as your crowdfunding platform, you can choose to enroll in InDemand. This option allows you to keep raising money after your campaign has ended. It will also allow you to continue growing your community, increasing your audience reach, and continuing to get exposure through the Indiegogo platform. However, you will only be eligible for the InDemand feature if your campaign reached its funding goal by the deadline.
Although Kickstarter doesn’t offer an InDemand option, you can easily switch your campaign over to InDemand by contacting the Indiegogo team.
Both Kickstarter and Indiegogo are major players in the crowdfunding game. Depending on your product, you can be successful on either platform. Evaluate your needs, budget, and determine which platform your product would work best on. It may ultimately depend on the type of product that you created.
If you are still unsure which platform is best for you or have questions about crowdfunding services, turn to the Kickstarter and Indiegogo marketing experts here at The LaunchPad Agency. Our team can help with new product launches, crowdfunding campaigns, or digital marketing services to launch your new product to success and beyond.