◙ KICKSTARTER REVIEW SUMMARY
√ Reward-CrowdFunding (Creative Projects)
√ All-or-Nothing Campaigns
√ 8%-10% Total Fee on Received Funds (Only successful campaigns)
√ Full Mobile App
◙ SUPPORTED PROJECTS
KICKSTARTER allows users to raise funds for their favorite creative cause. Creative projects include Art, Comics, Crafts, Dance, Design, Fashion, Film & Video, Food, Games, Journalism, Music, Photography, Publishing, Technology and Theater
- REWARD CROWDFUNDING
- ALL-OR-NOTHING CAMPAIGNS
- PROJECT CREATORS KEEP OWNERSHIP OF THEIR WORK
Kickstarter cannot be used to offer equity, financial returns, or to solicit loans.
THREE KICKSTARTER RULES:
(1) Projects must create something to share with others
Kickstarter can be used to create all sorts of things: art and gadgets, events and spaces, ideas and experiences. But every project needs a plan for creating something and sharing it with the world. At some point, the creator should be able to say: “It’s finished. Here’s what we created”
(2) Projects must be honest and clearly presented
Projects can’t mislead people or misrepresent facts, and creators should be candid about what they plan to accomplish. When a project involves manufacturing and distributing something complex, like a gadget, project creators must be able to show a prototype of what they’re making (photorealistic renderings are prohibited).
(3) Projects can’t fundraise for charity, offer financial incentives, or involve prohibited items
Projects can’t promise to donate funds raised to a charity or cause, and they can’t offer financial incentives like equity or repayment.
◙ SUPPORTED COUNTRIES
Proposing a Project is available for residents in the US, UK, Canada, Australia, New Zealand, the Netherlands, Denmark, Ireland, Norway, Sweden, Germany, France, Spain, Italy, Austria, Belgium, Switzerland, and Luxembourg who meet the requirements below.
(1) 18 years of age or older
(2) Permanent resident of the selected country (individual or registered legal entity)
(3) Address, bank account, and government-issued ID based in the selected country
(4) Holding a credit or debit card
Note: Kickstarter is open to backers all over the world.
◙ WHO IS KICKSTARTER
Kickstarter was found in 2009 and it is based in Greenpoint, Brooklyn, USA. Kickstarter supports all kind of creative fund campaigns including films, games, music, art, design, and technology. Kickstarter since its launch in 2009 has raised more than $1.8 billion, funding more than 87,000 creative projects.
◙ KICKSTARTER COST OF SERVICES
KICKSTARTER charges two basic fees. 5% fee on every succesful project and another 3-5% as processing fee. If funding isn't successful, there are no fees.
If a project is successfully funded, the following fees will be collected from the project's funding total:
(1) Kickstarter fee : 5% of total funds raised
(2) Payment processing fees : 3% + $0.20 per pledge (Pledges under $10 have a discounted micropledge fee of 5% + $0.05 per pledge)
◙ WITHDRAW FUNDS FROM KICKSTARTER
If a is successfully funded, the funds are debited directly from backers' cards. There is a 14-day window for collecting and processing pledges. Once the 14-day window has passed, funds will automatically be transferred directly to the project creator's bank account. It can take an additional few days depending on the bank involved.
◙ PROJECT TIME LIMITS
Funding on Kickstarter is all-or-nothing. No one will be charged for a pledge towards a project unless it reaches its funding goal. This way, creators always have the budget they scoped out before moving forward.
- 90-DAY PERIOD
◙ OTHER FEATURES BY KICKSTARTER
When a project is successfully funded, the creator is responsible for completing the project and fulfilling each reward. Their fundamental obligation to backers is to finish all the work that was promised. Once a creator has done so, they’ve fulfilled their obligation to their backers.
There’s a chance something could happen that prevents the creator from being able to finish the project as promised. If a creator is absolutely unable to complete the project and fulfill rewards, they must make every reasonable effort to find another way of bringing the project to a satisfying conclusion for their backers.
Greenpoint, Brooklyn, USA
KICKSTARTER WebSite: www.KICKSTARTER.com
◙ Kickstarter Review