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People’s Insights Volume 1, Issue 28: Kickstarter

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50+ thinkers and planners within MSLGROUP share and discuss inspiring projects on corporate citizenship, crowdsourcing and storytelling on the MSLGROUP Insights Network. Every week, we pick up one …

50+ thinkers and planners within MSLGROUP share and discuss inspiring projects on corporate citizenship, crowdsourcing and storytelling on the MSLGROUP Insights Network. Every week, we pick up one project and do a deep dive into conversations around it -- on the MSLGROUP Insights Network itself but also on the broader social web -- to distill insights and foresights. We share these insights and foresights with you on our People’s Insights blog and compile the best insights from the network and the blog in the iPad-friendly People’s Lab Quarterly Magazine, as a showcase of our capabilities. This week, our topic is Kickstarter. For more, see: http://peopleslab.mslgroup.com

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  • 1. crowdsourcing | storytelling | citizenshipPeople‟s Insights: Volume 1, Issue 28Kickstarter
  • 2. What is Kickstarter?Kickstarter is a crowdfunding platform, empowering artists andengineers to raise funds from individuals. Since 2009, Kickstarter hashelped raise more than $250 million for more than 24,000 projects.kickstarter.com/start ““ [Kickstarter is] a place where artists and engineers can connect with the people in direct peer-to-peer relationships who aren‟t just buying entertainment, they‟re helping make dreams a reality. - Mike Bulajewski, User Experience Designer, Mr Tea Cup
  • 3. Getting fundedKickstarter recommends that projects be realistic and well-defined interms of scope, budget, funding goal and funding deadlines. Projectsthat offer rewards to backers have greater chance of success.kickstarter.com/projects/420606009/fight-for-space-space-program-and-nasa-documentary
  • 4. Strictly for creative projectsKickstarter does not allow funding for causes, charities or „fund-my-life‟projects. Projects must fall under specific categories, including film,music and design, and have a tangible result (example: music album).1) kickstarter.com/start2) nytimes.com/2012/03/17/arts/kickstarter-and-artspire-as-models-of-arts-financing.html3) boingboing.net/2012/03/15/using-kickstarter-to-make-fine.html
  • 5. „All or nothing‟ fundingA project must meet its funding goal by a set deadline in order to receiveany funds. Kickstarter believes this “protects everyone involved,” asprojects with insufficient budgets are less likely to succeed. kickstarter.com/discover/ending-soon ““ Once you add constraints, that‟s what happens. We want that to happen. „Kickstarter project‟ has some specificity to it, just like a tweet. – Peter Chen, Co-Founder, Kickstarter, NYTimes.com
  • 6. Notable projects funded on KickstarterTwo Academy-Award-nominated documentaries, art projects exhibitedin the Museum of Modern Arts, an iPod Nano watch, and 10% of filmssubmitted to Sundance got their start on Kickstarter. LunaTik1) mediadecoder.blogs.nytimes.com/2012/01/30/at-sundance-kickstarter-resembled-a-movie-studio-but-without-the-egos/2) core77.com/blog/business/scott_wilson_on_tiktoklunatiks_huge_kickstart_18032.asp
  • 7. What drives project starters and backers?Broadly, project starters come to Kickstarter to give life to their creativeideas, and backers come to support friends, give back to the community,or commission creation of cool products they‟d like to own.facebook.com/Kickstarter
  • 8. Beyond funding - communityKickstarter sees the platform as more than just a way to raise money.It also connects starters with their audience and helps promote theirwork. Most successful starters feel the same way. - Scott Wilson, Designer, LunaTik, Core77.com Kickstarter.com/start
  • 9. Revenue modelKickstarter takes a 5% cut of the money raised, and Amazon Payments,the payment platform, takes an additional 3%-5%. While some say thisis too high, most argue that the value provided justifies the cut.articles.businessinsider.com/2011-04-28/tech/30065679_1_kickstarter-funding-projects
  • 10. Exponential rise in dollars pledgedWhile most successful Kickstarter projects receive less than $10,000, afew crossed the six- and seven-digit mark in 2012. In March 2012,Double Fine Adventure raised $1 million in under 24 hours.en.wikipedia.org/wiki/Kickstarter#Top_projects_by_funds_raised
  • 11. Post funding – the work has just begunSome people criticise the lack of accountability of projects once they arefunded, while others point out that artists now have to prove theirbusiness mettle and deliver the product, and rewards, to their backers.1) businessinsider.com/pebble-kickstarter-crowdfunding-delay-2012-72) twitter.com/neilhimself/status/204999882983997441
  • 12. Legal and tax implications?As the amounts raised cross six digits, and Kickstarter plans its UKlaunch, industry watchers are pointing out the need for laws tosafeguard backers, and to clarify the tax status of the funding.1) forbes.com/sites/suwcharmananderson/2012/05/23/kickstarters-sting-in-the-tail-tax/2) mashable.com/2012/04/05/jobs-act-crowdfunding-startup/
  • 13. Crowdfunding beyond KickstarterPlatforms like IndieGoGo cater to more diverse projects including„fund-my-health,‟ and are less restrictive regarding „all or nothingfunding‟. Overseas, zeczec.com caters to Taiwanese crowds.1) Comment from the Insights Network, MSLGroup Community2) IndieGoGo.com3) Taiwan crowdfunding platform www.zeczec.com
  • 14. More People’s Insights Weekly reportsEvery week, we dive into one topic for discussion on the MSLGROUPInsight’s Network and discuss insights and foresights, in three keyareas: crowdsourcing, storytelling and citizenship. Crowdsourcing Storytelling: Citizenship Mahindra Spark the Rise @MarsCuriosity #Kony2012For more reports, visit: peopleslab.mslgroup.com/peoplesinsights/
  • 15. Read People’s Lab insights and foresightsThe People’s Lab team shares the insights and foresights from theMSLGROUP Insights Network on the People’s Insights weekly blog andthe People’s Insights Quarterly magazine. MSLGROUP Insights People’s Insights People’s Insights Network weekly blog Quarterly magazine 50+ MSLGROUP planners We deep dive into Every quarter, we will compile share and discuss inspiring conversations around one the best insights from the projects on corporate project -- on the MSLGROUP network and the blog in the citizenship, crowdsourcing and Insights Network itself but also iPad-friendly magazine, as a storytelling. on the broader social web -- to showcase of our capabilities. distill insights and foresights.For more, visit http://peopleslab.mslgroup.com
  • 16. Coming soon: People‟s Insights AnnualReportIn early January 2013 we will publish the People‟s Insights AnnualReport, in which we synthesize our insights from throughout 2012 andprovide foresights for business leaders and change-makers for 2013.
  • 17. People’s Lab: Crowdsourcing Insights &InnovationPeople’s Lab is MSLGROUP’s proprietary crowdsourcing platform andapproach that helps organizations tap into people’s insight forinnovation, storytelling and change.For more, visit http://peopleslab.mslgroup.com
  • 18. For People’s Labsolutions, contactpascal.beucler@mslgroup.com