Comments | crowdfunding: What We're Learning About Crowdfunding

ysabetwordsmith in crowdfunding

What We're Learning About Crowdfunding

Dec 09, 2014 21:38

Crowdfunding is a relatively new business model. It's been around long enough that patterns are beginning to emerge as people experiment with different ideas and methods. Let's list some of those ...

* Free samples sell content. More often than not, people like to know what they're getting before they plunk down their hard-earned money. In a brick ( Read more... )

cyberfunded creativity, how to, economics

Comments 4

shadowsculptor December 10 2014, 17:27:02 UTC

Thanks as always for the informative post! I've found all of this to be true. I find my greatest difficulty is in, first of all, drawing an audience, and second, finding a balance between selling art for too much money and too little.

Thoughts ysabetwordsmith December 10 2014, 20:35:23 UTC

Finding an audience can be challenging. It is much easier within a networked system, such as LiveJournal, where there's a large pool of users already gathered and you just have to get their attention. For a stand-alone website it is much harder, relying on search engines that are more interested in making money than providing accurate results. This is why I feel that we need a crowdfunding hub to host different types of projects and help patrons find things they like.

Pricing requires that you know things like:
* how much your materials cost
* how long it takes you to make things
* how much you need in order to live
* what people think your work is worth
* how much spending money your fans have
Some of those you can learn precisely, others are just estimates. Sometimes it helps to compare what other people are charging.

mrbumblepants December 11 2014, 07:31:57 UTC

I like what you've got here. Based on what I've learned watching other crowdfunders, I'd say a big thing is only offer what you can actually do - and find a way to show proof. It's disappointing to put money in a pot only to have a project fall apart, so I think people are hesitant if there's no assurance.

Thank you! ysabetwordsmith December 11 2014, 08:28:06 UTC

>> I like what you've got here. <<

Yay!

>> Based on what I've learned watching other crowdfunders, I'd say a big thing is only offer what you can actually do - and find a way to show proof. It's disappointing to put money in a pot only to have a project fall apart, so I think people are hesitant if there's no assurance. <<

I agree, reputation matters, and having previous projects boosts confidence in new ones. Most of the time I back projects on this basis, and I favor people whose work I already know and like, although I'm always watching for new opportunities.

On the other hoof, I have donated to several projects that I expected would not meet their goals or manifest a finished project. I am so fed up with the mainstream entertainment trashheap that I would rather donate $5 to longshot project with a diverse cast and fresh storyline, even if it fails, just to say "Here is my folding vote of approval for what you are doing!" than use that $5 to buy another piece-of-shit DVD where the black guy dies or the cast is all white or ( ... )