You’ve got a great idea or passion, but the problem is you might not have enough funds to make it happen. Another common problem is that once fund raising is done, ownership and control becomes transferred to the people who have funded your idea. This is one of the main reason why a lot of brilliant ideas don’t happen.Â Here comes a website startup that will try to solve those problems. KickStarter is a great new website that allows users to get funding from other internet users without any ownership or control issues (that’s right, you keep 100%). What’s really cool about it…
… is that the whole point of Kickstarter’s existence is dedicated in raising funds for great ideas at the same time giving encouragement and support to the idea. The best thing is that you get to keep 100% stake in the business, But in return you offer rewards to those who ‘pledge’ (fund) your idea / project. The rewards are totally up to the person raising funds, and there’s no standard way of doing so.
— Sample of Ideas / Projects asking for funds —
It also allows users to update (Similar to a blog post), either the public or just the ‘pledgers’ (people who contributed), about how the project is doing. There’s only one rule in raising funds which is all or nothing. If you were not able to raise that amount of money in a certain amount of time then everything donated will go back to the pledgers. The reason as they said was that its not worth working on a project that has half the funding yet expects you to complete a full project. Its currently only accepting pledges from Amazon’s payment system only and is only available for US residents and bank account holders only (we all have to wait on the other side of the world).
Overall, it’s a great way to help people out. It allows users to raise cash without the problems (mentioned in the introduction). It has a very nice interface which is so simple and user friendly (great 2.0 design). However, the concept is yet to be proven as I’ve only seen just 2 100% funded projects in the said time. In times of recession, people are going to do whatever it takes to do their interest and passion and this might be the best way to do so while being funded. I’d really love to see this take off one day.