Kickstarter Stats Page - Project Failure Analysis

By Kevin Shockey
June 23, 2012 | Comments: 0

Being new to Kickstarter, I sort of took it for granted that they always had a statistics page, but I was wrong. Reviewing the Kickstarter blog, I discovered that it was just announced two days ago. I had no idea. My reaction was more: "of course they would have metrics available!"

Now that I've seen the numbers, I'm dumbfounded by how the "silver bullet" myth, that there is an easy way to "success," will not die. Up till this point, all everyone has been saying is crowdfunding this and Kickstarter that. Yes it does work, for some people, but unfortunately, for most projects, it does not.
More than half of all projects end in failure (See link before for an analysis of Kickstater project success and failure by category). From the graph you can see, that of the projects that failed, 83% raised 20% or less of their project's goal.

Throughout my research on crowdfunding success and failure for my OSCON tutorial "How to Organize and Fund Free Culture Projects," one truth became evident. Without an effective plan to grow and nurture a vibrant social community, your crowdfunding project will wither on the vine. Kickstarter will not be enough alone.

In nearly every famous example of project success, it is almost always due to prior preparation. Anyone considering launching a Kickstarter project, remember this: "Nearly every key business indicator of the past must be discarded." Social engagement over the Internet is the only metric that matters. Celebrity and "stardom" is earned, like trust.

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