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Crowd funding - Kickstarter

R

RobZombie

Just wondering if anyone has any first-hand experience of crowd funding their own projects through Kickstarter and can offer any words of wisdom? Also interested in hearing from backers and what motivated you to back a project?
 
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If it’s something unique that I’m not going to get anywhere else or a very good cause - stuff I’ve backed - batter that used a MagSafe 2 to charge it (epic product apple then killed it) - DS9 documentary - Apollo mission control restoration - and a bunch of other stuff... now though I’m very picky about what I back having had two or three things not deliver.


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DRD said:
Is this where you lend money to someone you don't know and hope that you get it back ?
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In some cases it's where you put money in to fund a project with no expectations of getting it back. I've never backed a project and always said I'd rather not get involved with it as I'd rather not be answerable to other people. But I've been working on a VR game in my spare time for the last 3yrs (that's also what I do in my day job) and I'm starting to think crowdfunding might be a good idea so I can go at it full time and get it finished.
 
if you have a really good decent idea and can put a credible business plan together use an Angel Investment Network to raise some money. if you have got no idea or only half a silly plan go milk the crowdfunding lot. they are particularly partial to cool, hip and trendy stuff, especially if you thrown in a key ring, mug or t-shirt.


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It's definitely not a cool, hip or trendy idea. Its very much a tried and tested commercially appealing traditional video game. I'm not trying to do anything obscure. Like I say, I'd rather not go down the crowdfunding route but the one appealing thing (apart from the funding) is the free advertising and exposure that Kickstarter seems to bring. The success or failure of this project will inevitably come down to wether or not people know of its existence.
 
Having said that, the exposure is actually something that does worry me though. I could do without death threats and SWAT teams turning up at the door - which unfortunately has become a feature of working in games.
 
RobZombie said:
It's definitely not a cool, hip or trendy idea. Its very much a tried and tested commercially appealing traditional video game. I'm not trying to do anything obscure. Like I say, I'd rather not go down the crowdfunding route but the one appealing thing (apart from the funding) is the free advertising and exposure that Kickstarter seems to bring. The success or failure of this project will inevitably come down to wether or not people know of its existence.
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Can’t you ask your employer?
 
I think thats a pretty unbalanced view Alan. If I needed to raise money I think I'd avoid the angel investment route having been part of angel investor group and advisor to many tech companies with other angel investors, hedge funds and directly to company founders, its staggering how many Angels are totally clueless and folks take money and more worrying **** poor advice and then they tell you how much they think your idea is worth!

Major organisations were started by Kickstarter, oculus, acquired for £2B for example. With a strong idea many companies have raised huge sums, (10M I think is the highest I read about) and to avoid loss of equity or a huge debt mountain for first round of financing is hugely tempting. Then you can develop something and then goto second round if need be with a stronger case for how much your company is really worth.

Kickstarter has swung the sometimes very unfair "I want a chunk of your company" from angel and VC/HF investors now and there are choices. Sure its not right for everything.

Kickstarter is risky for those who want to buy your product which a lot of people don't realise when they think you are buying their product.
 
It was tongue in cheek!

To help @RobZombie :
Put together a business plan - it is the basic 'language' of fund raising. Tons of info on web about this subject, and also look at successful fund raisers' business plans. it doesn't need to be huge, but it does need to cover the idea, opportunity, your experience and credibility, competition, time scales, finances, etc.

Be realistic in your financial forecasts. Most plans have sales growth figures that are way too optimistic. if you are more cautious you will get more interest as investors can spot an over done forecast a mile off.

Be prepared for rejection. You will get lots of "No Thanks" before you get a "yes".

Stick at it, take advice,feedback and criticism to evolve the plan as you learn more and progress down the route.

Also - rather than doing this all yourself, you could short-cut and partner with a publisher or producer who can turn your idea into reality faster and cheaper than you can. You could even sell the idea outright to generate cash ready for your next idea. if you have 2 good ideas, sell one to fund the other, etc.
 
Ok!

Add one thing to Alan’s points - most successful folks I’ve been involved with start with how and why the customer buys the product and what the size and shape
of that market is.


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Lots of video games are.


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Yeah it seems to work well for video games. I think Star Citizen is currently on $198,000,000....with no end in sight.

I just need to raise enough to live on for the next two years.

Yes I could go through my employer but that would have some likely consequences including and not limited to the following:
1) They would insist on taking over creative control which would slow down development significantly
2) I would become embroiled in a mountain of red tape
3) They would take ownership of the intellectual property
4) My cut would go from 100% to something much smaller

I definitely don't want to sell out to investors. If that became the only option I'd just continue working on it in my spare time. Which currently is 3-4hrs every night, then up at 5am weekends to work on it.

The other option is Steam Early Access. I need to look more into that. It could work quite well for my game as it's built in a way that allows areas, locations and content to be added at a later date.
 
RobZombie said:
Yeah it seems to work well for video games. I think Star Citizen is currently on $198,000,000....with no end in sight.

I just need to raise enough to live on for the next two years.

Yes I could go through my employer but that would have some likely consequences including and not limited to the following:
1) They would insist on taking over creative control which would slow down development significantly
2) I would become embroiled in a mountain of red tape
3) They would take ownership of the intellectual property
4) My cut would go from 100% to something much smaller

I definitely don't want to sell out to investors. If that became the only option I'd just continue working on it in my spare time. Which currently is 3-4hrs every night, then up at 5am weekends to work on it.

The other option is Steam Early Access. I need to look more into that. It could work quite well for my game as it's built in a way that allows areas, locations and content to be added at a later date.
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Very few video games products actually get funded these days, so be careful. Board games however, do really well.
 
I was in on the Kickstarter for Timeshock! Ultra Edition. I put in about 5 times the cost of the game and I got... the game. It's tempting to be bitter that they didn't fulfill all their promises but without people pumping large sums into the Kickstarter, we wouldn't be able to play this marvelous pinball simulation in a cabinet. I went into it knowing that I might lose my money (despite the contractual obligations).
 
There are people who've ploughed $25,000 to over $100,000 on Star Citizen space ships. It's pretty insane. There's not really much of a game there to speak of.

I think I need to study their Kickstarter...
 
RobZombie said:
Also interested in hearing from backers and what motivated you to back a project?
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I've backed a few things on Kickstarter as listed below. It will either be that I've seen something advertised or shared by a friend on Facebook, or occasionally i'll go on Kickstarter and look at things that have already reached their target or are close to doing so, on the basis that if people have already been backing it then i'll take a look to see if it interests me.

WiTology bag/wallet - a bag and wallet with in built wifi (didn't go ahead)
Pinball Showdown - Pinball themed card game (delivered last summer - still haven't played it!)
ETO - wine decanter & preserver - backed June 2017, estimated to be delivered any time now

Not sure how helpful that is but good luck any how!
 
RobZombie said:
Also interested in hearing from backers and what motivated you to back a project?
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I backed the Pebble Time then changed my pledge to the Steel version when they announced that during the campaign. Backed it because I already had an original Pebble Steel, really liked the watch and it was quite a big saving on backing it compared to buying it at later date plus meant I'd get it early.

Other than that I've backed a few video game projects because I'd really like to see them get made.
 
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