What is the most money ever raised on Kickstarter? - looks like $941K!

[Suresh Fernando]

Check this out: http://www.quora.com/Kickstarter/What-is-the-most-money-ever-raised-on-Kickstarter-and-for-what-kind-of-project?q=can+you+raise+money+for+businesses+on+kickstarter

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Suresh Fernando
BLOG, YOUTUBE, OK WEBSITE, OK FAN PAGE, OK GROUP, OK-WE, PHILOSOPHY,  TWITTER,  FACEBOOK, WOTW FAN PAGE LINKEDIN, SLIDESHARE

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[Terence Milbourn]

What's wrong with this picture?

Let me caution you against this kind of thinking as the 4 reasons
given for the success of this funding are, although important (some to
a greater degree than others), and all understandable conclusions or
deductions, they are spurious, nonetheless, for most projects to
ensure success.

My take on the overarching reason why this raise in particular was so
successful was/is because of three factors not mentioned - 1) the
brainless idolization of almost anything with an Apple logo on it by a
given percentage of any 'young trendies', 2) what was on offer was not
really a funding of a project but advance ordering and purchase of the
products, and 3) its a really neat product concept piggybacking on a
really neat product which already has massive appeal and market
presence.

Also, consider that on Kickstarter, the largest crowdfunding site,
only about 45% of the projects successfully hit their target, and that
strangers usually don't donate to a project unless it's already 30%
funded. You can easily imagine that for most other sites the results
are dismally lower.

That first 30% is funded for the most part by people close to the
person seeking the money. And if you take the US, where we know about
87% of all private business financing ($144bn a year), comes from the
three ‘F’s – ‘friends and family financing’, you can see it’s not
VC’s, Angel or Impact Investors who have the lion’s share, and despite
all the hype, not even ‘the crowd’ (where the funding appears to be
sourced), because 87% of the crowd’s proceeds is really just ‘friends
and family financing’ given a new, and more trendy suit of clothes.

The takeaway is simple. You can accomplish much without ‘the crowd’
but very little without ‘the community’.

So what's special about crowdfunding?

In order to appreciate the power of crowdfunding and what it can do
for you, it's crucial to understand the precise problem it solves.
Crowdfunding does one thing well. It makes raising money a lot less
expensive and risky. But crowdfunding only works in the context of a
community, which incidentally is why, at Crowd VC, we don’t call it
‘crowdfunding’, but “Community Powered Capital”.

Terence.

On Jul 13, 8:45 pm, Suresh Fernando <suresh2...@gmail.com> wrote:
> Check this out:http://www.quora.com/Kickstarter/What-is-the-most-money-ever-raised-o...
>
> --
> *Suresh Fernando *
> BLOG <http://sureshf.posterous.com/>,
> YOUTUBE<http://www.youtube.com/my_videos?feature=mhum>,
> OK WEBSITE, <http://openkollab.com>OK FAN
> PAG<http://www.facebook.com/aprilrinne#%21/openkollab>
> E <http://goog_1610308617>, OK GROUP<http://groups.google.ca/group/openkollab>,
> OK-WE <http://www.wiserearth.org/group/openkollab>, PHILOSOPHY,
> <http://sureshfernando.wordpress.com>
> TWITTER,  <http://twitter.com/sureshf> FACEBOOK,
> <http://facebook.com/suresh.fernando>WOTW FAN
> PAGE<http://www.facebook.com/tedxvancouver?v=wall#%21/pages/The-Way-Of-The...>
> LINKEDIN<http://www.linkedin.com/profile/view?id=412718&authType=name&authToke...>,
> SLIDESHARE <http://www.slideshare.net/sureshf>
> *
> *-------*ProM: Climate Change Project Matching System------*
> Project Description:http://cotw.cc/wiki/Project_Matching
> To Join:* *https://groups.google.com/forum/?hl=en#!forum/cc-pms*
> *Workstreams:http://cotw.cc/wiki/CC-PMS_etherpad_index