September 6, 2013

10 Myths of Crowdfunding by Indiegogo

indiegogoIndiegogo first released the helpful Crowdfunding Field Guide earlier this year, which broke down the crowdfunding process for those who were new to the game. A couple of days ago, the Indiegogo team announced on Twitter that their newest free guide, or rather --  debunking document, is now available for download. Continue reading to get the rundown on what their new publication is all about.

The guide brings up some very real worries that I'm sure many crowdfunders have. Are you going to be able to meet your goal? What if you don't? How do I come up with perks? What if my idea is terrible and no one wants it anything to do with it? These doubts have manifested into -- yes -- a sort of mythology about crowdfunding that wards off potential success stories from participating.

What myths make the top 10? Here's the list:

  1. It's online panhandling
  2. I might fail
  3. I can't raise money without a fancy video
  4. I'm afraid I won't reach my goal
  5. I have to have a big social media following to be successful
  6. I have no perks to offer
  7. I don't have time
  8. Crowdfunding is only about the money
  9. I should wait until I have the perfect idea/product/etc
  10. I'm not sure my idea will be accepted

If you've ever launched a crowdfunding campaign or thought about launching one, no doubt at least one of these thoughts have popped into your head, and Indiegogo brings up some pretty good points, along with relevant data, to assuage those feelings of doubt and fear of failure.

The guide suggests thinking of your campaign as a learning opportunity rather than a test of skill or strength:

Crowdfunding is perhaps one of the best modern examples of the saying, “You won’t know until you try.” If you don’t pursue or share an idea that you are passionate about, then you’ve prevented any chance of it being realized. --Each and every campaign provides a learning opportunity for a campaigner -- whether or not they hit their goal. By engaging with the crowd, you can receive crucial feedback that can allow you to tweak your idea and hone your approach. From a simple thumbs up to in-depth market research and validation, crowdfunding allows you to test your idea out in front of others.

The rest of the guide has a lot of helpful information about crowdfunding -- not just with Indiegogo, but in general as well. If you're interested, you can download it here.

Have you given Indiegogo's 10 Myths of Crowdfunding a read? What did you think? Let us know in the comments below.

Link: Download 10 Myths of Crowdfunding -- Indiegogo

Your Comment

5 Comments

As a regular reader of nofilmschool I think some of you may also be interested in an Episode of The Cloud Show where we spoke with Danae Ringelmann of Indiegogo. She mentioned a few things not in that list and very relevant to film makers. In particular that Crowdfunding is about building an audience. She also talks about how few films actually get made with the existing systems in place. Here is the link to that freely available episode.
http://cloudshow.tv/csa/indiegogo-crowdfunding-platform-the-cloud-show-c...

September 6, 2013 at 1:12PM, Edited September 4, 11:21AM

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I'm more concerned with my idea's being stolen

September 8, 2013 at 6:48PM, Edited September 4, 11:21AM

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Rocko

Then you better hope you have more than one idea in life.

September 12, 2013 at 3:24PM, Edited September 4, 11:21AM

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Reality

100 other people already have your idea.

Don't worry about it. Just go out and make your movie.

Even if all 100 people make a film from the same idea, they will all be different. I think that the fear of having your idea stolen is paralyzing, preventing anyone from actually getting anything done.

Ideas are a dime a dozen - it's the ideas that actually get produced that matter.

September 14, 2013 at 7:48PM, Edited September 4, 11:21AM

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Arthur Vibert

Myth #11 (which isn't a myth, but I believe is true!): Why would anyone donate if we're simply looking to recover losses and fund future filming? Is it because we already have completed some of the project and therefore you don't think we need the money anymore? lol

September 12, 2013 at 7:29PM, Edited September 4, 11:21AM

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Cal