Breaking news: Kickstarter performance data finally revealed!
You have probably been wondering how well crowdfunding works for startups like the rest of us. Well, now you have data from the leading site in the space.
A look at 45,815 projects revealed the following performance data.
Kickstarter is the leading crowdfunding platform assisting entrepreneurs in raising funding for product development. However, according to a new study, almost half of Kickstarter projects fail.
The study looked at over 45K Kickstarter projects and nearly $215 million pledged funds. The secret to having a successful crowdfunding project is in setting a realistic funding goal and determining the optimal amount of campaigning days to spend on the site.
It appears that shorter Kickstarter campaigns tend to better, with the average successful project lasting 38 days, compared to failed projects which averaged 43 days. Meanwhile, successful projects typically ask for around $5,487 compared to failed projects which, on average, ask for $16,365.
8.5% of funded projects received more than double their goal.
Certain Kickstarter categories do better than others. Topping the list of successfully-funded projects are those in the following categories: dance (75%), theater (71%), music (68%), art (57%) and comics (54%). About 39% of tech projects are successful.
The most popular and competitive projects (based on the number of projects submitted) are film and video (no. 1), music (no. 2), publishing (no. 3), art (no. 4) and theater (no. 5). Technology placed in the no. 12 spot.