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Could Students use Kickstarter to Achieve Their Dreams?

Posted by Drew Hendricks on September 21st, 2012 at 2:43 pm

With Kickstarter gaining both traction and popularity, it's no wonder that college students have found use for the microfunding online platform. With backers able to pledge as little as $20 to help fund projects, both students and recent graduates are taking over the site, speaking to the interests and needs of the young. If the world needs more of you or your vision, try Kickstarter for crowd-funding your dream.

In 2012, Kickstarter is set to distribute more money to creative projects than the National Endowment for the Arts. Its pledge projection is upwards of $150 million, while the NEA's 2012 budget is only $146 million. Additionally, securing funding from the NEA is more difficult than the democratized Kickstarter process, where virtually anyone in the world can pledge financial support.

Additionally, if you're planning to pitch a project to your company — think again. Of corporate pitches, a mere 5% are successfully funded and implemented, whereas Kickstarter's pitch success rate is 44%. What does this mean for disgruntled workers? Your product idea is eight times more likely to be fully funded on Kickstarter than to be sold and successfully launched through a U.S. corporation. In short, Kickstarter makes things possible that corporations won't. Because of Kickstarter, Detroit got a Robocop statue, Ouya premiered the first open source game console, and you can also now find and purchase personalized motivational videos for cats.

If you're a college student, you will almost certainly have better luck finding funding with a university attached to your name. And there's a strategy for Kickstarter success, as well. Keep your projects under the $5,000 range, and don't overpromise on your pledge rewards. The average goal of successful Kickstarter projects is $5,487, while the average goal of failed projects is more than three times as high. The best strategy for Kickstarter success also falls within choosing a less competitive category, such as dance, theater, or music. Design, technology, fashion, and gaming are difficult fields for Kickstarter success.

Students should take special note of the possibilities that Kickstarter could mean for their potential projects. The sky is the limit, and with a university name behind a student or group, your project is more likely to be successfully funded. For every student project that's successfully funded and executed through Kickstarter, future projects are easier and more likely to be funded. It's a positive feedback loop that could work in your favor!

Kickstarter Infographic

Source: OnlineBusinessDegree.org

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