Business Models

by Mike Masnick

Filed Under:
crowdfunding, pebble


Biggest Kickstarter Project Ever Surpasses $10 Million; Cuts Off Funding

from the impressive dept

We keep hearing that these new business models and platforms really can't handle "big" projects. While part of the charm and power of these platforms is that they can fund smaller "long tail" projects that might never otherwise see the light of day, there's no reason that they can't do bigger projects as well. A few weeks ago, we told you about the Kickstarter campaign for the Pebble e-watch, which was the fastest growing Kickstarter project ever, surpassing $1 million in just 28 hours, and hitting $4.5 million by the time we got our post out.

Last week, the project surpassed $10 million and still had over a week to go. However, the folks behind the project had decided to cap the total number of watches that could be pre-sold via Kickstarter at a mere 85,000. So once that number was hit, they set the Kickstarter to show all the items sold out. While I could see some folks who were waiting towards the end get a little annoyed (thankfully, I got my order in a few days earlier), projects like this should at least open some eyes to the fact that Kickstarter is not just for small stuff. While some have argued that something like Kickstarter could never fund a Martin Scorcese film, remember Kickstarter is just three years old. If Scorcese set up an interesting project with cool tiers, I wouldn't be surprised to see it funded to massive levels.

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  1. icon
    Josef Anvil (profile), 15 May 2012 @ 1:29am

    Re: Glad it was finally voiced

    "I can't wait to get my Pebble in September. At least I hope I get it...

    This is the risk of investing in Kickstarter. If the project falls apart, you lose out, just like any investment in a startup. But if the Pebble takes off and becomes the next Apple II, all I get is the watch I donated towards. I guess some day I could sell the watch as a piece of history ("One of only 85,000!"), but I wish they had an option to buy actual stock in the company."

    That comment was so beautiful that I had to repost it for any who missed. This is the actual argument AGAINST Kickstarter. It's not about the risk of losing cash, its the lack of control. It's the same argument that the web diverts cash directly to the creators. I'm guessing the full argument is: Creators deserve to get paid for their work, but ONLY when others get to latch on to their success.

    Yes Kickstarter makes VCs work harder.

    One last point that really made me laugh. "...all I get is the watch I donated toward." So can we assume that when you see a blockbuster movie that you are pissed off that you didn't get to invest in the making of the movie, since all you get is the experience of watching it?

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