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Crowdfunding has provided a source of funds for start-up small and medium-sized enterprises, and many start-up companies have launched crowdfunding on crowdfunding websites, such as crowdfunding platforms Kickstarter, Indiegogo and Patreon, in order to raise funds to carry out their creative projects. For a startup that is crowdfunding for the first time, how should you choose a crowdfunding platform that suits you? Let’s wait for Fuuffy to take you to find out. Check out the following crowdfunding platforms to find out which one is best for you!
""Crowdfunding"" refers to raising funds from the public through crowdfunding websites. Start-up small and medium-sized enterprises will use crowdfunding funds to implement different projects. For Hong Kong people who start their own businesses, crowdfunding is an ideal source of economic support. There are four crowdfunding methods, including donation crowdfunding, pre-sale crowdfunding, equity crowdfunding and peer-to-peer lending crowdfunding. For a detailed introduction to crowdfunding methods, you can read our previous crowdfunding promotion tutorial article: [Crowdfunding strategy: Five tips to increase your fundraising success rate! 】
Kickstarter is the most well-known crowdfunding website among international crowdfunding platforms, gathering many crowdfunders. Kickstarter is mainly used by technology and creative entrepreneurs. Many start-ups will raise their first crowdfunding funds from Kickstarter in the early stages of their business to develop their own crowdfunding products.
Since 2009, Kickstarter has raised more than $6.8 billion in funding for more than 226,144 projects (as of September 2020).
Image source from Kickstarter
The Kickstarter crowdfunding steps are very simple. Crowdfunders only need to set the target fund and the crowdfunding time limit, then wait for Kickstarter review, and finally get the approval of the crowdfunding website to start your crowdfunding project! Kickstarter adopts the ""All or Nothing"" model. All or Nothing means that crowdfunders must reach the crowdfunding target amount before they can receive crowdfunding funds.
If crowdfunding is unsuccessful, backers will not be charged any fees. If the crowdfunding is successful, Kickstarter will charge a 5% processing fee from the total crowdfunding amount, as well as a 3% - 5% payment processing fee for each funded transaction. Crowdfunded funds will take 14 days to be disbursed.
The crowdfunding platform will draw a handling fee from the total crowdfunding amount, resulting in the final crowdfunding funds being reduced by about half the original amount. If you need to ship crowdfunding products abroad, you have to plan [Country shipping costs]Cost. Smart entrepreneurs will save money from logistics costs to make up for part of the crowdfunding funds that have been withdrawn. Using logistics solutions tailored for small and medium-sized enterprises, you can save at least 30% of logistics costs. Find the most suitable one for you immediately 【Logistics Solution】</span >!
Indiegogo provides a wide range of services, thus attracting many entrepreneurs to use it widely. The Indiegogo crowdfunding website is mainly used for most of charity's innovative technologies, creative works and community projects, making it the second largest crowdfunding platform after Kickstarter.
Unlike Kickstarter, Indiegogo has no geographical restrictions. Companies around the world can launch projects to raise funds through the Indiegogo crowdfunding website.
Image from Indiegogo
Indiegogo has two forms of crowdfunding, namely ""fixed funds"" and ""flexible funds"". Indiegogo's ""Fixed Funding"" is similar to Kickstarter's ""All or Nothing"" model. If your crowdfunding project must reach a specified amount, choose ""Fixed Funding""; if there is no target amount, use as much as you plan to raise. If so, choose ""flexible funds"".
Indiegogo charges a 3% processing fee and a $0.30 payment processing fee from the total crowdfunding amount, plus additional transfer fees based on the location of the account.
Patreon mainly provides a crowdfunding website for content creators to raise funds, so it is more popular among content creators, such as YouTubers, Podcasters and Bloggers. Unlike Kickstarter and Indiegogo, Patreon does not raise funds once and for all, but uses a subscription model to collect regular donations from the audience every month or for each creation. Similar to YouTube's membership system, you can watch some exclusive content by subscribing to Zuoxian.
So for content creators, Patreon is more suitable for them to get funds from supporters. Patreon charges a handling fee of 2.9% of the total crowdfunding amount and a handling fee of 35 cents for each donation.
GoFundMe provides a crowdfunding platform for crowdfunders to conduct fundraising campaigns on social media, primarily for emergencies and charitable causes. GoFundMe is different from Kickstarter's ""All or Nothing"" crowdfunding model. Even if the crowdfunding project ultimately fails to reach the target amount, any amount raised can be retained.
GoFundMe is more suitable for charity or service-based causes and is suitable for small and medium-sized enterprises that engage in charity. It is difficult for start-up companies in other fields to raise so much funds on GoFundMe. GoFundMe will charge a handling fee of 2.9% from the total crowdfunding amount, and a handling fee of 30 US cents for each donation.
FringeBacker is mainly used for crowdfunding in the creative arts industry, innovative industries and charitable organizations. I wonder if you have heard of the ""Tsang Junhua Campaign Fundraising Plan""? This crowdfunding project was conducted on FringeBacker and raised a total of more than HK$5.14 million.
FringeBacker and Kickstarter both use the ""All or Nothing"" model, and you must successfully raise the target amount to receive funds. The fees charged by FringeBacker are 5% of the total amount raised, but FringeBacker's funding period is 90 days or less, which is longer than Kickstarter.
What makes Umadx different from other crowdfunding platforms is its unique two-tier funding model. The two-tier fundraising form means that crowdfunders are free to set minimum and total fundraising goals. Even if the total fundraising goal is not reached, crowdfunding funds can be obtained at the established stage. If the project reaches the maximum crowdfunding goal, Umadx will charge a handling fee of 5% of the total amount raised. Instead, Umadx takes 10% of the total amount raised if the crowdfunding project only reaches the minimum goal.
Umadx will actively participate in the promotion of crowdfunding projects to help crowdfunders more easily achieve their fundraising goals. The crowdfunding website will promote it on the channel’s Facebook page to increase the exposure of the crowdfunding project. Umadx's crowdfunding project cannot initiate crowdfunding for personal gain, and needs to provide at least one reward. The target amount can only be $5,000 - $3,000,000.
Zec Zec is Taiwan's first and largest group fundraising platform, which can be said to be Taiwan's version of Kickstarter. Zec Zec, like FringeBacker and Kickstarter, all adopt the ""All or Nothing"" model, but Zec Zec's handling fee is higher than FringeBacker and Kickstarter, and the fee is 8% of the funds raised. Although it is a crowdfunding website in Taiwan, Zec Zec also accepts crowdfunding from overseas people or companies.
What Creato and Patreon have in common is that both of them serve content creators. However, Creato is more interactive and provides an interactive platform for content creators and audiences to co-create.
Creato uses a gameplay called DareMe: First, the audience must understand the creator's creative ideas and invite the audience to participate. If the audience wants to support the creator, they can use donut tokens to co-create the work process with the creator. . After the creation is finally completed, the donut tokens can be converted into creation funds.
After introducing the eight crowdfunding platforms, what about your favorite target crowdfunding websites that are ready for crowdfunding? Once you have decided on a crowdfunding website to launch a crowdfunding project, you need to start thinking about how to deliver your crowdfunding product to funders!
If your crowdfunding product successfully raises funds and needs to be shipped overseas, Fuuffy can help you! We have already served many small and medium-sized enterprises, safely delivering crowdfunding products to customers in different countries at the lowest logistics cost! [Ship now] IKEA business shipping offers up to seven Additional discounts~
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