Indiegogo Campaign - Part 2, Why Indiegogo?
(My first post, an introduction to my own Indiegogo campaign, can be found here)
For anyone hoping to raise funds for a cause, idea, or new product, crowdfunding is one of the best ways to raise money and publicize your thoughts and ideas. Reward-based online crowdfunding (when producers give out rewards or "perks" for specific amounts of money invested) has become immensely popular in the past few days, and a select few crowdfunding companies have become giant platforms for people to raise money on.
Why, then, am I using Indiegogo instead of other popular platforms that are perhaps bigger in size, both in funds raised and audience number?
1. Large Platform and Flexibility
There's no doubt that Indiegogo is one of the biggest crowdfunding platforms in the world. According to its website, 9 million people from across the world visit the site every month. These visitors come from 224 countries, making Indiegogo a truly global platform. This means that someone from a country far away might find your project after exploring the website, then spread the word to friends in that country who might become an unexpectedly strong support group for your project!
Also, Indiegogo does not limit much on the type of projects producers can start. While other crowdfunding sites focus on specific things, like Kickstarter on creative projects (films, games, music, art, design, technology, etc.) and GoFundMe on personal projects or situations, Indiegogo has categories for just about any project people would like to start. This allows more people to relate to the platform and easily access it; therefore, a wider audience range can interact with your project.
2. Low fees
When I launched my first crowdfunding project in 2013 (through a Korean crowdfunding platform) that raised ≈$32,000, I had to pay the platform about 10%-15% of the funds raised as a fee. Kickstarter charges a 5% fee from the funds collected, and GoFundMe collects 7.9% total. Most platforms charge at least 5%, and some even collect up to 15%-20% of the total funds raised.
Indiegogo charges 4% for all funds collected, the lowest of any crowdfunding platform I've seen online. There is a 3% for PayPal transactions and 3% for credit cards, but these additional charges also apply to other platforms. I was very surprised that Indiegogo charged such a low fee, but perhaps that is one of the reasons why so many people are eager to start projects on Indiegogo.
A very recent project on Indiegogo that I actually funded was the Bad Rap documentary project, a fundraising campaign for a feature documentary about Asian-American hip hop artists in the United States. I know Jaeki Cho, the producer of the film, personally, and was very interested in the project when he first reached out to me about it. He and the film director put out some great perks and reasonable prices for the campaign, including signed albums and limited-edition products for fans of the artists involved in the documentary. This project ended up raising a lot more than their goal of $25,000, finishing the campaign at $33,911. The day after the campaign ended, I actually saw posts on Twitter asking the film team if contributions could be made although the Indiegogo campaign was finished. Now that's good fundraising.