Got a great idea? Whether it’s a product pitch, art project, or another creative initiative, what used to be just a topic of conversation at friendly get-togethers is actually becoming a reality for some highly-motivated individuals. This is thanks, largely in part, to the growing popularity of the crowd-funding site, Kickstarter. In fact, about 44% of Kickstarter product idea pitches succeed, compared to just 5% of those presented to corporations. In addition, Kickstarter’s pledge projection for 2012 is $150 million. This is more than the $146 million the National Endowment for the Arts is set to distribute the same year.

However, the average fundraising goal for successful Kickstarter projects was $5,487. Those that failed had an average goal of $16,365, demonstrating the need for realistic goals and project expectations. In addition, projects in certain categories may face less competition, increasing their probability for success. Some of the categories with the highest project success rates include dance, theater, music, art, and comics, ranging from 75% to 54% funded. More competitive categories, such as design, games, publishing, technology, and fashion, saw significantly lower success rates at 47% to 33% funded. Statistics also show that projects affiliated with schools tend to have higher funding averages. For example, film projects associated with NYU’s Tisch graduate film program raised an average of $18,231, compared to the general average of $10,725 for this type of project.

Successful projects have covered a broad range of ideas, from open source game consoles to motivational videos for cats. The important thing is to clearly articulate your project, set realistic goals, and plan to spend a good deal of time promoting your campaign. With this in mind, students shouldn’t hesitate to seek out funding for their creative ideas through Kickstarter and other similar crowd-funding sites. You may be surprised by the results!

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Source: OnlineBusinessDegree.org