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View Full Version : What You Should Know Before You Indiegogo: A Cautionary Tale of Crowdfunding



Wordsmith & Wesson
05-18-2013, 01:49 PM
Hey all,

Hope you're all enjoying a beautiful weekend.

Wanted to share a post I wrote about my first experience with Indiegogo where I discovered the hard way that the much-touted gogofactor means nothing if you don't raise at least 20% of your goal (whether that goal is $1,000 or $100,000). You'll also learn how the site used four levels of staff, all the way up to the principal Adam Chapnick, to avoid from revealing the unwritten, unadvertised 20% rule when I repeatedly inquired as to how I could be a leading campaign in most categories but absent from Most Popular while campaigns I'd surpassed in those categories were included in Most Popular.

They also LOWERED my goal of their volition because after telling me that I was doing everything right and only the funding ratio could explain why I wasn't in Most Popular (the most important category as it's the most searched and is how you become eligible for Indiegogo promotion). Tell me that doesn't negatively impact other campaigns, and isn't a blatant violation of their own stated policies and terms.

When I figured out the 20% on my own, I funded my campaign up to that mark and immediately shot up from page 9 (campaign 81) in All Campaigns and NOWHERE in Most Popular to the 15th campaign in Most Popular and number one in Canada. Unfortunately, there were a handful of days left in my campaign, so the IGG promotion I got was too little too late. 80% of a goal left and 5 days to do it on a flexible funding campaign. No one's risking that.

The campaign owners lose out, but also the backers who don't realize the campaigns they're funding aren't guaranteed a fair shake based on ACTUAL popularity, rather they have to meet an arbitrary percentage. If this keeps up, no one will want to support crowdfunding projects. And just think of all the great projects that will never see the light of day because of this 20% rule.

You can read all about here: http://www.couldawouldashouldabook.com/?p=573

Please check it out and share it far and wide. Hopefully we can help others avoid the same fate, and maybe IGG will have to answer for the unethical misrepresentation of how the site works.

Cheers!

ShmoozBiz.com
05-18-2013, 06:34 PM
Great info and good luck with your second campaign. I will share it on ShmoozBiz.

Wordsmith & Wesson
05-18-2013, 06:37 PM
Great info and good luck with your second campaign. I will share it on ShmoozBiz.

I'm so glad you found it valuable! Thank you for spreading the word.

startingtrends
05-19-2013, 11:44 AM
Hello Wordsmith & Wesson, I believe this perspective of yours which is based on personal experience can be very helpful and educational to other people looking to launch their first (or second) crowdfunding campaign. I guess like any new company such as IndieGoGo it's a constant work in progress that evolves and improves over time, in part due to user/customer/subscriber/client feedback such as yours. Good luck & please do let us know how your 2nd campaign attempt goes!

Wordsmith & Wesson
05-19-2013, 11:54 AM
Thank you, startingtrends! I appreciate the feedback!