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Doozy Inc
07-05-2013, 06:10 AM
Hi People,

I have been looking around on Indiegogo. However there is a questions that still awes me and I am hoping someone can answer my questions. There are two types of funding on Indiegogo. Fixed and Flex Funding. Fixed is if you don't hit your dollar amount you get nothing. Flex, is whatever pledged you keep the money pledged.

Now, I thought we are on a crowd funding platform to get assistance to your product, design, anything...... If you your goal is $50,000 and you raised $10,000 will you keep the money and run since the projected goal was not met. If you say you are delivering the product, why is your goal at 50K? Why not sell your items on ebay? Just a little furious because it seems like most people went Flex funding while my project which is legit is always a fixed funding because my budget is the pledge amount. Is this some kind of abuse of crowdfunding?

Thanks!

Carl Leung

Scorp Lake
07-05-2013, 08:00 AM
Hey Carl, it depends what field you're in.

In the tech field, not hitting the target is bad news. But what about writers, musicians, and charity type ventures? If they only get 1/3 funded, they can still limp along for a few months. IGG suggest you write up exactly what you'd do if you fell short.


Why not sell your items on ebay?

A lot of people need development money. Scenario: You could ask for 20k, only get 7... so you could fund the team for 2 months and then re-pitch with a better prototype.

That holds in nearly every field.

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Look at my case. Scroll down for the money part if you like:

http://www.indiegogo.com/projects/sleeping-giant-future-industries-free-ebook/x/3335354

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Indiegogo has a 40 per cent success rate, and its free money, so we can't really complain. I'm not getting funded yet and I'm taking it on the chin!!!