KEY TAKEAWAYS

Crowdfunded platform: Kickstarter

The best slipper from Modify Kiss

Benefits of Crowdfunding

Drawbacks of Crowding

Crowdfunded platform: Kickstarter

Crowdfunding is a form of fundraising usually used by teams or individuals who have fresh ideas but no start-up capital.

Kickstater, Indiegogo and GoFundMe are some of the biggest crowdfunding sites on the Internet. Kickstater is also a popular crowdfunding option. The platform has successfully funded 250,626 projects and committed more than $7,736,410,018.

The best slipper from Modify Kiss

Today I’m going to introduce the successful crowdfunded project “Modifox Kiss: The Best Slipper Doesn’t get Dirty Outside” from the platform Kickstater.

screenshot of ***“Modifox Kiss: The Best Slipper Doesn’t get Dirty Outside”*** project from Kickstater

This project has redefined the way we wear slippers. This feature of comfortable indoor slippers can not withstand the outdoor function has completely eliminated. Modifox Kiss uniquely combines the style and functionality of slippers. Even if we wear them outdoors, we can keep them clean because we can take off the soles of slippers at any time. Because the aim of this project is “Changing shoes is over”.

I think this project is very creative. It is not only designed to turn slippers into sneakers in a second, but also designed in three different colors for consumers to choose. Best of all, the shoes are recyclable and reusable. So this idea of protecting the environment also contributed to the success of this project.

At last, I think the other reason for the success of this project is that it is very detailed. The program’s website even detailed to measure your feet in the afternoon for an accurate size specifically. It’s not like other shoe websites that just paste the shoe sizes on it for consumers to choose from. The project also mentions the process and timeline of making the shoes. Sustainable materials and eco-friendly factories are used throughout.

Benefits of Crowdfunding

Crowdfunding is a democratic and diverse solution. It is a good platform to help the early stages of a company or an individual to realize their ideas. Because you can communicate with more investors or people who support your project. This can also improve the success of your own projects. If your project has a follow-up development, these “investors” will also be your future “consumers”.

In addition, I think crowdfunding is a sustainable way to fund cultural products. Compared with traditional financing methods and speed, crowdfunding platforms can obtain funds faster. Plus, there are now many crowdfunded websites, providing more channels for the development of cultural products. This will ensure that diverse cultural products can continue to flourish. Because I’ve seen a lot of different crowdfunding categories on Kickstarter, (from Art, Film, Design & Tech to Food&Craft). So in general, I think crowdfunding is a good way to spread culture.

“Digital fundraising technologies benefit not only the digital production and distribution of cultural content, but also the production and distribution of physical content, tangible in the case of goods and live in the case of services.”
Loots, E., Betzler, D., Bille, T. et al. (2022)

Drawbacks of Crowding

For most crowdfunding platforms, the success of crowdfunding is still more dependent on social media of marketing. Therefore, for early entrepreneurs, it is disadvantageous just using crowdfunding platforms to publish their projects. They tend to make their projects uncompetitive and fail to maximize its strengths and potential.

“Such high levels of online connectivity can be demanding in emotional terms, and is costly, also from an opportunity cost perspective.”
Loots, E., Betzler, D., Bille, T. et al. (2022)

In addition, there are uncertainties and risks associated with using crowdfunding. For example, time and uncertain amount of funds in total. It is hard for publishers to be sure that they will be able to raise enough crowdfunding before deadline. If the crowdfunding fails, the funds will be returned to the backers’ accounts intact, according to Kickstarter rules. So at that point it’s not just a waste of time for the crowdfunders but also a disappointment for the people who support them.

In short, crowdfunding guarantees a diverse cultural products. But it also has its own risks, compared to other conservative ways of cultural production. So crowdfunding as a spreading way of cultural products still needs to avoid its own unique opportunities and challenges if it continues to move forward with.