Confessions Of A Kickstarter: What It's Actually Like To Crowdfund Something

Not sure if crowdfunding is safe? Read about the risks (and rewards).

I have recently been following a variety of crowdfunding campaigns after studying a project that was successfully crowdfunded.

Kickstarter and Indiegogo have been the platforms I have used, and I’ve experienced moments of success and failure with both of them.

On Kickstarter, I have purchased/ supported the Coolest Cooler and Pebble Time.

The Coolest Cooler – a sort of Esky crossed with a boombox - was purchased in the middle of 2014. This was my very first Kickstarter contribution. I didn't really expect the team to meet the deadline they had set, as many of the others that had been completed had not. However, still today, I am without my cooler, despite it coming up to two years since it was purchased.

Obviously with products that have not been made and tested, there will be hiccups. This is just a risk that backers face. It is just important to have a positive attitude about it.

At least this particular campaign has been regularly updating backers on the shipping delays.

Conversely, the Pebble Time Watch – a water resistant watch with e-paper display and a microphone - was a success, with the product exceeding expectations.

I was slightly worried at first, following the disappointment of the Coolest Cooler and a slight shipping delay. However, the product was better than I anticipated, and it has actually replaced my Apple Watch for work and sport.

Overall, crowdfunding is a great way to introduce new products to the market.

It clearly gives an estimate on what the success of the product is likely to be and is an excellent tool for allowing entrepreneurs to startup businesses with limited finance.

I can see crowdfunding expanding in the future and becoming a worldwide platform for sharing ideas and purchasing products. Once it does become more popular, I am sure that there will be some kind of insurance to give customers the peace of mind that might hold the majority of consumers back at the moment.

Congratulations to Harrison for winning this writing challenge, answering: Confessions of a Kickstarter. Harrison wins a $50 Westfield gift card for his submission. For your chance to win, check out our latest writing challenges in our Comps section. Also, be sure to follow this guide on how to win the writing challenge!

Photo: Kickstarter / iStock.