How can crowdfunding affect competition
A comparison of crowdfunding platforms
In terms of design, Indiegogo is convincing modern minimalism - the similarity to Kickstarter cannot be overlooked. The rather skeletal structure of the website directs the main focus on the campaigns. The platform's navigation is fluid and sensible, especially the sorting of projects according to the schedule (e.g. “Will be online soon” and “End soon”). In addition, projects can generally be sorted according to popularity (presumably number of clicks) and top earners. Otherwise they are divided into the customary categories and sub-categories.
A special feature of Indiegogo is that you are the project manager thereceived most donations instantly. Because the majority of donations are made through the payment service PayPal is running, there is no need for a 'stopover' for the donation. Indiegogo also offers credit card payment; However, these donations will only end up in your account about two weeks after the campaign has ended. The platform charges the customary for each donation 5 percent fee, additional charges apply for credit card payments 3 percent plus a fixed 30 dollar cents at.
Indiegogo deliberately sets few rules for their projects. Project leaders under the age of 18 need parental approval to start a campaign. Projects that want to raise money for illegal activities or where the basic idea is absurd or unrealistic will also be deleted. When it comes to rewards, you are not allowed to make financial promises or offer drugs, weapons, or gambling. In addition, campaigns must not incite physical or psychological violence.
Apart from these rather obvious rules, Indiegogo does not set any limits to the projects and is thus compared to the competition very tolerant. However, some filters are missing that prevent nonsensical or immoral projects from ending up on the platform. Not least because of the lack of controls is Indiegogo the platform with the most projects, but the claim that everyone is allowed to participate also leads to a rather low average quality of the campaigns. This is also because campaigns that have been rejected by other platforms often end up on Indiegogo.
However, the operator clearly distances itself from individual campaigns and assumes no responsibility in the event of fraud. The protection program "Trust & Safety“Is essentially based only on the trusting interaction of the community with one another. After all, the platform has a special service that can be contacted around the clock in the event of problems. Otherwise, Indiegogo mainly relies on personal responsibility: Users are encouraged to analyze the respective project in detail before donating, to ask questions and express concerns. Project managers are asked to ensure full transparency, to communicate with donors regularly and to treat the project seriously.
These general guidelines are well-intentioned pieces of advice that are unlikely to take the wind out of the sails of fraudsters. At Indiegogo you can also see that the protection of donors and project managers is essentially based on good faith and trust.
To be emphasized positively is the extensive Education Center, which provides comprehensive information, tutorials and webinars for those new to crowdfunding. However, it can be doubted that the majority of project managers use this service.
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