After a brief shock to the system due to ridiculous camera prices, I thought maybe crowdfunding wasn’t a bad idea and perhaps it was worth a deeper look. My pessimism quickly turned to optimism and I started researching away at all the options. After a few hours I have found many sites that I could possibly use. The sites that I have currently are:
Kickstarter:
- Kickstarter is the biggest and most established crowdfunding platform out there.
- Cost: 5% of funds raised, with an all-or-nothing model that builds urgency but leads to the loss of all funds if the goal isn’t met.
- Pros: Name, recognition, greater project visibility.
- Cons: Not available in South Africa.
Indiegogo:
- Indiegogo is another big player in crowdfunding, and it improves on Kickstarter’s model by being more flexible.
- Cost: 4% if using the all-or-nothing plan, 4% if you reach your goal on a flexible plan, 9% if funds are not met but you choose to keep the revenue.
- Pros: Diverse spread of projects, no application process, available in every country.
- Cons: More expensive if you don’t reach your goal, otherwise not much.
GoFundMe:
- GoFundMe is a crowdfunding platform designed for individuals and personal causes.
- Cost: 5% fee while the cost of credit card processing depends on your location
- Pros: No deadlines or goal limits, used for personal causes and life-events (e.g. class 12 project)
- Cons: Not available in South Africa.
Mightycause:
- Previously known as Razoo, Mightycause is an online fundraising platform used by nonprofit organizations and individuals to raise money for charitable and personal causes.
- Cost: Mightycause works on a donation system, so it is free for personal use, however, fees increase for companies.
- Pros: Lowest cost in the industry, good for personal project, good social media integration for better publicity.
- Cons: US bank account needed to start raising funds.
Crowdrise:
- “Crowdrise is about raising money online for causes and having the most fun in the world while doing it.”
- Cost: Up to %5 + Processing Fees
- Pros: Used for either a cause or a person. Good for non-profits.
- Cons: Only available in the US.
GoGetFunding:
- This fund-raising site can be used to raise money for anything from paying for pet’s medical bills to creating a short film.
- Cost: 3.5% with a keep-what-you-raised model.
- Pros: Can be used for public or private projects, anyone can post a project, easy to use.
- Cons: Less publicity, otherwise not much.
Patreon:
- Artists and creators use Patreon to give fans a way to support their work on a monthly or per-project basis. In exchange for monthly donations, patrons get access to rewards like subscriptions to content, access to special perks, live streams, and more.
- 5% for Patreon and 5% if using PayPal.
- Pros: No deadlines, flexible funding goals and possible to take one-time donations.
- Cons: Not good for once off project, not many projects get funding. More suited towards artists.
Many of the sites are either not available here or are not suited towards my project. I am interested to see if I can get something started on Indiegogo, as it seems the best option. I don’t think it is a good idea to set up multiple accounts over different websites, as it could look suspicious.
I also need to lower my expectations for this project and start smaller, then build on that rather than trying to go all out first time around. I have put together a rough budget of R10 000 ($750), for all cameras, balloon equipment, tracking equipment and any potential manufacturing costs. I think the idea of a 360° video is dissipating quickly… But who knows, maybe I will actually get funding from the crowdfunding!
