Indiegogo

Definition

Indiegogo is a crowdfunding platform that enables individuals and organizations to raise funds for projects by soliciting contributions from the general public. This platform is particularly popular in the arts and creative sectors, as it allows artists, filmmakers, and other creators to showcase their ideas and receive financial support directly from supporters, which can include friends, family, and the broader community. The flexibility of Indiegogo also allows project creators to keep funds even if they do not reach their funding goal.

5 Must Know Facts For Your Next Test

1. Indiegogo was founded in 2008 and has since become one of the largest crowdfunding platforms globally, supporting a diverse range of projects from tech innovations to artistic endeavors.
2. The platform offers two types of funding options: fixed funding (all-or-nothing) and flexible funding (keep what you raise), providing creators with different approaches based on their needs.
3. Indiegogo provides tools and resources for project creators to promote their campaigns, including analytics to track contributions and engagement from backers.
4. The platform has helped raise millions for various arts projects, empowering artists to bring their visions to life without relying solely on traditional funding sources.
5. Successful campaigns on Indiegogo often leverage social media and community engagement to build support and attract contributions from a wider audience.

Review Questions

• How does Indiegogo differentiate itself from other crowdfunding platforms like Kickstarter?
  • Indiegogo differentiates itself by offering both fixed funding and flexible funding options, allowing creators to choose whether they want to set a goal that must be met or keep whatever funds they raise. This flexibility can be crucial for artists and creators who may have less predictable fundraising outcomes. Additionally, Indiegogo supports a broader range of project types beyond creative endeavors, catering to tech innovations, social causes, and more, which gives it a wider appeal compared to Kickstarter's more rigid focus on creative projects.
• Discuss the impact of Indiegogo on the arts sector and how it has changed traditional funding models for artists.
  • Indiegogo has significantly impacted the arts sector by providing artists with an alternative funding model that bypasses traditional routes like grants or sponsorships. This platform empowers artists to connect directly with their audience, allowing them to present their ideas and solicit support from fans and community members. By democratizing the funding process, Indiegogo enables a diverse range of projects to find financial backing based on public interest rather than solely on institutional approval, thus fostering innovation and creativity in the arts.
• Evaluate the effectiveness of rewards-based funding on platforms like Indiegogo for motivating backers to contribute to arts projects.
  • Rewards-based funding on platforms like Indiegogo can be highly effective in motivating backers due to its capacity to create a personal connection between creators and supporters. Offering unique rewards such as exclusive merchandise, early access, or personalized experiences engages potential contributors by making them feel part of the project’s journey. This approach not only incentivizes financial support but also encourages backers to share campaigns within their networks. However, the sustainability of such models can vary depending on how well the rewards align with supporter interests and the project's overall appeal.

Related terms

Crowdfunding: The practice of raising small amounts of money from a large number of people, typically via the internet, to fund a project or venture.

Kickstarter:

A well-known crowdfunding platform that focuses on creative projects, where funding is all-or-nothing—meaning projects only receive funds if they meet their goal.

Rewards-based funding: A type of crowdfunding where backers receive non-financial incentives or rewards in exchange for their contributions, often related to the project being funded.