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Crowd-sourcing to fund creative projects

Posted Feb 11 2011 3:13pm

To fund Who Says I Can’t the reality TV series, I am using a two-pronged approach. Our estimated need to create a really super quality pilot is $150,000. That could be done for less but we left some room in that to make sure we can get the best music and graphics which separates the great shows from the just ok ones.

To raise this kind of money I have gone out to my network and so far so good. After about two weeks I have “soft” commitments of about $120,000. But there are a lot of people who just are not in a situation to plunk down $10,000 for any kind of investment no matter how much they like the concept. Heck, that is sure true for me personally right now too. So when I heard about Kickstarter from my friend and fellow TV creator Angie Strader, I loved it. Here is their basic concept in their words

Kickstarter is a new way to fund creative projects.

We believe that:

• A good idea, communicated well, can spread fast and wide.
• A large group of people can be a tremendous source of money and encouragement.

Kickstarter is powered by a unique all-or-nothing funding method where projects must be fully-funded or no money changes hands.

Every Kickstarter project must be fully funded before its time expires or no money changes hands.

Why?

1. It’s less risk for everyone. If you need $5,000, it’s tough having $2,000 and a bunch of people expecting you to complete a $5,000 project.

2. It allows people to test concepts (or conditionally sell stuff) without risk. If you don’t receive the support you want, you’re not compelled to follow through. This is huge!

3. It motivates. If people want to see a project come to life, they’re going to spread the word.

So I decided to try Kickstarter specifically to fill in the gap we see so that we can provide great music and graphics onto this cool TV concept which will make it all the more likely it gets picked up by a major network. The project can be found on Kickstarter HERE . I decided to set the goal of $15,000 in 48 days. That is the last day of March. This will take 500 contributions of average $30 each. A tall order. This will take everyone who likes the idea really spreading the word with a call to action that their network should all jump in and help out.

Part of the model is rewards. I constructed a series of pretty fun rewards people get for different levels of contribution. Check out the link above to see what I mean. And by all means, check around Kickstarter to see other cool projects. I did and already backed one.

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