Last Friday was a historic moment in the world of crowd-funding. It’s the day that not one project — but TWO broke the million dollar mark on Kickstarter — in the same twenty-four hour period. What is the cosmic significance of that?!?
Kickstarter, the crowd-funding website launched in 2009, lets people solicit donations on its website for a 5% cut of the action. So you can imagine the jubilation of the Kickstarter team as not only was this a record-breaking achievement but also one that has significant financial gains for the company.
Elevation Dock was the first project to hit $1 million at 2:08 ET. It’s a third-party iPhone docking station made out of solid aluminum. Personally, I’m not sure what all the hubbub is about but 12,521 backers contributed $1,464,706 to the project. Over 3,700 of them pledged the minimum $59 to get an Elevation Dock in the “glass bead blasted finish” (valued at $90). Eight rabid fans (or entrepreneurial souls) pledged over $10,000 or more for the “Distributor Pack+” which includes 87 Elevation Docks reasonably priced for resale.
I’m also not the target for the second million dollar project. 22 hours later, the second project hit $1 million. The new game from Double Fine broke the record just 22 hours after it posted on Kickstarter at 6:42 pm. It was fully funded to it’s initial goal of $400,000 within eight hours of launch! As of today, with 29 days to go, this project has raised over $1.6 million from 48,348 backers. The crazy thing is… this game isn’t even named yet! But supporters are promised “a front-row seat” as to Tim Schafer’s brand-new, downloadable “Point-and-Click” graphic adventure game for the modern age. Tim is the creator of Day of the Tentacle, Full Throttle, Grim Fandango… yeah, er, maybe you moms of teenage boys are in the know. Clue me in on why this is cool, will ya?
The cool factor for me is simply in that these two are Kickstarter’s first two million dollar projects in it’s three years of existence so it’s notable that they come within 24 hours of each other. Also notable is that for both projects, the backers get substantial product exclusives for their support.
What does this exciting news mean for the world of funding? It opens doors for people with great ideas, who have skill and savvy in rallying resources and support. For example, in the last couple of months there has been prominent buzz about the Elevator Dock in the tech media, some touting it as the best thing since the iPhone itself… seriously? If this Gizmodo article is any indication, this dock is a hot commodity in the geek sector. Who can blame them… it’s made with aircraft-grade aluminum and all! *Note strategic link to Kickstarter page.
Alexis Madrigal from The Atlantic notes:
If Kickstarter merely funds things that would have gotten money in some other way, it’s a cool thing. But, if Kickstarter funding allows the creation of fundamentally new and different kinds of stuff, then it is a creative engine of a much-higher caliber.
So there you have it moms… time to dust off the idea file and see if there’s anything in there worth kickstarting. Yours could be the rapid-refresh-champagne-popping millionaire project #3!
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