Adam Poots has built a career on Kickstarter over the past five years. Here is his story:
What a cool story. We live in amazing times.
CONTRIBUTORS:Most hipsters and creative people remind me of the hippy and wayne’s world upon viewing them but after you listen to them you realize they are much more than a look.
Value of Kickstarter is not only the survivors (the winners), it’s the low cost of failing. Survivorship bias use to mean pouring one’s life savings into a board game, today this can be done for a few hundreds dollars.
There’s still a high personal cost to failing. Taking thousands of peoples money and then not being able to deliver isn’t low personal cost. There’s loss of reputation, stress, and likely long periods trying to make it work even after the money runs out, which often ends up using those same life savings. And often people invest a lot of time or money before launching something. I think what kickstarter changes is the probability of failure, more than the severity, as it reduces one of the main risks which is whether anyone wants what you are making in the first place.
I so love Kickstarter. Was able to mentor and judge for the EIX Challenge https://eiexchange.com/ here in Minneapolis this weekend – an entrepreneurship undergraduate competition with $200,000 in prize money. So many of these students used Kickstarter to validate their projects. Congrats to all the students – and the winner https://www.park-and-diamon…If you have a second, check out my students Kickstarter campaign – https://www.kickstarter.com…Megan worked with 3M to create fun and functional adhesive solutions for children with diabetes… (full disclosure – I have zero financial stake in her company, but am 100% vested as a mentor 🙂