Kickstarter vs Indiegogo in 2024: The COMPLETE Guide

The video script introduces the topic of choosing the best crowdfunding platform for launching a product. The speaker, with extensive experience in raising funds on Kickstarter and Indiegogo, offers insights into the differences between these platforms. The script sets the stage for a detailed comparison, highlighting that while both platforms allow for raising money, they each have unique features and characteristics. The speaker promises to discuss the pros and cons of Kickstarter and Indiegogo in six key categories, aiming to help viewers make an informed decision by the end of the video.

This paragraph delves into the specifics of Kickstarter, emphasizing its popularity and success since 2009. It highlights Kickstarter's role in funding a diverse range of creative projects, from games to music albums. The platform's stats are impressive, with $7.66 billion raised and over 248,000 projects fully funded. The speaker notes Kickstarter's alignment with artists and creatives, making it an ideal choice for art projects, games, and design-related products. The paragraph also touches on Kickstarter's category structure and its influence on board game popularity.

The script introduces Indiegogo as a lesser-known but significant player in the crowdfunding space, launched in 2008 with a focus on independent films. Over time, Indiegogo expanded to include projects from various categories, such as tech, arts, and social causes. With over 800,000 ideas launched and a backer community of 9 million, Indiegogo is positioned as a platform with its own niches, such as glamping sites and e-bikes. The speaker discusses the platform's flexibility and the importance of choosing the right platform based on the product and its potential audience.

This paragraph focuses on the size of the backer communities on Kickstarter and Indiegogo, highlighting the importance of community in crowdfunding success. Kickstarter is portrayed as having a larger, more globally recognized community, with $7.66 billion raised from 22.5 million backers. Indiegogo, while still significant, has raised over $3 billion from 9 million backers. The speaker advises that size is not the only factor, and that understanding where your community is and researching the platforms is crucial for a successful launch.

The script outlines the strict rules and approval process of Kickstarter, which requires projects to be creative endeavors, have a working prototype, and offer something in return to backers. Kickstarter operates on an all-or-nothing funding model, meaning funds are only released if the campaign reaches its goal. The speaker also mentions the legal requirements for launching on Kickstarter, such as being 18 or older and having a valid address and bank account in an eligible country.

Indiegogo is presented as a more flexible alternative to Kickstarter, offering both fixed and flexible funding options. Flexible funding allows creators to keep the funds even if the goal is not met. Indiegogo also allows projects to launch in the concept stage without a working prototype, and it has a more relaxed project approval process. The speaker notes that Indiegogo is available in more countries and has a unique reserve fund feature, holding 5% of funds for at least six months to cover refunds and chargebacks.

The script discusses the fee structures of both Kickstarter and Indiegogo, which include a 5% platform fee and a payment processing fee. Kickstarter charges these fees after the campaign ends, while Indiegogo charges immediately and includes a 5% reserve fund. The speaker emphasizes the importance of budgeting for these fees from the start to avoid financial surprises and advises viewers to factor in these costs when setting their funding goals.

This paragraph provides a rapid overview of the features offered by Kickstarter and Indiegogo to support project launches. Kickstarter's pre-launch pages and campaign page editor are described as basic and intuitive but lacking advanced features. Indiegogo offers more customization, including HTML design capabilities. Both platforms provide reward builders, custom link tracking, ad tracking, and pledge management, but the speaker notes that third-party tools are often necessary for more robust functionality. Indiegogo's InDemand feature allows for post-campaign funding, which Kickstarter lacks.

The script discusses the promotional opportunities available on Kickstarter and Indiegogo. Kickstarter offers visibility through a Projects We Love badge and placements in newsletters and category pages, but it is not a pay-to-play platform. Indiegogo, however, allows creators to pay for better placement and promotional opportunities. The speaker notes that while Indiegogo's promotions are more accessible, Kickstarter's have been more effective in terms of funding at LaunchBoom.

The script concludes with a summary of the pros and cons of each platform, emphasizing that the choice between Kickstarter and Indiegogo depends on the specific needs and goals of the project. The speaker encourages viewers to do their research and choose the platform that aligns best with their project. A call to action is issued, inviting viewers to connect with LaunchBoom for further assistance and advice on their crowdfunding journey.