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The Top 10 Myths of Crowdfunding: According to Indiegogo

Photo of Paula Bernstein By Paula Bernstein | Indiewire September 6, 2013 at 3:56PM

In theory, crowdfunding for filmmakers seems like a great idea, but isn't it a lot of work? And doesn't it seem a little bit too much like begging people for money? Indiegogo has heard those questions many times before. To address some of them, the crowdfunding platform announced via Twitter that it has published a list of "Top 10 Myths of Crowdfunding," available to download for free here.Here's Indiegogo's Top 10 Myths of Crowdfunding:1. It's online panhandling.2. I might fail.3. I can't raise money without a fancy video.4. I'm afraid I won't reach my goal.5. I have to have a big social media following to be successful.6. I have no perks to offer.7. I don't have time.8. Crowdfunding is only about the money.9. I should wait until I have the perfect idea/product/etc.10. I'm not sure my idea will be accepted.Indiegogo systematically debunks the above myths, pointing on that "you are not passing the hat around -- you are bringing an idea to life." (Myth #1) The company also says that "none of our campaigns are failures." (Myth #2). Of course, every experience in life -- whether you succeed or not -- is educational and informative, but let's be real. If you're trying to raise money on Indiegogo and your project doesn't get off the ground, I think it's safe to say that your campaign failed. Seems to me that Indiegogo is just sugar-coating the facts with lines like, "If there is an idea you are passionate about, the only way it can truly fail is if you never try to bring it to life." Um, yeah. Thanks, mom!
9
The Indiegogo logo.
The Indiegogo logo.

In theory, crowdfunding for filmmakers seems like a great idea, but isn't it a lot of work? And doesn't it seem a little bit too much like begging people for money? Indiegogo has heard those questions many times before. To address some of them, the crowdfunding platform announced via Twitter that it has published a list of "Top 10 Myths of Crowdfunding," available to download for free here.

Here's Indiegogo's Top 10 Myths of Crowdfunding:

1. It's online panhandling.

2. I might fail.

3. I can't raise money without a fancy video.

4. I'm afraid I won't reach my goal.

5. I have to have a big social media following to be successful.

6. I have no perks to offer.

7. I don't have time.

8. Crowdfunding is only about the money.

9. I should wait until I have the perfect idea/product/etc.

10. I'm not sure my idea will be accepted.

Indiegogo systematically debunks the above myths, pointing on that "you are not passing the hat around -- you are bringing an idea to life." (Myth #1) The company also says that "none of our campaigns are failures." (Myth #2). Of course, every experience in life -- whether you succeed or not -- is educational and informative, but let's be real. If you're trying to raise money on Indiegogo and your project doesn't get off the ground, I think it's safe to say that your campaign failed. Seems to me that Indiegogo is just sugar-coating the facts with lines like, "If there is an idea you are passionate about, the only way it can truly fail is if you never try to bring it to life." Um, yeah. Thanks, mom!

Also, of course, a big social media following and cool perks get the word out about your campaign (though, obviously, they're not the only things that matter either).

According to Adrianne Jeffries' estimates at The Verge, less than 10% on Indiegogo make their goal, though it's not easy to get an exact number. The number is definitely below 13.68%, as that's the portion of film projects that make at least 75% of their goal.

The numbers are discouraging, but that doesn't mean it's not worth trying. As for #7, none of us has the time, but someone we manage to find time to post pictures of our food on Instagram. So while Indiegogo's myths are Pollyanish, the company does have a point. Enough with the excuses, and, as Nike says, just do it.

Did they forget any myths on their list? Feel free to add them in the comments section below.

This article is related to: Filmmaker Toolkit: Crowdfunding, Crowdfunding, Indiegogo







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