For all our entrepreneurs, or aspiring entrepreneurs, the phenomenon known as crowd funding is changing the shape of startups.
Kickstarter is a nifty little website that allows people to post their ideas for potential funders to see. People make pledges if they like what they see. Should an idea reach its predetermined funding goal, the pledges are then collected and the project is on its way.
The site has kicked out some real successes. One innovator raised $1.5 million to fund his iPhone dock.
Success in fundraising is not always such a blessing.
See, with Kickstarter you have to promise your funders something in return. Often times it is the product you are intending to produce (ie iPhone dock).
The flood of demand can swamp new entrepreneurs who are not set up to handle such a workload, sometimes with tragic results. Some entrepreneurs can’t get the products out to their benefactors quick enough. Others are unable to complete the project all together.
But if you think you are up to the challenge and have a great idea, try to kick it.