Project Reports

Vol.12 Looking at Crowdfunding Data Overseas

Kraggle Dataset, an online data specialist, looked at the data of 392,000 crowdfunding projects (From 2009-2017). This data came originally from OFF THE CHARTS CONSULTING, who looked mainly what makes a Kickstarter project successful.

Kickstarter launched in New York in 2009 and has become the world’s largest crowdfunding site.

With this article, we hope that by looking at this data, we can maybe help you understand crowdfunding a little bit better.

 

Key Point 1: Projects in 2011 had a 46% success rate

Projects that started in 2011 had nearly a 50% chance of succeeding. Of 26,000 projects that started around 12,000 projects were successful. After this success rates fell but then picked up again in 2016 and have slowly been rising since. In 2017, the rate of success was around 37%. We can understand that with this, we are seeing a resurgence of the crowdfunding boom, meaning more people are looking to crowdfunding to find new products and so on.

Key Point 2: Creating a sense of urgency

64% of projects have a length of about a month for their project but it’s actually those that have a much shorter length of about 2 weeks or so that see the most success. 46% of people that held projects for this long were successful.

Compared with those that hold their projects for more than a month have a much lower success rate with it being 24% for those that are more than 45 days long.

One reason for this, is that both the creator finds it hard to keep up momentum for a long time, as well as the backers seeing that maybe the creator doesn’t need to release straight away and can raise money themselves.

References:

https://www.offthechartsconsulting.com/blog/what-makes-a-successful-kickstarter

https://www.kaggle.com/kemical/kickstarter-projects/version/7

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