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6 Top Crowdfunding Websites: Which One Is Right For Your Project?

Forbes | Kate Taylor | August 6, 2013

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Kickstarter, one of the most popular and earliest crowdfunding websites, is now open to Canadian projects. (Photo source: Kickstarter.com)

If you’ve been on the lookout for funding for a startup project in the last few years, you’ve likely explored  crowdfunding – or, more specifically Kickstarter. But there’s a growing number of websites dedicated to finding funds for a creative and entrepreneurial projects, with Kickstarter in the lead. However, not all crowdfunding platforms are created equal. Here’s the breakdown on which may be the right one for you.

Kickstarter

In a sentence: Kickstarter has become synonymous for crowdfunding, as the most popular site to find funding for creative projects.

Cost: 5% of funds raised, with an all-or-nothing model that builds urgency but leads to the loss of all funds if the goal isn’t met, plus 3-5% transaction fees

Pros: Name recognition, highest site traffic allows for greater project visibility

Limitations: approval process, limited to creative projects, only allows projects based in the US and UK

Indiegogo

In a sentence: This flexible crowd-funding site serves as an open and accessible option for campaigns worldwide.

Cost: On the all-or-nothing plan, 4% of the funds of successful projects go to Indiegogo. On the flexible funding plan, Indiegogo charges 4% if you reach your goal, 9% if you do not reach your goal. Transaction fees are an additional 3%.

Pros: No application process, available in every country, diverse spread of projects

Limitations: More expensive if you don’t reach your goal, but without the urgency of the all-or-nothing plan

RocketHub

In a sentence: This crowdfunding website offers a unique type of visibility through a recent partnership with A&E Project Start Up.

Cost: 4% for completed campaign or 8% for partial campaign, with 4% transaction fees.

Pros: Easy to navigate interface, Success School offers tools for building better projects and businesses

Limitations: Step down in terms of traffic from Kickstarter and Indiegogo

FundRazr

In a sentence: This website is dedicated to raising money for anything from personal causes to nonprofits to entrepreneurial projects.

Cost: 5% for completed or incomplete campaign plus 2.2% +$.030 transaction fees

Pros: Deep social network integration to connect to people in your network, cheap and convenient transaction fees with funds going directly to your PayPal, can be used to fund anything, anywhere

Limitations: More difficult to connect with other entrepreneurers and investors, with less than 5% of projects falling into the category of entrepreneur/creative

There are plenty more crowdfunding sites for individuals and non-profits emerging on the scene, such as GoFundMe and Ulule. As the market grows, some sites grow more specific, such as Moola Hoop, which is centered on female entrepreneurs, or community-funded reporting site Spot.us. Take time to examine each site to find one that fits your needs in terms of potential funders, the quality of other projects and the site’s usability. Then, get the funds to jump start that project you’ve been waiting for.

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NCFA Jan 2018 resize - 6 Top Crowdfunding Websites: Which One Is Right For Your Project? The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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2 Responses to 6 Top Crowdfunding Websites: Which One Is Right For Your Project?

  1. […] banking separate.) If you’re starting out on a large scale you may have to research loans or crowdfunding as well. Or there may be grant opportunities in your area for starting a […]

  2. Martin Stone says:

    Hello,
    My wife and I own an organic family run Rhodiola farm in Manitoba. This is a new crop for the prairies that will help diversify farm crops and reduce the reliance on the unpredictable grain market. Adoption of this crop could mean the difference between keeping farms in the hands of families that have owned and run them for 50 years or more or losing them due to debt and outstanding loans. Stone Country Acres is the only Rhodiola farm in Manitoba at this time and we would like to know if crowd funding is an appropriate method to help us meet our financial goals to purchase much needed equipment and hire help for this coming growing season. We have been personally financing this since we started this project in 2011 but could use some help now. We are at the stage where we are able to harvest our own root stock for transplanting our annual planting, meaning we no longer have to purchase seed or root cuttings from outside sources. Our first marketable crop will be ready for harvest 2016.

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