Creatives don't always have the cash flow to bring their ideas to fruition; Kickstarter is an online marketplace that essentially lets aspiring Da Vincis find their mini-Medicis by way of microfinancing.
Just as donors help the efforts of museums and other public organizations, Kickstarter users patronize aspiring artists, musicians and inventors--even if all they have to spare are a few bucks for the cause.
Among the artists the New York Times profiles is Earl Scioneaux III, who used Kickstart to finance his first album:
Mr. Scioneaux, who ultimately raised $4,100, offered a range of rewards to his supporters: for a $15 payment, patrons received an advance copy of the album; for $30, they got a personal music lesson as well. A payment of $50 or more got both of those, and a seat at Mr. Scioneaux’s dinner table for a bowl of his homemade gumbo and a chance to listen to some of his studio recordings. “I didn’t expect people to be all over that one,” he said, “but it sold out almost immediately.”
Crowdfunding Creative Projects
Kickstarter Helps Aspiring Da Vincis Meet Their Mini-Medicis
Trend Themes
1. Microfinancing Creative Projects - Online marketplaces that allow microfinancing of creative projects present disruptive innovation opportunities for financial technology companies.
2. Crowdfunding Rewards - Offering creative and unique rewards for crowdfunding supporters presents disruptive innovation opportunities for marketing and advertising agencies.
3. Aspiring Artist Patronage - Patronage of aspiring artists through crowdfunding presents disruptive innovation opportunities for art-based companies.
Industry Implications
1. Financial Technology - Financial technology companies can leverage online marketplaces that allow microfinancing of creative projects to offer new financial services.
2. Marketing and Advertising - Marketing and advertising agencies can help creators to develop unique rewards for crowdfunding supporters to increase funding success.
3. Art - Art-based companies can leverage crowdfunding to support aspiring artists and promote their work to a wider audience.