Crowdfunding has taken on a life of its own since the dawn of the Web, with a myriad of online platforms serving to democratize the product-funding and building process.
Today, perennial crowdfunding favorite Indiegogo has announced a slight gear-shift as it looks not only to differentiate, but also to maximize the amount of time a person or company has to garner as much funding as possible for their creations.
Thus far, Indiegogo has offered ‘Flexible’ and ‘Fixed Funding’. So, if you reach your goal, you keep all raised funds, minus a 4 percent fee. If you don’t reach your goal, however, with Flexible funding you can still keep the funds raised, but are charged 9 percent instead, while on a Fixed model you don’t keep any of your funds and all funders receive their money back. That’s Indiegogo’s model in a nutshell, at least.
Now Indiegogo is piloting a program that will see campaigns allowed to remain open after their deadline – so in effect, there is no deadline. Not one that’s set in stone, at least.
For example, as you’ll see on the Tens Photo Filter campaign, it has more than met its funding goal already, but rather than just stopping there, it’s keeping the clock ticking. It says:
“This campaign raised £366,943 by its July 05, 2014 deadline, and is continuing to accept contributions.”
You can see similar moves being made over on the TrackR bravo campaign. The one thing both these projects have in common is that they are already well-funded, so they’re striving to capitalize on the hype to get as much funding as possible.
This is only open to select campaigns from today, and Indiegogo says that when it opens this up to all projects in the coming months, it will only be available to those that have met their initial goals. However, it also makes sense to expand the scope even further to include campaigns that have almost met their goals, to give them a chance to succeed, but there is no word yet on whether this is on the agenda.
Feature Image Credit – Shutterstock