If you’re part of the 38 percent of Kickstarter campaign owners whose project met its goal, congratulations twice over: You’ve already nearly doubled your chances for success the second time around, according to new data.
The crowdfunding platform told the Wall Street Journal that site users who have met their funding goals on one project have a 73 percent chance of doing the same the next time around.
Slava Rubin, CEO of crowdfunding site Indiegogo, said that he saw a similar trend emerging among his users, according to the Journal.
Entrepreneurs typically use crowdfunding platforms to raise initial funding. In cases where consumer interest and the money raised is enough to launch the idea into a company, those startups sometimes return later to validate new product or service ideas.
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This was the exact path Breather CEO Charles Yim took. In 2013, he raised $138,437 — 554 percent of his fundraising goal — on Indiegogo to build a small breathalyzer that plugs into a smartphone. Earlier this year, Yim wanted to see if there would be similar demand for a device that measures oral health and hydration levels. He raised $85,574 — 326 percent of his fundraising goal — so the device, called Mint, will be the company’s next product.
Read more at INC.