Once the project reaches its goal funding

The pledged goal for AIR was set to reach $23,267. The pledged amount has almost tripled the goal and is currently standing at $65,936 and counting. As of now, there are still 22 more days remaining, which means this project will be funded. I find this project interesting because there are so many individuals prepared to assist in the funding of this product. I believe this product will have a positive impact on a significant number of active individuals.

Reviewing the information from this chart, I can see that the customers are highly motivated to get this product out on market. The majority of the pledges were at $96 or more with a reward of saving 38% off the estimated price of $132.77. I agree with the different saving reward amounts depending on the pledge amount. I believe this product will be successful, although the product is not out on the market yet, the pledge for the amount of $96 is already has reached its capacity and is no longer available.

There are many ways entrepreneurs obtain funding for their product or service. Adding a digitized copy of the company, invention or movie to the internet would be a great way to get involved in crowdsourcing. Crowdsourcing is a way to acquire opinions and needed services by requesting contributions from people through social media, internet and phone apps. According to MIS Quarterly Executive, “there are two types of crowdsourcing: tournament and collaboration”. The crowdsourcing tournament is when individuals submit their ideas or business plans while collaboration happens when many ideas or plans that are alike are chosen and combined. Going to the bank, you risk being denied or become in great debt. Finding investors could be difficult for new entrepreneurs.

To obtain funding through Kickstarter, an entrepreneur must provide “a project page with a video and description that clearly explain the story behind your project”. Rewards the pledgers may be presented with once the project is completed. Last but not least, updates of the projects journey. Once the project reaches its goal of funding, Kickstarter applies a fee of 5% to the funds collected for the creators. The backers do not get charged until the project is successful. But, if the project is not successful, the pledgers are not charged. I would definitely use and recommend Kickstarter if I or anyone I knew wanted to start a business. It’s all or nothing, you pitch your idea and the project can either be a success or fail. The positive to that is nothing is official until the goal is reached, therefore you do not suffer loss if you’ve reached half of your goal and had to return the funds yourself. Seeing the progress being made motivates you and the pledgers to find more ways to spread the information about your project.

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