Incandescent Games is a small PC company based in Edinburgh which was set up by University of Edinburgh graduate Kenneth Ward. In October 2012, Kenneth started working on a computer game called LogicBots. LogicBots is essentially a puzzle game, but it comes with a twist. You design your own robot and try to make it solve logic puzzles for you. How that works? Read more about LogicBots and see how Kenneth reached out to the games community to crowdfund his independent game.
What is Kickstarter?
Kickstarter is a crowdfunding platform which has been running since 2009. In that time 7.5 million people have pledged $1 billion, funding 74,000 creative projects. It is a website where people can pitch their ideas for a product and have members of the public pledge money to support your project while getting rewards for their pledges such as a copy of the finished product.
Kickstarter has certain rules for the projects that can be created. Firstly you must set a goal your project needs to be completed. This should be the amount of money you need to complete the project. It is an “all-or-nothing” model, you then get 30 days to raise the funds and if you don’t reach the target funding you get nothing and all the backers keep their pledges. This is put in place to encourage backers to pledge money as they know if the goal isn’t reached they lose nothing. It also prevents projects being funded which don’t have enough money to be completed.
Another important rule is that you are not allowed to give equity away as a reward for backers or any “cashback” incentives. Backers have to be supporting your project because they like the product not because they want to make an investment. All your pledge awards have to be a product, whether this is something simple for small rewards such as their name in the credits, the product you are trying to produce, or a limited edition version of your product.
No matter if you’re planning to start your own social enterprise or want to pitch your idea and win some prize money: For up and coming entrepreneurs December and January have some interesting opportunities on the plate. This time we want to recommend really interesting opportunities from Santander UK, SIE, EIE, LaunchMe as well upcoming scholarships at the University of Edinburgh.
We’ve put together some of the most interesting business competitions, funding opportunities and scholarships for December 2014 and January 2015. Just grab the chance, apply and win some money that you can put into your company straight away. Last but not least, we’ve added some interesting reads for the festive season…
Arthur Dimsdale, Hannah Dimsdale, and Christopher Sladdin. This is the trio behind teadough – a student start-up which believes in the sublime synthesis of doughnuts and fine tea. Learn more about teadough and their journey from the Edinburgh Fringe to the Original Doughnut Kit. Let’s get #teadoughlicious.
“Last year we discovered that our ancestor invented the doughnut back in 1803 here in Britain. That is what gave my sister and I the spark to start teadough. We started the venture selling doughnuts and tea during the Edinburgh Fringe this year. After the success of the Fringe we have pivoted towards our new product: The Original Doughnut Kit. This is a kit that allows doughnut lovers to easily bake delicious doughnuts at home without the need for a deep-fat fryer with a recipe that is based on that of our ancestor. We have started selling at Christmas markets and online and we are also very excited to launch our pre-Christmas promotional video” (http://vimeo.com/113722821).
Whether it’s a university project, a promising future technology or simply a brilliant business idea: crowdfunding is more and more often the starting-point for innovative startups. Kickstarter, ShareIn, and Indiegogo – various platforms have become marketplaces where entrepreneurs compete for investments into their big ideas.
Back in 2012 Oculus, a virtual reality company, started a crowdfunding campaign for a VR headset and set out to collect $250,000. It was hugely successful and heavily oversubscribed: Crowdfunding secured Oculus an incredible $2,437,429 from over 9,500 backers. Two year later, Oculus was acquired by Facebook for $2bn.
Certainly, this is an extraordinary example but it gives you an impression that crowdfunding can be a serious option for any entrepreneur who considers external funding. The buzz created around many crowdfunding campaigns and the public attention startups often receive can, to a certain extent, be a great tool for market validation.