Wizard Tag
If you have heard of Kickstarter, GoFundMe, or any of the other crowdfunding platforms, but never used them, this will explain not only how easy it is, but why you should consider supporting people this way.
For those of you who know all about crowdfunding, this is still a great review. For people new to crowdfunding or unsure about it, this should explain why reward-based crowdfunding works and is great for consumers!
Why Wizard Tag chose Crowdfunding to Help Create the Laser Tag Wands!
What is crowdfunding?
Crowdfunding is a way for inventors and entrepreneurs to fund their projects.
Reward-based crowdfunding is a way to support creators before whatever they are creating has been created! In a way, these crowdfunding options have become something like a preorder system. You are donating funds with the promise of a reward, but no guarantee. People do this in order to be the first to have something, to support an entrepreneur they know, or to support a product they would love to have.
In the past, you had to have money of your own to invest, borrow from a bank, or convince rich people to lend you money for a piece of the pie. Now there are so many options for getting started.
Crowdfunding is a way to get relatively small amounts of money from lots of people. This could be the minimum order quantity if you are making a consumer product, or it could be the cost of making a film, self-publishing a book or comic, or anything else you can think of where other people would like to help you with a project.
What is the difference between different crowdfunding sites like Kickstarter, IndieGogo, Patreon, GoFundMe, and SeedInvest?
Not all crowdfunding is the same!
- GoFundMe is well known, but mostly for helping people in distress or supporting non-profit organizations.
- Patreon is a crowdfunding platform that is best for artists, podcasters, and other creative people who have a lot of content that could be supported by subscriptions as well as one-time donations.
- SeedInvest is an example of equity crowdsourcing. Supporters are really investors who get a portion of the company for their payment.
- IndieGoGo was the first reward-based crowdfunding platform, and is still a great option. It is different from others in that you can keep the funds gathered even if you didn’t reach your goal.
- Kickstarter is the most-visited crowdfunding platform, but their model is all-or-nothing. If you don’t reach your goal, none of the supporters are charged and you don’t get anything. If the goal is reached, then after the campaign (usually 1-2 months) the money is delivered to the creator of the campaign, minus the Kickstarter fees and the process of making the product continues!
How do I support projects on a crowdfunding site?
Supporting crowdfunding projects is easy! You just visit any of the sites, search for campaigns that interest you, then you give money, which is sometimes called a donation, a payment, or a pledge. Payments are usually made with credit cards and can be charged immediately (for GoFundMe, IndieGoGo, or Patreon) or at the end of the campaign (Kickstarter).
Supporting a project is as easy as making an online purchase. They use reputable third-party financial services, so you don’t have to worry about security. The campaign you are supporting will send periodic updates during the campaign and usually keeps the supporters informed about progress after the campaign as well.
The difference from online shopping is there is no inventory, so it takes longer than people are used to when waiting on even the slowest ground shipping. Campaigns usually have a target month for fulfillment, and give updates on the project regularly. Many creators prepare as much as possible prior to crowdfunding, so they can go right into production when their campaign succeeds!
Most campaigns will have buttons on their website or links on other social media that take you directly to their campaign. If you can’t find those you could go to www.kickstarter.com for example, then just type the name of the campaign in the search bar. If it takes you to a preview page, click to get notifications. If it takes you to a campaign page, you can click on “Back this Project” or “Get this Perk” and then choose a reward level and follow the instructions. Easy!
Can I support a project without paying for the reward?
On Kickstarter you can look at upcoming projects on their preview pages before their campaign starts. It is possible to sign up for notifications there, so that you will not miss the launch.
If you are not interested in a project, but want to support a friend or family member, a great way is to share posts on their website, blogs, and other social media. Sometimes telling a friend (or stranger) is even more helpful, because they may tell friends too.
Signing up for a company newsletter is a great way to support before you decide if you want to pay. This way you get on a mailing list that usually gives inside information about the product before it goes to market, details about the crowdfunding campaign, and other information that could help you make a decision.
Many companies have gotten their start with crowdfunding in the last fifteen years, and they might not have succeeded with traditional funding. Supporting creators and entrepreneurs with crowdfunding is fulfilling and rewarding!
When will Wizard Tag start Crowdfunding for the Wizard Tag Wand?
We expect to launch our Crowdfunding in the Spring of 2024, but we will have a Kickstarter preview page up beforehand for people to check out and follow for updates!
If you want to stay up to date on our progress before then, be sure to sign up for the Newsletter on our website. We’ll be giving insider information on the creation of the Wizard Tag laser tag Wand, and keeping you up to date on what we’re working on each week!
Share your thoughts in the comments below!
- Have you participated in crowdfunding before?
- What was your experience like? If it was reward-based, how long did it take to get your reward?
- What concerns do you have about crowdfunding?
Want more Wizard Tag updates?
Follow our Progress as we create Laser Tag for Wizards!
#makingmagicreal
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