The future of crowdfunding will be powered by a cooperative DIY SaaS system model that resolves numerous pain points in the crowdfunding industry.
BidOkee provides the freedom to develop stand-alone, branded, customizable DIY crowdfunding sites that integrate seamlessly with ecommerce and etail platforms, and incorporate loyalty programs, gamified features and a revenue sharing model.
Vancouver-based Quilageo Inc. has launched a prototype version of the world’s first gamified crowdfunding platform called BidOkee.
“There is massive proliferation of crowdfunding sites,” says Eyal Lichtmann, CEO of Quilageo. “There are over 450 crowdfunding platforms worldwide and hundreds of thousands of campaigns launched annually.”
Crowdfunding is growing massively, 1,000% in the last five years. Of this growth, donation-based crowdfunding comprises the majority of giving, growing at a compounded annual growth rate (CAGR) of 444% compared to equity crowdfunding, which is growing at a rate of 168 percent. By 2020, crowdfunding is expected to reach $500 billion in funding per year generating $3.2 trillion in economic value.
“However, a majority of crowdfunding campaigns fail,” says Lichtmann. “An astonishing 81% of unsuccessful projects fail to reach 20% of their funding goal. And nearly 60% of all crowdfunding projects are unsuccessful. There is a systemic problem in crowdfunding if a majority of campaigns are continuously failing. Therefore, there is a need for a new model in crowdfunding – one that provides a greater chance of success and changes the paradigm to a more cooperative model.”
BidOkee’s objective is to crowdfund for crowdfunding. They are raising funds through their prototype site to build an easy-to-use, do-it-yourself, “DIY” crowdfunding SaaS model platform with additional features and none of the limitations, barriers or commissions that define existing crowdfunding mega-sites. It’s the user’s brand, their site, their design, their campaign, and their network. The features don’t just stop there.
“The platform we are in the process of building includes gamification, which drives loyalty and engagement” says Lichtmann. “Campaign backers can enter contests and bid on real, valuable products in live online auctions.”
BidOkee intends to provide opportunities for campaigns to promote and sell their products in the auctions, in contests or through direct purchase opportunities where thousands of backers from thousands of campaigns will utilize their loyalty points to further the success of start-up ventures.
BidOkee will also be providing start-up campaigns access to shared revenue beyond donations. The model looks to share revenue generated from general product sales, advertising, sponsorships, virtual revenue and market lead revenue streams. This will equate to millions of dollar’s worth of shared revenue with campaigners annually and can grow significantly, contingent on the number of active campaigns and users of the site.To ensure a greater chance of success, BidOkee looks to provide a pay-it-forward philosophy so campaigners can assist each other with the ability to share best practices and cross-pollinate users between campaigns.
As Darryl Burma, CEO of Crowdmapped.com says, “BidOkee will definitely disrupt the industry. It is doing something we have not seen before and is a game-changer.”
“The more we share our story, the more excited people get” says Lichtmann. “All we need now is for the start-up community to support our ideas so that we can finalize building the BidOkee DIY crowdfunding platform for their use.”