Crowdfunding Crisis #4: Monuments to failure

crowdfunding monuments to failure

Most crowdfunding campaigns fail.

There are plenty of reasons for this. Some initiators do not do the legwork to succeed.

Yet there are systemic reasons for this insanely high failure rate.

But get this: Not only do the crowdfunding mega-sites make it hard to succeed, many of them even maintain a sort of showcase of failure, a display or disappointments. For thousands of unsuccessful campaigns, the evidence of their failed campaigns remains on the crowdfunding site, publicly available for anyone to see in perpetuity.

Despite the fact that a project may have succeeded in raising funds on another crowdfunding platform, or through debt, equity or angel funding and moved on to wild success, it will still be immortalized as a failure on many of the crowdfunding mega-sites.

Nobody needs to remind the world of our past failures. Yet many of today’s crowdfunding sites seem determined to rub our faces in past disappointments.

Crowdfunding is still a newish concept. The time is coming when users will start demanding real customer service, better conditions and crowdfunding platforms that have the best interests of the campaigns in mind.

Keep watching this space for more about the problems with contemporary crowdfunding (and a revolutionary solution)!