July 23, 2014

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Reporter: Brittany Semadeni Email

Central Texas: Local Entrepreneurs Turn To Online Funding To Jumpstart Business

CENTRAL TEXAS (March 19, 2013)—The latest craze in receiving funding for projects has come to Central Texas.

Residents are turning to the website kickstarter.com in hopes that other residents will see their idea as worthy of their dime and contribute to its success.

From opening a candy store in West to bringing a gaming convention to Waco, residents are seeing success in the website that promotes creativity while putting cash in the inventor’s pocket.

The way Kickstarter.com works is every project creator sets their project's funding goal and deadline. If people like the project, they can pledge money to make it happen. If the project succeeds in reaching its funding goal, all backers' credit cards are charged when time expires.

If the project falls short, no one is charged, according to the website.

If a project is successfully funded, Kickstarter applies a 5 percent fee to the funds collected so that they can make a profit.

Also, each project must receive approval from the website’s creators and nonprofit organizations along with “fund my life” projects are not allowed on the site.

Another thing to note is that the website does not guarantee any of the projects, even if they reach their funding goal.

Projects like “the World’s Thinnest Watch” and “the Elevation Dock for iPhone" reached well over $1 million in their fundraising efforts.

A customizable watch for iPhone and Android raised in excess of $10 million for its project.

For locals like Karen Karlik of West, $45,000 is needed for her candy kitchen that she says she will open on Main Street if her funding goal is reached by April 14.

So far, $654 has been raised.

Project “Budwrap” (to organize ear buds on your wrist) and the mission to get the band “Everyone Dies in Utah” back on tour were two local projects where the financial goal was reached.

Kickstarter was kickstarted in 2009.

Kickstarter


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