Follow

KickstarterForum.org

This site is not affiliated with Kickstarter, Inc.

General Chat + Introduce Yourself

We raised 52K and cancelled our KS. Did we do right thing?

by ivanzatko » Thu Aug 03, 2017 8:22 am

Hey guys,

it's only been a while since we have run our Kickstarter campaign for Benjamin Button. Our funding goal has been 25K and we raised 52K in 4 weeks. And yet, we decided to cancel the campaign. It really took guts to refuse such a huge amount of money, but this explains why we did it:

https://medium.com/benjamin-button/why- ... 14e5435b62

I am really interested to hear your opinion. Would you do the same thing if you were us?

Thanks, Ivan
Campaign creator of Skinners [1,8M raised, 18 000% of goal]
& Benjamin Button [52K raised, 200% of goal, cancelled by creator].
User avatar
ivanzatko
-- New Member --
-- New Member --
 
Posts: 8
Joined: Tue Jul 25, 2017 9:00 am
Location: Czechia

Share This Thread On

Share on Facebook Facebook Share on Twitter Twitter Share on Reddit Reddit Share on Google+ Google+

by hyperstarter » Thu Aug 03, 2017 12:28 pm

I don't like clicking on links and Medium is blocked for me, could you give us all a quick summary on this board :)
Promote your campaign today with Hyperstarter & use our free tool to identify Kickstarter page problems & fixes: http://www.hyperstarter.com
User avatar
hyperstarter
-- Veteran Member --
-- Veteran Member --
 
Posts: 683
Joined: Mon Nov 02, 2015 7:18 am
Location: Hong Kong

by ivanzatko » Fri Aug 04, 2017 7:52 am

Sure, here's my quick summary:

We've done the calculations before the campaign and since hardware development was almost finished and software development was on the good track, we set the goal to 25,000 USD. We reached that in few hours and doubled it in the course of the campaign. However when we were halfway through, we found out that 25K is no longer enough and we suddenly needed much more. We were limited on budget and could not afford to pay to huge agencies for boosting our campaign. So we only had two options left:

A/ to take the money and make the most of it. Trying to convince new investor to come on board and finish the hardware and software development and manufacturing for his money (Likelihood was maybe 20%)

B/ to refuse the money by cancelling the campaign few hours before it was finished. This meant to burn a lot of money and time we spent for Kickstarter, but was morally right.

You can see the result on our Kickstarter. Cancelling the campaign was not easy, but it was better than fooling our backers and then declaring bankruptcy. To be honest, we were afraid of their reaction and damaging our brand, but the opposite was true - the reactions were 90% positive and it even strenghtened our relationship with community.

Why I posted it here - this was meant to be a case study for all the campaigns that are thinking about similar dilemma. Hopefully there will be less brands like Coolest Cooler or Zano and more creators who are not afraid of the consequences cancelling the campaign might bring...
Campaign creator of Skinners [1,8M raised, 18 000% of goal]
& Benjamin Button [52K raised, 200% of goal, cancelled by creator].
User avatar
ivanzatko
-- New Member --
-- New Member --
 
Posts: 8
Joined: Tue Jul 25, 2017 9:00 am
Location: Czechia

by Cristina » Thu Aug 17, 2017 3:25 am

This post has been moved to the General Chat + Introduce Yourself section.
Forum Moderator.
Site Owner: Salvador Briggman
User avatar
Cristina
-- Veteran Member --
-- Veteran Member --
 
Posts: 1538
Joined: Tue Dec 16, 2014 11:55 pm

by gsng » Fri Aug 18, 2017 7:40 am

So since you found that you need much more for your project, would you start a new campaign with higher funding goal? I think your decision is right on that situation, so what's your next move?
gsng
-- New Member --
-- New Member --
 
Posts: 5
Joined: Fri Aug 18, 2017 7:13 am

by Stickyguava » Tue Sep 19, 2017 6:17 pm

Wow, interesting story. But good for you for doing the right thing. I would have done the same.
Stickyguava
-- New Member --
-- New Member --
 
Posts: 2
Joined: Tue Sep 19, 2017 5:52 pm

by LTOTV » Thu Sep 21, 2017 10:54 pm

Cancelling was the right call. There are so many horror stories of creators raising the cash, not being able to make the product, and keeping the money. Good on you for recognizing it couldn't happen.

My only suggestion for the future would be to have an ironclad number as to what your costs will be before you go on KS. I've had clients want to throw out a number bc it sounds good, but they have to realize they need to build a sustainable business and not just produce one offs for backers.
LTOTV
-- New Member --
-- New Member --
 
Posts: 9
Joined: Thu Sep 21, 2017 10:44 pm

by JoIIygreen » Mon Sep 25, 2017 9:18 pm

I agree. You realized a new complication that would have made production very hard and probably not profitable. Canceling was the right call in that situation. At least now you have the understanding of the project and everything else ready to go if new software development arises. You could easily plug in back in and restart it.
User avatar
JoIIygreen
-- New Member --
-- New Member --
 
Posts: 4
Joined: Mon Sep 25, 2017 9:03 pm


Return to General Chat + Introduce Yourself

cron
  • View new posts
  • View unanswered posts
  • Who is online
  • In total there are 11 users online :: 2 registered, 0 hidden and 9 guests (based on users active over the past 5 minutes)
  • Most users ever online was 102 on Thu Jan 15, 2015 3:53 pm
  • Registered users: Bing [Bot], Majestic-12 [Bot]