Harvard Case - Kickstarter: Crowdfunding for the Arts
"Kickstarter: Crowdfunding for the Arts" Harvard business case study is written by Rohit Deshpande, Alexis Lefort. It deals with the challenges in the field of Marketing. The case study is 17 page(s) long and it was first published on : Nov 13, 2023
At Fern Fort University, we recommend that Kickstarter focus on a multi-pronged strategy to enhance its platform's value proposition and drive sustainable growth. This strategy involves:
- Strengthening its core offering by improving user experience, expanding project categories, and enhancing project discovery tools.
- Diversifying revenue streams by introducing new services like project management tools, marketing support, and data analytics for creators.
- Expanding into new markets by leveraging its global reach and adapting its platform to cater to local cultural nuances.
- Embracing emerging technologies like AI and blockchain to streamline operations, personalize user experiences, and create new opportunities for creators.
2. Background
Kickstarter is a global crowdfunding platform that allows creators to raise funds from supporters to bring their projects to life. Founded in 2009, it has become a leading platform for artists, musicians, filmmakers, and entrepreneurs to access funding and connect with their audiences.
The case study focuses on Kickstarter's position in 2015, a time of significant growth and competition. The platform faced challenges including:
- Increasing competition: New crowdfunding platforms were emerging, offering similar services and vying for market share.
- Evolving user needs: Creators were seeking more support beyond funding, including marketing, project management, and distribution.
- Growing pains: The platform needed to scale its operations and improve its user experience to accommodate its growing user base.
3. Analysis of the Case Study
To analyze Kickstarter's situation, we can apply a SWOT analysis framework:
Strengths:
- Strong brand recognition: Kickstarter is a well-established and trusted platform in the crowdfunding space.
- Large and engaged community: The platform has a large and passionate community of creators and backers.
- Successful track record: Kickstarter has funded countless projects, demonstrating its effectiveness as a platform for creative endeavors.
- Focus on creative projects: Kickstarter's focus on arts, culture, and innovation attracts a unique and engaged audience.
Weaknesses:
- Limited revenue streams: Kickstarter's revenue model relies primarily on a small percentage of the funds raised, making it vulnerable to fluctuations in project funding.
- Lack of support for creators: The platform offers limited support for creators beyond funding, leaving them to navigate the complexities of project management and marketing on their own.
- User experience challenges: The platform can be overwhelming for new users, especially in navigating project discovery and funding options.
Opportunities:
- Expanding into new markets: Kickstarter can leverage its global reach to expand into emerging markets with high growth potential.
- Developing new revenue streams: The platform can offer additional services like project management tools, marketing support, and data analytics to creators.
- Embracing emerging technologies: Kickstarter can leverage AI and blockchain to improve efficiency, personalize user experiences, and create new opportunities for creators.
Threats:
- Increased competition: New crowdfunding platforms are emerging, offering similar services and vying for market share.
- Changing consumer behavior: Consumers are increasingly demanding more transparency and accountability from crowdfunding platforms.
- Regulatory challenges: The crowdfunding industry is subject to evolving regulations, which could impact Kickstarter's operations.
4. Recommendations
To address the challenges and capitalize on opportunities, Kickstarter should implement the following recommendations:
1. Enhance the Core Offering:
- Improve user experience: Simplify the platform's navigation, enhance project discovery tools, and provide more comprehensive support for creators.
- Expand project categories: Offer a wider range of project categories to cater to diverse creative endeavors and attract a broader audience.
- Introduce new features: Develop features like project management tools, collaborative workspaces, and integrated marketing platforms to empower creators.
2. Diversify Revenue Streams:
- Offer premium services: Introduce paid tiers for creators with access to advanced features, marketing support, and data analytics.
- Partner with brands and organizations: Develop partnerships with brands and organizations to offer sponsored projects and co-branded campaigns.
- Explore alternative revenue models: Consider subscription-based models, advertising revenue, or transaction fees for certain project types.
3. Expand into New Markets:
- Adapt the platform for local markets: Translate the platform, localize content, and partner with local influencers to cater to cultural nuances.
- Target specific demographics: Identify and target specific demographics with high growth potential in emerging markets.
- Develop strategic partnerships: Collaborate with local organizations and government agencies to promote the platform and build trust.
4. Embrace Emerging Technologies:
- Leverage AI and machine learning: Utilize AI to personalize user experiences, recommend projects, and optimize project discovery.
- Explore blockchain technology: Implement blockchain solutions to enhance transparency, security, and efficiency in project funding and management.
- Develop data-driven insights: Utilize data analytics to understand user behavior, identify trends, and inform product development.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Kickstarter's strengths, weaknesses, opportunities, and threats. They are consistent with Kickstarter's mission to empower creators and bring creative projects to life. The recommendations also consider the evolving needs of creators and backers, the competitive landscape, and the potential of emerging technologies.
Key assumptions:
- Kickstarter can successfully implement these recommendations without significant disruption to its existing operations.
- Creators and backers will embrace the platform's new features and services.
- Emerging technologies will continue to evolve and provide opportunities for innovation.
6. Conclusion
By embracing a multi-pronged strategy that focuses on enhancing its core offering, diversifying revenue streams, expanding into new markets, and leveraging emerging technologies, Kickstarter can solidify its position as a leading platform for creative crowdfunding. This strategy will help it navigate the competitive landscape, meet the evolving needs of creators and backers, and achieve sustainable growth.
7. Discussion
Alternatives not selected:
- Merging with a competitor: While a merger could provide access to new resources and markets, it could also lead to cultural clashes and loss of brand identity.
- Focusing solely on existing markets: This approach would limit Kickstarter's growth potential and make it vulnerable to competition.
- Ignoring emerging technologies: Failing to embrace emerging technologies could lead to a competitive disadvantage in the long run.
Risks and key assumptions:
- Implementation challenges: Successfully implementing these recommendations requires significant resources, expertise, and commitment.
- Market acceptance: New features and services must be well-received by creators and backers to be successful.
- Technological advancements: Emerging technologies are constantly evolving, and Kickstarter must adapt its strategy to remain relevant.
8. Next Steps
Timeline with key milestones:
- Year 1: Implement user experience improvements, expand project categories, and introduce new features.
- Year 2: Launch premium services for creators, explore partnerships with brands and organizations, and begin expanding into new markets.
- Year 3: Fully integrate AI and blockchain technology into the platform, launch new revenue streams, and solidify a global presence.
By taking these steps, Kickstarter can position itself for continued success in the evolving world of crowdfunding.
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Case Description
Kickstarter was a virtual crowdfunding platform and community that allowed creators of all kinds to raise funding for creative projects. The executive team was wrestling with a tension in its business model: the organization earned the majority of its revenue from projects that were not closely aligned with its mission. The executives saw the mission as raising funds for art projects, however such projects only accounted for 3% of total funds raised. They were also concerned that societal interest in arts was declining. Kickstarter was a Public Benefit Corporation and therefore it measured its success by how well it achieved its mission, not by the size of its profits.
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