Last month we shared an infographic from Jeanne Pi of AppsBlogger that revealed that 40 percent of all Kickstarter projects fail. This week, Pi has published an addendum to last month’s post, delving into Kickstarter stats on a much deeper level.
Pi explains of her previous post, “I was wrong. I received much feedback on my article, chief among them from Professor Ethan Mollick of The Wharton School of the University of Pennsylvania. He basically said the analysis I did was wrong. That ‘I can’t simply compare the percent of projects in a category that are successful without also controlling for the size of the project.’” Additionally, Pi found that people were more interested in understanding how many funded projects actually delivered, rather than how many failed. She teamed up with Mollick to get some real insight about Kickstarter stats and they made some pretty interesting discoveries:
- “Projects that successfully fund tend to do so by relatively small margins.” Pi and Mollick found that 25 percent of the projects they crawled funded at 3% or less over their set goals. 50 percent exceeded their goal by only 10 percent. What can you glean from this? Set realistic goals!
- “Projects that fail to fun tend to fail by large margins.” Only 3 percent of failed projects made it to half of their goal. 10 percent managed to reach 30 percent of their goal. The rest didn’t even reach 30 percent.
- “Increasing goal size is negatively associated with success.” Again, what can you glean from this? Set realistic goals!
- There is definitely a correlation between how popular (read: influential) a Kickstarter project founder is and the success of the project.
- Only 25 percent of Kickstarter projects that reached their goal actually delivered on time! 75 percent of projects finished after 8 months of delay. Larger projects are more likely to be delayed.
The infographic below reveals more of the details from Pi and Mollick’s research. I also highly suggest you read the AppsBlogger post, as it’s filled with a whole lot of great tips and interesting information.
Do these statistics surprise you? We’d love to hear your thoughts in the comments below.
Megan O’Neill is the resident web video enthusiast here at Social Times. Megan covers everything from the latest viral videos to online video news and tips, and has a passion for bizarre, original and revolutionary content and ideas.