It was on August 2 years ago, WongFu created crowdfunding page on Indiegogo to create a feature film titled “Everything Before Us“. I like how they tell the stories of their previous skits in YouTube and then I decided to fund their project for $10. Not really much compared to total fund required which was $200,000.
Amazingly it exceeded the expectation which project had been funded for $305,308. Then the film finally released a year after, at June 2015. The film is now available on iTunes (not available in Indonesia), GooglePlay, Amazon, and Netflix.
Last week, I got the sticker by postmail. Thank you. And for sure, congrats!
Experience on crowdfunding
Not all projects on crowdfunding are going success. While most of them, two a third are failed to be fully funded, some of them also failed to be implemented. Then what happened about the money that backers had thrown to the fundraiser? In Indiegogo, backer could use their Term of Use to sue the fundraiser if anything bad happened.
Well, I could say “Good job!” to WongFu, rite?
Would crowdfunding replace bank?
It would not likely replace bank, even actually it complement what bank now doing. While bank can not approve projects that have no guarantee to pay off the disbursed money, crowdfunding does. Though actually using crowdfunding would not give money in an exact money but delivering perks as committed in the project pledge. Perks might worth money that amount in the pledge, it might not. I notice most of projects are in innovative and creative industry such as technology, games, music, and film & video.
Crowdfunding is a trust based platform. Fundraiser would propose an idea. Then they will propose some pledges that contain perks to be exchanged based on amount in the pledge. Usually bigger amount would be offered better and much perks to backers.
Crowdfunding in Indonesia
As far as I know, there are wujudkan.com and kitabisa.com. Wujudkan.com limit the project should be in creative industry scope and seems like kitabisa.com is mostly used for social project. Is it already regulated in Indonesia to protect fundraisers and backers? Well, it should be.
Do you run crowdfunding for creative or innovative project? Or even the social one? Share them below