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Your Move? Kickstarter and the Evolution of Game Crowdfunding
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<blockquote data-quote="tenkar" data-source="post: 7681718" data-attributes="member: 15047"><p>Roger, </p><p></p><p>The backers are not "venture capitalists", at least not in the traditional sense. In the following case the backers were treated essentially as preorders: <a href="http://nwnewsnetwork.org/post/washington-attorney-general-targets-kickstarter-campaign" target="_blank">http://nwnewsnetwork.org/post/washington-attorney-general-targets-kickstarter-campaign</a></p><p></p><p>“We’re going after him for a pretty simple reason," explains Ferguson. "He made a promise. He said he would deliver a product to the hundreds of folks who invested, pre-paid essentially for that product. He has not delivered on that product. He’s not communicated to those individuals.”</p><p></p><p>Few if any Kickstarter projects bill themselves as "back a dream." Nearly all sell themselves as a preorder or sorts.</p><p></p><p>Also, if we define venture capital as such: "Venture capital (VC) is money provided to seed, early-stage, emerging and emerging growth companies. The venture capital funds invest in companies in exchange for equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as biotechnology and IT." <a href="https://en.wikipedia.org/wiki/Venture_capital" target="_blank">https://en.wikipedia.org/wiki/Venture_capital</a></p><p></p><p>Then we have something that is specifically prohibited by Kickstarter's rules: "Backers that support a project on Kickstarter get an inside look at the creative process, and help that project come to life. They also get to choose from a variety of unique rewards offered by the project creator. Rewards vary from project to project, but often include a copy of what is being produced (CD, DVD, book, etc.) or an experience unique to the project. Project creators keep 100% ownership of their work, and Kickstarter cannot be used to offer equity, financial returns, or to solicit loans." Backers aren't getting equity, they are getting a product.</p><p></p><p>And of course section 4 of Kickstarter's Terms of Use, which comes down to "deliver on your promises or face possible legal action from your backers." <a href="https://www.kickstarter.com/terms-of-use#section4" target="_blank">https://www.kickstarter.com/terms-of-use#section4</a></p></blockquote><p></p>
[QUOTE="tenkar, post: 7681718, member: 15047"] Roger, The backers are not "venture capitalists", at least not in the traditional sense. In the following case the backers were treated essentially as preorders: [url]http://nwnewsnetwork.org/post/washington-attorney-general-targets-kickstarter-campaign[/url] “We’re going after him for a pretty simple reason," explains Ferguson. "He made a promise. He said he would deliver a product to the hundreds of folks who invested, pre-paid essentially for that product. He has not delivered on that product. He’s not communicated to those individuals.” Few if any Kickstarter projects bill themselves as "back a dream." Nearly all sell themselves as a preorder or sorts. Also, if we define venture capital as such: "Venture capital (VC) is money provided to seed, early-stage, emerging and emerging growth companies. The venture capital funds invest in companies in exchange for equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as biotechnology and IT." [url]https://en.wikipedia.org/wiki/Venture_capital[/url] Then we have something that is specifically prohibited by Kickstarter's rules: "Backers that support a project on Kickstarter get an inside look at the creative process, and help that project come to life. They also get to choose from a variety of unique rewards offered by the project creator. Rewards vary from project to project, but often include a copy of what is being produced (CD, DVD, book, etc.) or an experience unique to the project. Project creators keep 100% ownership of their work, and Kickstarter cannot be used to offer equity, financial returns, or to solicit loans." Backers aren't getting equity, they are getting a product. And of course section 4 of Kickstarter's Terms of Use, which comes down to "deliver on your promises or face possible legal action from your backers." [url]https://www.kickstarter.com/terms-of-use#section4[/url] [/QUOTE]
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