BITlab: Behavior Information Technology

404 Wilson Rd. Room 249
Communication Arts & Sciences
Michigan State University
East Lansing, MI 48824

Crowdfunding with IndieGoGo

By: Katie Hoban

This week at the BITlab meeting, Katie and Jacob discussed their current point of research for their crowdfunding project. A major part of their research has been looking at data from IndieGoGo (a well known crowdfunding site), and figuring out certain aspects of why things happen like they do. To gather this data, they scraped IndieGoGo over the summer and gathered 42,000 sets of data, which they believe to be the entire amount IndieGoGo had at the time. In this data, Katie and Jacob looked the different types of set-ups the people who set up the crowdfunding projects used. The data contained funding type (fixed or flexible), money asked for, the amount of money raised, and the number of (and price) of perks. The difference between fixed and flexible funding is with fixed, if the goal is not reached, all money that was given to the project is given back. This is a relatively new feature to IndieGoGO, but projects using this have a higher success rate. While Katie and Jacob collected 42,000 sets of data, they are only using 19,060. We are excited to see the conclusions Katie and Jacob will get from this data.