Kickstarter announces UK plans

You might have seen our happy tweet yesterday announcing Kickstarter’s latest news but in case you didn’t here it is: the US-based crowdfunding platform is coming to the UK!

Using Twitter to tell the world the good news, the creative investment platform said: “People in the UK will be able to launch projects on Kickstarter starting this autumn.” 

Kickstarter’s arrival will no doubt be a blow to the existing fund-raising sites in the UK, such as there are Crowdfunder, Peoplefund.it and – especially popular amongst documentary filmmakers – Indiegogo. However, though crowding the market place for them, it will be another useful tool for filmmakers seeking funding for their documentary films.

A year after it started Kickstarter was named by TIME magazine one of the “Best Inventions of 2010” and is now said to be responsible for funding 10% of the indie films screened at the annual Sundance festival in Park City, Utah.

Not everybody is met with success when using the platform though, according to The Independent only 44% of appeals meet their funding goals – still, these would often include projects which, going via the traditional funding path, would have never seen the light of day.

In case you’ve been away to a faraway country for the past few years, deprived from any news outlets, the investment platform lets individuals set a funding target for their project and investors will be offered different rewards in proportion to their financial involvement.

Partially due to its payment system currently UK entrepeneurs are only able to raise funds on the platform if they partner up with US organisations.

Kickstarter makes its money by taking 5% from each funding pledge, so far more than $175m has been raised.