Why Kickstarter Wants To Be A Leader In The Creator Economy

Kickstarter's Evolution in the Creator Economy: A Summary

Key Concepts:

• Reward-based crowdfunding
• Creator economy
• Pre-launch, funding, and post-campaign creator lifecycle
• Pledge management (fulfillment tool)
• Backer development
• Inclusivity and diversity
• Creator education
• Risk-taking and adaptability
• Community building

Kickstarter's Transformation and Relevance

Everett Taylor, CEO of Kickstarter, discusses the platform's evolution from a crowdfunding platform to a leader in the creator economy. Despite being a long-standing leader, Kickstarter faced declining revenue and increased competition when Taylor took over. His focus has been on revitalizing the platform through innovation and expanding its services to support creators throughout their entire journey.

• Revenue Growth: Kickstarter has experienced year-over-year revenue growth under Taylor's leadership.
• Product Innovation: The company launched 12 new major product features in Q1 of the current year.
• New Business Lines: Kickstarter has expanded into performance marketing and late pledges, with pledge management on the horizon.

Pledge Management: A Fulfillment Tool

Pledge management is a fulfillment tool designed to support creators beyond the funding stage. It allows creators to manage shipping, taxes, and backers, offering an e-commerce-like experience.

• Features: Shipping management, tax calculation, backer management, add-ons.
• Benefits: Drives revenue for creators through add-ons and repeat business.
• Creator Lifecycle Support: Completes the full circle of the creator lifecycle, from pre-launch to funding to post-campaign.

Defining Kickstarter's Industry and Competitors

Kickstarter defines itself as a reward-based crowdfunding platform for creative projects, differentiating itself from donation-based platforms like GoFundMe. It caters to a wide range of creators, from individuals to multinational corporations.

• Diverse Creator Base: Includes indie filmmakers, artists, tech innovators, and large companies like L'Oreal.
• Inclusivity: Crowdfunding is presented as accessible to everyone, regardless of background or company size.
• Untapped Potential: Kickstarter believes it has only scratched the surface of its potential and aims to expand its reach and impact.

Inclusivity and Diversity Initiatives

Taylor emphasizes inclusivity as a core mission, focusing on bringing in more diverse voices and creators.

• Internal Diversity: Building a diverse team that reflects the global community Kickstarter serves.
• Marketing and Product Development: Ensuring inclusivity in marketing materials, product design, and communication.
• Forward Funds: Providing financial support to creators from diverse backgrounds who may face challenges in funding their projects.
• Leadership Diversity: A diverse leadership team, including a Black CMO, a woman of color as Head of Comms, and a man of color as Head of Content.
• Creator Education: Increasing the success rate of projects through education and support. The success rate has increased from 50% to 65%.

Taylor's Journey to Leadership

Taylor shares his personal journey from Southside Richmond to becoming the CEO of Kickstarter, highlighting the importance of risk-taking and intentional career choices.

• Risk-Taking: Embracing discomfort and taking unconventional paths.
• Intentionality: Optimizing for learning and opportunity in career decisions.
• Early Experience: Gaining executive experience in startups to accelerate career growth.
• Alignment and Opportunity: Recognizing and seizing opportunities when they align with his goals.
• Breaking Barriers: Challenging stereotypes and demonstrating that individuals should not be confined to boxes.

Qualities of a Great Leader

Taylor discusses the qualities of a great leader, emphasizing responsibility, humility, and investment in people.

• Responsibility: Taking ownership of all outcomes, regardless of who is at fault.
• Solution-Oriented: Focusing on finding solutions and overcoming challenges.
• Humility: Recognizing limitations and learning from others.
• Investment in People: Providing resources and support to enable the success of team members.
• Sacrifice: Acknowledging the sacrifices required to be a great CEO.
• Learning from Mentors: Acknowledging the impact of mentors like Robert Cotch and Mike Ste on his career.

Navigating Economic Uncertainty

Taylor addresses the current economic climate and its impact on Kickstarter, emphasizing the platform's role in supporting creators during times of uncertainty.

• Community Focus: Prioritizing the needs of creators and the community.
• Resource Provision: Providing resources, support, and tools to help creators succeed.
• Pledge Manager Relevance: Highlighting the importance of pledge management in navigating tax and shipping complexities.
• Transparency and Hope: Setting realistic expectations while providing hope and optimism.
• Backer Development: Encouraging increased engagement and support from backers.

The Future of Kickstarter and the Creator Economy

Taylor expresses optimism about the future of the creator economy and Kickstarter's role in it.

• Creator Economy Growth: Recognizing the increasing number of individuals pursuing careers as creators and entrepreneurs.
• Kickstarter as a Creator Economy Hub: Transforming Kickstarter into a comprehensive platform for creators to connect with their audience.
• Social Platform Integration: Emphasizing the social aspect of Kickstarter and its ability to connect creators with their super fans.
• Community Building: Focusing on growing community engagement and expanding into new verticals.

Conclusion

Kickstarter, under Everett Taylor's leadership, is evolving beyond a traditional crowdfunding platform to become a central hub within the creator economy. By prioritizing inclusivity, providing comprehensive support to creators throughout their lifecycle, and adapting to the changing economic landscape, Kickstarter aims to empower creators and foster a thriving community. Taylor's emphasis on risk-taking, intentional leadership, and community building positions Kickstarter as a key player in shaping the future of creative endeavors.