I’ve always been a big believer that its not the length of your project that counts, but how you use it. Apparently I was misinformed, because today the fund raising platform Kickstarter announced that it will cut the maximum length for projects from 90 to 60 days in an effort to get more of them successfully funded.
“Over our first two years, the projects that have given themselves the most amount of time to reach their funding goal have actually done it less often than any other projects on Kickstarter. The overall success rate is 44 percent, but for 90 day projects (our max) it’s 24 percent,” writes co-founder Yancey Strickler.
There is typically a groundswell of support at the beginning of a project from the creator’s friends, family and fans. Towards the end donations spike again when donors jump in to help the project cross the threshold or ensure their reward.
“During the middle periods of a project pledging slows considerably. It’s a trough. Without the excitement of the new or the looming deadline’s call to action, projects need external stimuli (press, events, milestones) to generate activity. This is not always easy to do.What projects with longer durations are primarily doing, then, is extending the trough. A more compressed time-frame minimizes the slower weeks and places greater emphasis on the beginning and end. There’s an inherent momentum that carries a project through, and keeps backers engaged and excited. We believe shorter durations will extend that experience to more projects.”