How I Built This with Guy Raz Kickstarter: Perry Chen (2018)
Dec 31, 2018
Perry Chen, co-founder and creator of Kickstarter, discusses the challenges faced in building the crowdfunding platform, the early funding and business model of Kickstarter, and overcoming skepticism to develop their product. The podcast also features a postscript on Dustin Hogard's journey of designing a survival belt.
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Early Crowdfunding Concert Idea
- Perry Chen had an idea in New Orleans to let fans pre-fund concerts to decide if shows would happen.
- This early crowdfunding concept stuck with him because he couldn't find any fatal flaws in it.
Designing Kickstarter Before Coding
- Perry met designer Charles Adler through a college connection and collaborated intensely to mock up Kickstarter's site.
- They created detailed, 100-page documents outlining site functionality before coding began.
Kickstarter's Conditional Fee Model
- Kickstarter's model charges a 5% fee only if projects fully fund, avoiding costs for unsuccessful listings.
- This approach aligns incentives and lowers friction for creators to try crowdfunding.