Kickstarter has a reputation of being an abundant funding source for burgeoning wearable tech companies. Pebble and Oculus Rift both got their bearings on Kickstarter. However, L2’s Intelligence Report: Wearables finds a large funding gap among the 50 wearables projects on the platform. Only 6 in 10 reach their funding target, and the average Kickstarter wearable campaign achieves 399% of its funding goal. Further emphasizing the gap between the haves and the have nots: successful projects receive 692% of their funding goal, while failed ones receive just 14%.
For famous projects, overfunding is even more egregious. Pebble, for example, is overfunded by 10,267% after setting a goal of $100,000 and raising $10,266,845. Oculus Rift, now owned by Facebook exceeded its $250,000 goal by 875% to $2,437,429. Woojer, a smartphone accessory meant to enable users to feel the bass of their music, raised just a little (relatively) over its funding goal: $143,377 from 1,170 users.
Overall, the odds of succeeding at a wearables project are improving. So far, 69% of wearable projects have been funded in 2014 vs. 40% in 2013 and 44% in 2012.
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