Indiegogo is expanding beyond temporary crowdfunding projects and into permanent crowfunded businesses. Forever Funding will allow creators to turn their projects into sustainable jobs or unending missions. Non-profits, aspiring professional artists or even startups could pull in income from generous supporters.
What happens to these businesses and missions when there are no longer generous supporters? Does the business model change? Do funding sources change? Or does a failed Forever Funding campaign signal the death of a business or mission?
Indiegogo has just announced the pilot program for funding without a deadline in a blog post titled "Continuing Your Success on Indiegogo". The Forever Funding model is for companies who've already met their funding goal and want to keep raising money. The pilot will feature a select number of campaigns, including real-life photo filter Tens and lost item locator TrackR. Indiegogo did not specify the fee it will charge, so it's quite possible it will use the same 4%. If the pilot is a success, Indiegogo will likely roll out the feature as an option to any campaign that's met its goal. I've updated my headline from "Indiegogo Is About To Launch 'Forever Funding' Campaigns Without End Dates" to reflect the launch begins with a pilot test period.] The feature could distinguish Indiegogo from its better-known competitor Kickstarter, and open the service to a wider range of projects, such as ones with recurring maintenance costs as well as full-fledged companies or organizations looking for on-going support. Until now, Indiegogo has offered Fixed Funding campaigns where projects must meet their funding goal in a set time period to actually get the pledged dollars, and Flexible Funding which pays out to the creator even if the goal isn’t reached before the end date. Forever Funding provides an option with no end date, however my source didn’t know the percentage Indiegogo will take.