In an effort to increase transparency and legitimize crowdsourcing, Kickstarter has recently announced its Kickstarter badge system. The badges will appear as small icons on the lower left of a campaign, just below the pitch video and will be available at multiple levels regarding the progression of the campaign. The Kickstarter badge system will be first used in the company's Hardware Studio, which currently functions as a hardware accelerator/manufacturing mentorship program.
The badge system is currently split into four levels. These levels include Engaged, Ready Level 1, Ready Level 2 and Ready Level 3. The Engaged level will be initiated when the project has a timeline in place, as well as a budget. Ready Level 1 occurs once a 'mature' prototype is produced and can become a manufactured product. Ready Level 2 will appear once the producer can show projected volume and plans are in place and the final level occurs when the product is fully ready for manufacturing. While the use of badges will allow backers to see the progression of projects, Kickstarter does not guarantee the projects will eventually ship.
Crowdfunding Project Badges
Kickstarter Badges Will Help Backer Track Progress on Projects
Trend Themes
1. Crowdfunding Transparency - The Kickstarter badge system demonstrates a trend towards increased transparency in crowdfunding, providing a possible innovation opportunity for similar platforms to increase backer trust.
2. Project Progress Tracking - The implementation of badges to track project progress may spark a trend of similar tracking features in crowdfunding platforms, providing potential innovation opportunities for developers.
3. Crowdfunding Credibility - The use of badges to legitimize campaigns may have widespread implications for the credibility of crowdfunding, creating a potential innovation opportunity for platforms seeking to increase credibility and attract more backers.
Industry Implications
1. Crowdfunding Platforms - Crowdfunding platforms such as Kickstarter may benefit from implementing transparency and tracking features like badges to improve credibility and attract more backers.
2. Hardware Manufacturing - Hardware manufacturers may find value in joining Kickstarter's Hardware Studio accelerator program, which utilizes badge tracking to help producers showcase progression and build investor trust.
3. Investment Platforms - Investment platforms seeking to increase transparency and establish credibility with their user base may find inspiration in Kickstarter's badge system and its potential to increase investor trust in projects.