Proprietary Algorithm Provides Ranking of Campaigns by Popularity & Viability To Improve User Experience Through Exclusive Crowdfunding Technology
San Francisco, March 15, 2012 – Indiegogo, the world’s leading global crowdfunding platform, has perfected its proprietary “gogofactor” used to rank crowdfunding campaigns. Following extensive testing to ensure accuracy and benefits for users, Indiegogo is the only crowdfunding platform that features a merit-based, data-driven methodology to display and rank campaigns.
Indiegogo empowers anyone with a passion or business idea to raise money for funding goals worldwide. In contrast to other crowdfunding platforms, Indiegogo is open and does not require an application to create a campaign. It is also unique in that it offers users the option to choose either “fixed funding” (only collect if entire goal is met) or “flexible funding” (keep all the money raised even if goal amount is not met).
The exclusive gogofactor determines how campaigns are displayed on the site — based on a combination of campaign activity, social media distribution, funding response and other online data. This ensures Indiegogo users are exposed to the most compelling campaigns, and also provides innovators and dreamers who create campaigns with recognition for gaining momentum. Campaigns with the highest gogofactor also gain additional exposure through Indiegogo’s marketing and PR efforts.
The gogofactor gives anyone who creates a campaign on Indiegogo the chance to rise to the top of the list. Here are a few examples of people who gained exposure on Indiegogo through the gogofactor:
- Help the Haleys Have a Baby – Jessica Haley used her experience in social media to spread the word about her campaign and was able to gain the emotional support and funds needed to get In Vitro Fertilization and is now pregnant with the first crowdfunded baby.
- LuminAID – Two graduate students from Columbia University in New York were able to design and prototype an inflatable solar light. They needed $10,000 for their production run. In addition to their entrepreneurial ambition, these students had a social mission and incorporated a “buy-one, give-one” philosophy into their marketing and perks. They were able to raise over five times their goal ($51,000) and send 1,100 lights to communities in third-world countries.
- Angry Video Game Nerd – Sean Keegan activated his already extensive fan base on YouTube to raise money to turn his popular video game review videos into a movie. His campaign raised over $325,000, making it the highest funded narrative-film on any crowdfunding platform.
“The gogofactor powers Indiegogo’s presentation and ranking of crowdfunding efforts in a special way that creates an entirely unique funding experience,” said Slava Rubin, CEO and co-founder of Indiegogo. “At Indiegogo, we don’t decide which campaigns should be exposed – we use data from our users to generate the most engaging crowdfunding experience on the web.”
Founded in January 2008, Indiegogo pioneered the concept of crowdfunding online. Today, millions of dollars are distributed each month to fund campaigns all around the world. From the first affordable consumer 3D printer in the UK to a cupcake company in Brooklyn to a successful liver transplant in the Congo to breakout musicians in Australia – Indiegogo offers anyone with an idea – creative, cause-related or entrepreneurial – the tools to simply and powerfully raise money.
“Top search engines like Google and Bing use algorithms, rather than human choices, to bring web users the best results – and in that tradition of using data the gogofactor brings Indiegogo users a proven way to ensure campaigns are displayed based on the factors that make them work,” said Danae Ringelmann, co-founder of Indiegogo.
The people behind Indiegogo campaigns maintain 100% ownership of their ideas, and generally offer perks as a token of their appreciation to funders. Over 8,000 perks are distributed each week
In addition to focusing on individual campaigns, Indiegogo has established several partnerships for business-to-business opportunities, including collaboration with Fractured Atlas, a non-profit organization that serves a national community of artists and art organizations. Fractured Atlas has surpassed $2,000,000 in funding since its start on Indiegogo.