Kickstarter’s Evolution: From Concept to Crowdfunding Powerhouse
"I was unsure why it wouldn’t succeed," he reflects, "but I thought someone else would take the lead."
Years later, after relocating back to New York City, Chen felt reinvigorated by the idea. It was there that he crossed paths with Yancey Strickler, a fellow visionary who believed that a threshold-based crowdfunding approach could be viable. With a simple whiteboard purchase from Staples, they began brainstorming.
In 2007, they brought Charles Adler, an interaction designer, into the fold as their third co-founder. Together, they engaged some developers to create the technical framework of what would become the Kickstarter platform while spreading the word about their concept. Chen used the cancellation of the show Arrested Development to generate buzz for Kickstarter, proposing the notion that fans might unite to resurrect beloved series independently from networks. He connected with David Cross, who played Tobias Fünke, and inspired by the vision, Cross became Kickstarter’s inaugural investor.
They soon onboarded their first hire, Cassie Marketos, who joined out of belief in Chen, Strickler, and Adler, despite not fully grasping what her role would entail. "In those early days, we’d pitch Kickstarter to people and they often looked at us blankly," Strickler later noted of their initial challenges.
The platform officially launched at 4:30 PM on April 28, 2009, starting off as an invitation-only service. Chen initiated a project, seeking $1,000 for a limited release of spray-painted T-shirts adorned with the phrase "Grace Jones Does Not Give A F**." Unfortunately, it did not achieve its funding target. Conversely, another endeavor titled Drawing for Dollars* did succeed, raising $35 from three backers by offering personalized pencil sketches to internet patrons.
Initially, many projects on Kickstarter followed this trend—small, artistic ventures with modest funding aspirations. Even now, the majority of projects typically secure less than $10,000.
By 2010, the team settled into their first office—an unpolished space on Manhattan’s Lower East Side adorned with graffiti they hadn’t created. The aroma of baked goods from the nearby matzah factory permeated the air. The team was small, and the community was intimate. "In the early days of Kickstarter, if you visited the website, you were likely to interact with me directly," Marketos shared, reflecting on her role in community support.
Then came the groundbreaking moment: the first project to reach the million-dollar mark. The Elevation Dock, showcased as "the ultimate dock for iPhones," garnered more than 12,000 backers pledging $1 million for its production. Chen reminisces about the extraordinary excitement, with the team working late to ensure the website handled the surge in activity.
Just four hours later, another project surpassed the million-dollar threshold: Broken Age, a point-and-click adventure game developed by Double Fine. Backers were not merely purchasing a game; they were gaining access to an exclusive online community for dialogue with the developers about the game’s direction. Broken Age ultimately attracted over $3 million in funding.
Thus began Kickstarter’s journey as a revolutionary platform, empowering creators and bridging the gap between vision and realization.