Posts tagged with "Kickstarter"

Single-minded entrepreneurs who ‘go it alone’ usually are the most successful

May 6, 2019

Surprising research findings from New York University and the The Wharton School indicate that entrepreneurs who start a business on their own are more likely to succeed than those who do so with one or more partners, Inc. magazine reports.

That’s pretty much the opposite of what most aspiring founders would guess. After all, you can’t be good at everything—-so you would assume that, by teaming up with a partner who is strong in areas in which you are weak, you would be more apt to prosper.

In fact, it’s such an ingrained belief that VCs and other investors routinely choose to fund companies founded by teams rather than those with a solo founder. But it’s also dead wrong.

In an intriguing research project, Jason Greenberg of the Stern School of Business at NYU and Ethan Mollick of Wharton sent surveys to more than 65,000 businesses that had launched on Kickstarter over a seven-year period.

More than 10,000 respondents completed the survey, according to the Inc. report. The researchers narrowed their focus to projects seeking a meaningful amount of funding—the kind that could be used to start a real business, and wound up with 3,526 businesses started with either a single founder or two or more partners.

Consistent with investors’ bias toward teams rather than solo founders (and perhaps the fact that most people have more than one friend or family member), they found that companies with multiple founders were able to raise more money than those headed by a solo entrepreneur.

But that still didn’t give them a leg up. Despite starting off with a smaller stake, companies with a single founder stayed in business longer than those with two or more at the helm—and also enjoyed higher revenues.

Why are companies with single founders more likely to survive? Two or more people cost more than one, especially if the founders are drawing salaries. Even if they aren’t, office space, phone service, travel, and so on cost more for two founders than they do for one.

The researchers also pointed to some truths about leadership dynamics. Starting a company with multiple founders may bring an advantage in terms of wider expertise—but a solo founder can also hire others to provide the expertise he or she lacks.

On the other hand, it’s much easier and quicker for a single founder to think things through and arrive at a decision than it is for two people to discuss a problem or opportunity and agree on a course of action. With three or more founders, decision-making can take even longer.

And then there’s risk, Inc. reports. Starting a company is a risky undertaking to begin with. But once they’ve made that leap, many founders prefer to be conservative and hedge their bets. Two or more people making decisions together are less likely to make bold moves and take chances than one person acting independently.

Research source: @Inc

Oh, you beautiful doll: Brooklyn company raises over $600K for a Ruth Bader Ginsburg action figure

July 11, 2018

Ruth Bader Ginsburg—the Supreme Court justice perhaps best-known for her strong voice in favor of gender equality and her dissenting opinion in Bush v. Gore—always has been a woman of action. Now, a crowd-funded Kickstarter campaign, started by the Brooklyn-based creative house FCTRY and asking for $1 pledges since April, has raised an amazing $613,655 from 15,652 backers to produce a lifelike action figure of the plucky, intellectual jurist. When the fundraising window ended on July 10, the campaign had exceeded its original funding goal of $15,000 by over 4 000%, MIC reported.

The action figure’s prototype was sculpted by Mike Leavitt, a Seattle-based master caricaturist who portrayed the diminutive, soft-spoken member of the court with her characteristic, piercing gaze. The six-inch replica comes wearing her “righteous robe”, carrying a teeny-tiny gavel, pointing a finger, and wearing pulled-back hair and wire-rim glasses. The dolls will be available for shipping in September.

One dollar from the sales of each $20 action figure will be donated by FCTRY to She’s the first, an organization that fights gender inequality through education. STF provides scholarships to support girls who will be the first in their families to graduate from high school, and strains students everywhere to be global citizens.

On its Kickstarter page, FCTRY said it selected RBG as the subject of its newest campaign because she’s a “tremendously positive and inspirational character to so many different kinds of people.”

But she is not the only action figure available to support a good cause. RBG is just the latest offering from FCTRY, which also sells replicas of former President Barack Obama, Senator Elizabeth Warren, Senator Bernie Sanders, former Secretary of State Hillary Clinton and, yes, President Donald Trump. (The POTUS already is sold out. Sorry.)

“Knowing that some of these figures will surely wind up in the hands of young girls and boys who may, quite possibly, grow up entirely free of all of the antiquated stereotypes that RBG has spent her life dismantling is both gratifying and humbling,” FCTRY’s Kickstarter says.

Followers already are asking for more versions of the figure. In fact, one woman who already had order 3 RBGs and 2 Obamas pleaded in an email to the Kickstarter site, “And yes …[Rachel] MADDOW! My 89-year-old mom would be over the moon.” Another said, “MADD … Wait for it …DOW!”

Finally, liberals, take heart. For $100, you can have a full dream team of RBG, Warren, Hillary, Obama, and Bernie shipped straight to you, with proceeds going to several good causes.

Research contact: @fctry