The other day, my girlfriend Marinell told me about an interview she read in The New York Times with Hugh Martin on “The Importance of Commitments.” I took a gander at this interview myself, and of course I started thinking about this concept of goals versus commitments and its relationship with crowdfunding for independent film.
Something I see way too frequently as Indiegogo’s manager of film and video is that filmmakers wanting to raise a lot of money. I mean a lot of money. Part of my duty as the guy who literally wrote the book on Crowdfunding for Filmmakers has become talking them down from the ledge of a $1.5 million ask and settle them into a target amount that fits more their lifestyle. This becomes much easier when I frame the discussion in terms of goals and commitment.
A filmmaker may need $250,000 to produce his or her feature-length film, but that goal won’t mean much if the filmmaker can only realistically commit to raising, say, $20,000, based on a variety of factors like the size of one’s current network and the amount of time he or she can devote to running the campaign. Therefore, my question to prospective campaigners isn’t what’s your goal?, but rather how much are you committed to raising?
Now, I’m the kind of person who truly believes that if a filmmaker wants to raise $1.5 Million for a film, he or she certainly can. But a look at some of the most successful Indiegogo campaigns –– Angry Video Game Nerd: The Movie, for instance, clocking in at 325,327 before their game was over, and Shemar Moore’s The Bounce Back, bouncing even higher up at $638,483 –– have been triumphant because of certain factors, specifically a passionate core fan base. But even still, angry video game nerd James Rolfe committed to raising $75,000 and was able to double-up that number instead of trying for $500,000 and coming up short at just over $300,000. Now, if we as filmmakers have less of a fan/subscriber base than these heavy hitters, it’s safe to say that $250,000 may be a difficult number to reach. But if we commit ourselves to raising a more reachable amount, then we open wide the possibility of shooting past our own commitment level and surpass even our most ambitious crowdfunding goals.
So before you crowdfund your next indie film, ask yourself not what your goal should be, but what you and your team can commit to raising, and then go on raise it!