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Although we hear of wildly successful crowdfunding campaigns, the truth is that the majority of these campaigns fail. The leading reward-based crowdfunding site, Kickstarter, has a 37 percent success rate and Indiegogo’s is even lower. And those cool hardware projects that seem to just take off and get immediate traction with backers? Don’t be fooled: According to research on completed hardware projects, 70 percent of those that raised over $100,000 on Kickstarter and Indiegogo added venture or angel investments before launching their campaigns.
These entrepreneurs' inability to get traction with backers did not necessarily occur because their products were unappealing.
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