Those looking to crowdfund the development of their projects, products, or ideas may want to go in another direction, as most crowdfunding campaigns do not meet their fundraising goals.
In fact, between 69 and 89 percent of projects -- depending on the platform -- fail to reach their targets, according to a new reportfrom London-based market research firm The Crowdfunding Centre.
The study analyzed data for campaigns from five of the largest U.S., U.K. and Canada-based crowdfunding platforms in 2015. Kickstarter, the most noteworthy name in crowdfunding these days, saw just 31 percent of its campaigns reach their fundraising goals in 2015, according to the report. And that was the highest success rate among the five crowdfunding platforms included in the study.
Twenty-six percent of crowdfunding campaigns on FundRazr met their goals in 2015, and 19 percent of Crowdfunder campaigns meet goals. Indiegogo only had a 13 percent fully-funded success rate and at RocketHub, just 11 percent of campaigns on its platform met their goals.