Jake Wand Opines on Kickstarter's Limitations for Film Funding
While many creative artists turn to crowd-funding options--such as on Kickstarter.com--to produce projects, the entertainment industry reveals this is not always the most viable option. Entertainment entrepreneur Jake Wand comments.
PHILADELPHIA, PA, June 10, 2013
As an appreciator of the creative arts, Jake Wand knows that it takes passion and dedication to deliver an exceptionally pleasing project. However, as an entertainment industry venture capitalist, Wand understands that these projects--no matter how independent--typically require money to acquire fans and produce cultural impact. Although some artists are also equipped with proficiency in business, a recent WIRED article reveals that the gap between these needs is creating a strange paradox in the way projects are funded.Specifically, WIRED observes the progress of Kickstarter--a unique crowd-funding source that allows fans to donate money to help an individual accomplish a goal. While Kickstarter.com welcomes people with many entrepreneurial goals, the article reveals that a great majority of projects revolve around the creative arts--sometimes to an impressively large extent. For instance, the website recently was responsible for channeling funding to a Veronica Mars movie, a revamp of the cult TV show that would not have proven possible without the help of fans. However, while the Veronica Mars success on Kickstarter is an intriguing story, Jake Wand explains that it does not mean that independent producers can divert away from conventional Hollywood funding.
To provide a wider perspective on the matter WIRED comments, "Generally speaking, indie, viral content doesn't have the same kind of staying power or universal audience that highly produced, centrally coordinated entertainment does. Think about shows like HBO's Game of Thrones, AMC's Mad Men, or even shows that ended years ago, like ABC's Lost. These shows generate countless discussions, comments, recaps, tweets, likes, forums--and entire websites and communities dedicated to analyzing every aspect from production to plot. But a single episode of Game of Thrones costs $6 million to make. A single episode of Mad Men costs approximately $2.3 million. You simply can't Kickstart or raise that kind of money on Indiegogo ... not [every single week]."
It is this observation that leads Jake Wand to identify some of the major pitfalls of Kickstarter reliance among independent artists today. Specifically, he explains that since many artists are not business professionals, they may not have the ability to fully utilize their funds in a proper manner that encourages project completion.
"I believe Kickstarter is a great way to connect the creative minds with those endorsing limited funding opportunities. However, I feel there are more efficient ways to raise more capital for entertainment related projects, such as face-to-face presentations with angel investor groups," Jake Wand concludes.
ABOUT:
Jake Wand is an entrepreneur based in Summit County, Colorado where he remains dedicated to pursuing venture capital opportunities in the entertainment industry. While Wand is currently focused on developing independent film and television projects, he has also proven a viable contender in the music industry as an event promoter and owner of musical instrument retail stores. Apart from exploring the business side of creative arts, Jake Wand remains passionate about outdoor recreation, in particular that of freestyle skiing and motorcycle road racing.