KissKissBankBank brings our projects to life

Participating in a project at KissKissBankBank means paying 1 euro each time you like a page on Facebook, we do it less, but when we do, we follow the project to the end”. Adrien Aumont, Co-founder of KissKissBankBank was present on October 22, 2013 at the Master Class #SUPDEWEB in Paris to tell us about his creation.  

A collaborative economy

In “a world that is becoming horizontal”, it is sharing between individuals (peer to peer) that works. The best example would be that of the fall of the record industry, while music listening, for its part, has multiplied. The collaborative economy is making a comeback and the internet is the tool that makes it accessible to everyone, easily and quickly. Kisskissbankbank positions itself as the “brick bank” of crowdfunding. Crowdfunding is a new form of crowdfunding to support an artistic, social or humanitarian project by betting small sums on its chances of success. If the project reaches in a given time the sum necessary for its realization, it sees the light of day. Kisskissbankbank is a website that links projects and investors. A person submits a project on the website and allows any person present on the website to make a donation to the project. Although this number is decreasing because Internet users are becoming familiar with the site’s policy, the company rejects ⅓ of the proposed projects. Indeed, today, KissKissBankBank is the European leader in terms of turnover against its most loyal competitor, Ulule.  

How to submit your project?

Projects are subject to 3 rules. First, the goal must be achieved within a maximum of 90 days. If this goal is not achieved, the money is returned to the donors and the project is not funded. These constraints make it possible to involve an “emergency logic” and thus mobilize more investors. Finally, investors must receive consideration related to the project in exchange for their donation. These counterparties materialize a strong emotional link with the supported project, and create a social link between a creator and his community. Please note that the service is not free, Kisskissbankbank charges an 8% commission on the funds raised (which must be taken into account when entering this amount). But of course, only if the fundraising is successful. A lot of project study and follow-up work is carried out for each submission. An advisor calls or meets with the carrier, and together they conduct market research. If the amount requested is consistent with the reality of the project and if the counterparties are of high quality, the project is launched.  

Get more KissBankers

After the submission of the project, there is only one goal: to convince as many investors as possible. We can separately obtain prospects in 3 different circles around us, with whom we will have to act differently to convert as many people as possible. The closest is our entourage, friends or family. The second is our relay of influences (friends of our friends). The last circle, called general public, are all unknown people who are potentially interested in the project. “Unity is strength”. Crowdfunding is based on this logic: it is the small accumulated efforts that can bring great projects to fruition. To attract more, the presentation of the project must be the most optimal, it must have rich content and a common thread consistent with the project. #KKBB offers diagnoses being collected for better project monitoring. This is essential work, which makes it possible to specify good practices and improve service, by pooling good advice and good experience.  

 

What future prospects?

Adrien Aumont thinks that the French are behind the Americans and that they have a lot more trouble selling themselves. But against the giant KickStarter, does our European leader have a chance to compete? We don’t worry about them, they have a lot of tricks up their sleeves. The company has just offered 2 new services: The P2P landing with Hellomerci, which is a new solidarity loan platform offering loans from individuals to individuals offering an interest rate of 0%. A loan service between individuals at very reduced rates. But how not to think of the reprisals of the banks? Adrien Aumont assures us that the majority of their projects, the banks do not want them. Kisskissbankbank is positioned in a hitherto non-existent market.  

Authors

Selim Renoud-Lyat @LoupionKatouchK Emmanuel Guérin @Emmanuel_GUERIN