David Gerard:
Kickstarter is a crowdfunding platform. You put up a planned creative work, get pledges, and Kickstarter takes a percentage. This is pretty simple. There are very few ways to mess it up.
One way you can mess it up is to go into growth-at-any-cost mode and do stupid things for the sake of funding.
In December 2021, Kickstarter announced that it was pivoting to blockchain! Nobody had any idea what this meant -- including Kickstarter, who couldn't advance a single coherent reason, let alone a plan. Users revolted. [...]
Why did Kickstarter do something so stupid? It turns out that Andreessen Horowitz, through their a16z Crypto unit, promised to buy $100 million of early Kickstarter investors' shares in return for 25% of the company -- if Kickstarter would just say they were adopting "blockchain." [...]
Kickstarter was profitable before this. But they didn't have a path to cancer-like growth at all costs. So they went along with a16z's blockchain promotion.
Kickstarter had refused to recognize a union at the company in 2019 and illegally fired two of the union organizers. Kickstarter finally did recognize the union, but also had massive layoffs because so many creators had left the platform due to Kickstarter's efforts not to recognize the union. They preferred to destroy their profitable company rather than allow a union to gain the slightest toehold.
Previously, previously, previously, previously, previously, previously, previously, previously.

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