Kickstarter - Success and failure Rates

Recently, I completed the Data Analyst Nanodegree at Udacity in May. One of the degree projects was to create a data visualisation story on Tableau. I decided to find my own data. I looked through Kaggle and picked out the Kickstarter data set for analysis. It contains data on Kickstarter projects up to January 2018. Here is the link to the Kaggle page: Kickstarter projects.

If you already know what Kickstarter is, skip this paragraph. Kickstarter is a crowd funding platform where creators put up project proposals on the site. People can support these projects by pledging a small (or large if you want to) amount of money to help the said creators to complete these projects. In return, these people who have pledged (usually with a $USD minimum) would receive a product if the project reaches its funding goal. The projects range from arts to games and from tech widgets to watches. Here's what the website looks like today (3/6/2018, Australia):

Back to the data set. So I downloaded the data set and loaded it on Tableau. Here are my key findings:

Where have projects been based?

• The vast majority of projects have based themselves in the US. US projects have also raised the majority of all funding.

What projects raised the most funds?

• Games, Design, and Techonology projects account for 63% of funds raised but only 26% of all projects.

How difficult is it to have a successful project?

• Overall, only 35% of projects are successful.
• Comics, Dance, and Theatre projects have higher success rates of over 50%.
• Success rates varies over the years - ranging from 46% to 27%.

If Games, Design, and Technology projects raised the most money, why do they still fail at high rates?

• It seems that in these main categories, the winners take all. The successful projects in these main categories not only beat their funding goals by large amounts, but by large percentages over their funding goals too.

Why do so many projects fail to reach their goal?

• Successful projects seem to have more realistic funding goals. The median funding goal for a successful project is a lot lower than a failed or cancelled one.
• The median failed or cancelled project has a higher funding goal than the actual amount raised by the median successful project!