Kickstarter CEO: No Plans for IPO, Selling the Company

Popular crowd funding site Kickstarter has no plans or interest in becoming a publicly traded company, according to CEO Perry Chen. The company, which recently expanded into the United Kingdom and has managed to drive nearly $350 million into 76,000 projects since April 2009, is backed financially by a number of investors including Union Square Ventures, Betaworks and a number of angel investors.

"We don’t ever want to sell this company, we don’t ever want to IPO. We want to build this institution for generations," he said, speaking at the GigaOM Roadmap conference in San Francisco.

Chen also said that the company has no plans to get into the business of equity crowd funding (whereby backers would get a part of the companies they fund).

"We think the most disruptive aspect [of Kickstarter] is the removal of the investment component," Chen said. "People are supporting projects because they want to see them happen. It’s so different than giving money because you want to make a profit."

Chen went on to emphasize that Kickstarter is not looking to disrupt or supplant traditional industries, but to fill in areas where these industries don't already fill and that the company is on a journey to be as well understood as Twitter.

"We’re on a journey to where people fundamentally understand how Kickstarter works," Chen said.

Source: AllThingsD

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