[Kuiper]

When you browse all Kickstarter projects rather than simply checking the most popular presentations from each category, it quickly becomes apparent that a lot of the projects have very little effort invested in them and lack the backing of any sort of serious talent. This is especially apparent in the game's category. "Here's some concept art for a game I want to make. I want to make it mechanically similar to games X, Y, and Z. Please give me $80,000" is pretty common, and it's equally common to see projects that don't even make 10% of their fundraising goal. Understandably, Kickstarter doesn't display these projects prominently on the front page; you need to dig several layers deep to find them.

If you've never browsed Kickstarter, your perception of Kickstarter success rates is probably colored even further by the fact that hearing about a Kickstarter outside of Kickstarter (on an aggregate such as reddit, HN, etc) is social proof and that itself is a symptom of success.

For a similar exercise, try checking the HN new queue. Lots of submissions fail to get even a single upvote; you just never see them.

If anything, I'd say that 44% successfully funded seems amazingly high. Much fewer than 44% of Kickstarter projects I've viewed actually deserved to be funded, in my opinion. Then again, this perception is likely skewed by the fact that I've spent a disproportionate amount of time in the games category, which seems to be plagued by "everyone wants to be a game dev without knowing how to code" syndrome.