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Kickstarter projects awash in funding

Kickstarter projects awash in funding

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Published by: Crowdsourcing.org on Aug 19, 2012
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8/19/12 Kickstarter projects awash in fundingwww.printthis.clickability.com/pt/cpt?expire=&title=Kickstarter+projects+awash+in+funding&urlID=487…
Posted: Sat, Aug. 18, 2012, 3:01 AM
MARY ALTAFFER / Associated Press
The Pebble watch maker sought $100,000 - and received$10.3 million.Post a comment
Kickstarter projects generate millionsof dollars
Kickstarter projects awash in fundingTreasury pinches Fannie and FreddieHorizon Blue Cross expands incentive
Kickstarter projects awash in funding
By Peter SvenssonAssociated Press
NEW YORK - A funny thing happens on Kickstarter, thewebsite where people ask for money to finance their projects. Sometimes, they get more money than they askfor.Sometimes, they get millions more.In April, three-person start-up Pebble Technology soughtto raise $100,000 to make 1,000 wristwatches that canbe programmed with different clock faces. Donors onKickstarter showered them with more than 100 times thatamount: $10.3 million. It would have gone higher hadPebble not put a cap on contributions and ended thefund-raising early."We had tried raising money through the normal routes,and it didn't really work," said Eric Migicovsky, Pebble's25-year-old founder.Kickstarter is the largest of dozens of sites devoted to"crowdfunding," in which donors contribute small sumsof money to get a project off the ground.Inventors, artists and entrepreneurs post their projectson a Kickstarter page, usually with a video presentation.They set a fixed duration for their fund-raising, from oneto 60 days, and a dollar goal for contributions. Anyonecan contribute. If the goal isn't reached by the deadline,no money changes hands and the project is canceled.Usually, contributors get something beyond thesatisfaction of knowing they helped turn a dream intoreality - like a ticket to a theater production, or in the caseof Pebble, a programmable watch.Designer Casey Hopkins asked for $75,000 to make aluxury iPhone dock out of solid aluminum. He got $1.4million. When that happened, in February, his was thefirst Kickstarter project to surpass $1 million. There have

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