Crowdfunding: New way to raise money for health needs

HealthcareLOS ANGELES (KABC) — People faced with soaring healthcare costs have looked for help before. Now they’ve found another possible solution online.

Thousands are sharing their stories on websites in what is known as crowdfunding. It’s the latest online evolution connecting individuals who are in need, with people who want to do good.

In the past, you might have just donated to an organization. But now, you can find the actual person you want to help, like little Madden.

Madden was born with a rare genetic disorder. He needs surgeries to stay alive, and the costs are overwhelming.

“ER visits, medication, he’s on a special formula,” said Mandy Sheridan, Madden’s mother.

While his disease is rare, his situation is not. Millions of Americans struggle to pay for their medical bills, just like Madden’s mother. But now thousands are getting help thanks to crowdfunding. Their stories are shared on crowdfunding websites, where perfect strangers pitch in and help.

“It was so exciting. The first donation that came in, and then by the end of the day there were so many. It was inspiring,” said Sheridan.

Crowdfunding has been used in recent years, mostly to finance creative startup projects like movies. Now experts say it’s exploding in the nonprofit sector.

Gofundme.com, one of several online fundraising sites, raised more than $8 million for medical causes last year.

“Our medical, illness and healing category is the most popular area of usage,” said Brad Damphousse with gofundme.com.

People selflessly trying to help those who need it, like Madden. His mom says she can’t wait to tell him the story someday.

“I will tell him that strangers came together and helped save his life,” she said.

Perfect strangers have given Madden $11,000 so far, and these donors have given out of the kindness of their own hearts, because in most of these cases, you are simply giving to an individual, which is not tax deductible. But still, millions of dollars are coming in, and saving lives.

HEADLINE NEWS

DVS Gaming (registration) (blog)Crowdfunding: How Does it Help Indie Developers?DVS Gaming (registration) (blog)2012 is when crowdfunding really blew up, prior to 2012 the average amount of money devs would receive could range from 10k-100k. By today's standards, that's stil [...]

LivemintFinding the right balance on crowdfundingLivemintSecurities market regulator Sebi (Securities and Exchange Board of India) has been trying to get a handle on digital platform-based crowdfunding since at least 2014, when it issued a cautiously positive consultation paper. It fl [...]

U.S. News & World ReportNo Cash for Hate, Say Mainstream Crowdfunding FirmsU.S. News & World ReportThe block on mainstream crowdfunding is just the latest blow to far-right activists operating online. In the last 24 hours, neo-Nazi website the Daily Stormer had its domain regi [...]

FortuneUncensored Social Network Gab Raises $1 Million in Crowdfunding CampaignFortuneA crowdfunding campaign for Gab, a Twitter-like social network that touts its commitment to freedom of speech, surpassed $1 million yesterday. The company claims it is politically neutral and committ [...]

Baltimore SunHarford still opposes crowdfunding sites for school donationsBaltimore SunRaising money through online crowdfunding sites is an ideal way for teachers to find the funds to purchase classroom materials and should be restored, the head of the Harford County teachers' u [...]

Crain's Cleveland Business'Smaller' gifts can go long way for Clinic's crowdfunding platformCrain's Cleveland BusinessFor an institution accustomed to securing multimillion-dollar donations, Cleveland Clinic's latest fundraising effort has some relatively [...]

FanRag Sports (blog)Is crowdfunding women's hockey the new normal?FanRag Sports (blog)The Western Collegiate Hockey Association is a women's college conference founded in 1999. In 18 competing seasons, the WCHA has won 16 national titles. Only twice has an NCAA women's [...]

League: Warriors legend Monty Betham drops crowdfunding bidNew Zealand HeraldFormer Warriors Monty Betham has pulled the pin on his quest to launch a crowdfunding campaign to buy the Warriors. With Warriors owner Eric Watson locked in negotiations to sell, Betham made a plea to league [...]

ForbesWhat Works In Equity Crowdfunding -- Insights From ResearchForbesAs we have recently celebrated the fourth anniversary of the signing of the JOBS Act into law, it is a good time to take stock of the effect that the legislature had on equity crowdfunding in the United States. It [...]

The Northern Daily LeaderThe perks and pitfalls of crowdfundingThe Northern Daily LeaderWith a few clicks, would-be entrepreneurs, artists and charities can launch a project and start crowdfunding. All they need to do is nominate a dollar goal to raise within a certain time, and list [...]

CFB Finance

Marketwired

  • Crowdfunding
  • Crowdfund
  • Peer to Peer Lending
  • FinTech
  • Reg A+
  • Reg CF
  • Crowdfunding USA

Press Release

Live Crowdfunding .tv

What's Next Step in Regulation A+ JOBS ACTS Title IIII :L Interview : Steve Cinelli with Brian Korn Securities and Crowdfunding/Peer-to-Peer Lending Lawyer, Watch more video library | Conference | Interview | Campaign Showcase | Research | Education |