Crowdfunding devolves into narcissism

The latest waves seem to ignore the defining tenets of group financing over the centuries.

In 1885, Joseph Pulitzer ran an appeal to readers of his newspaper the New York World for funds to build the Statue of Liberty's pedestal. Some 125,000 Americans answered the call, with most of them contributing $1 or less, and the statue got its base. (Los Angeles Times)

In 1885, Joseph Pulitzer ran an appeal to readers of his newspaper the New York World for funds to build the Statue of Liberty’s pedestal. Some 125,000 Americans answered the call, with most of them contributing $1 or less, and the statue got its base. (Los Angeles Times)

Lara Krupicka | March 12, 2014 | LA Times – The iconic Statue of Liberty, positioned in New York Harbor to welcome those entering the United States, stands as a symbol of what’s best about our country and the freedom it has offered so many.
But it was only when I visited Lady Liberty for the first time recently that I discovered something else she represents: an early example of crowdfunding. A display in the museum on Liberty Island describes how, in 1885, Joseph Pulitzer ran an appeal to readers of his newspaper the New York World for funds to build the statue’s pedestal. Some 125,000 Americans answered the call, with most of them contributing $1 or less, and the statue got its base.
That is exactly the kind of endeavor crowdfunding should finance: a project for the benefit of a larger community that wouldn’t be possible without a group financial effort. But today, some crowdfunding is taking a narcissistic turn.
According to the Crowdfunding Industry Report, about $2.7 billion was raised by crowdfunding in 2012, and that amount was expected to rise sharply in 2013. Some crowdfunding websites have strict rules for what kinds of projects are eligible. Kickstarter, for example, allows only “creative projects,” and “does not allow charity, cause or ‘fund my life’ projects.” But other sites have fewer restrictions.
GoFundMe encourages its users “to raise money for themselves, a friend or loved one during life’s important moments.” And in November, the website Bucquistador was launched for individuals to fundraise for their “bucket lists” — the things they’d like to do before they die. As the website puts it: “Say you’d like to take a trip to Africa, and you think it’s going to cost $3,000. You can create a campaign for that goal.”
That sounds appealing on the surface. But it neglects some of the most basic tenets that have defined crowdfunding up to now.

read more: http://www.latimes.com/opinion/commentary/la-oe-krupicka-crowdfunding-20140312,0,7887493.story#ixzz2viqWatNr

HEADLINE NEWS

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news [...]

NPRAfter Outcry, Crowdfunding Site Patreon Backs Off Plan To Raise ...NPRThe popular crowdfunding service Patreon has backed off plans to change its payment structure, after widespread, vocal and passionate opposition from creators and their fans. Last week, the site announced it woul [...]

ForbesCrowdfunding Do's And Dont's From iFundWomen's Karen CahnForbesDuring our conversation, she was transparent in sharing that her first software company, VProud, failed because she “did everything backwards” and spent too much time trying to perfect the product. “Pe [...]

TechCrunchHow hate speech crowdfunding outfit Hatreon crept back online ...TechCrunchIf you want to make a living creating white supremacist content, you're probably not going to do it via sites like Kickstarter and Patreon, which prohibit hate speech. Fortunately there's Ha [...]

EntrepreneurWhy Some Small Business Owners Are Turning to Crowdfunding to Save Their CompanyEntrepreneurMany owners of beloved local businesses, especially in pricier cities, have been forced to swallow their pride and appeal to their customers in times of crisis -- a process streamli [...]

Times of IndiaPT Usha takes to crowdfunding to run schoolTimes of IndiaCHENNAI: Legendary athlete PT Usha, called 'Payyoli Express' by her fans, has taken to crowdfunding and raised Rs 20 lakh to train budding girl sprinters and runners at her school in the hope of turning t [...]

Crowdfund InsiderNew Investment Crowdfunding Platform Launches in North Carolina as Full Stack Platform Including Intrastate NC ...Crowdfund InsiderUnder NC PACES, or “North Carolina Providing Access to Capital for Entrepreneurs and Small business Act,” crowdfunding legislation, issue [...]

ChronicleLiveNo need for banks as North East businesses turn to crowdfundingChronicleLiveCrowdfunding has developed a reputation for helping weird and wonderful projects become a reality. But while creative projects have utilised crowdfunding for some time, more and more North East bu [...]

Crowdfunding For French CastlesNPRYou too can own a French chateau, in part, anyway. Romain Delaume, CEO of Dartagnans, tells NPR's Scott Simon about a crowdfunding effort underway to preserve La Mothe-Chandeniers. SCOTT SIMON, HOST: What if I told you that for about $60, you cou [...]

TechCrunchFormer Gawker employees are crowdfunding an effort to buy Gawker.comTechCrunchWhile Univision acquired most of Gawker Media's sites last year (and renamed them as the Gizmodo Media Group), the deal didn't include Gawker itself. In fact, BuzzFeed reported last month [...]

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 |