Plano, TX -- (SBWIRE) -- 07/25/2012 -- Donations to a bus monitor verbally abused by seventh-graders on a school bus, have topped several hundreds of thousands of dollars. The incident ignited a global wave of compassion after video of the bullying went viral on YouTube.
An individual in Canada utilized the crowd-funding website Indiegogo to ask donors to bankroll a vacation for the bus driver who lives in New York. Within 24 hours, the campaign overshot its original target of $5,000 by $120,000 to become the site’s most successful campaign to date.
“This is an example of the indignation and kindness of crowd funding which is typically used to fund businesses,” commented K. Chatman, founder of website Make Money Online At Home Now.
The bus driver will receive the donations, tax-free, this month. Someone else on Indiegogo, supported by the bus driver’s daughter, has solicited thank-you donations for the individual who arranged the campaign to discover how to make money online.
“Crowdfunding is basically people-powered investment. It funds projects deemed by the public as worthy to pursue that would otherwise fail to secure loans and other monetary investments,” Mr. Chatman said.
These projects could range from movies to buildings to election campaigns. Crowdfunding materialized the Sundance Film Festival entry Escape Fire and part of the President’s first presidential campaign.
Unlike conventional funding, crowdfunding usually involves an accrual of small amounts of money from anywhere in the world. Its steady rise has captured the attention of venture capitalists and angel investors.
“Unchecked, crowd investors could siphon too much money into a trendy industry with dubitable returns. Crowdfundraisers face many risks too, as in intellectual property violations due to the exposure their campaigns inevitably generate,” K. A. Chatman said.
Crowdfunding seems to have a long-term future. The Jumpstart Our Business Startups (JOBS) Act has legitimized equity-based crowdfunding, allowing individuals without accreditation to buy stock directly.
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