Who Backs the Backers on Kickstarter?

on Thursday, Feb. 7th

When it comes to raising money for the arts, Kickstarter has become the place to go. Since it launched in 2009, the crowd-funding site has successfully delivered over $400 million to creative projects, including three films currently up for Oscars. But for all of Kickstarter’s success, funding creative work is still risky business. A study out of Wharton counts 3.5% of funded projects drop the ball. Small, but significant enough to raise the question: what happens to that money?

From Kickstarter’s perspective, co-founder Yancey Strickler, defends their backer-beware system. From a historical perspective, MIT Technology Review Editor, Jason Pontin, shows there is a history of crowd-funding with more accountability. From an artistic perspective, Amanda Palmer, says whatever way you fund the arts, “there’s going to be a headache.

This story aired on PRI’s Studio 360.

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