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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.