Despite crowdfunding’s democratic appeal — anyone can try to raise money for any idea — not everyone is on board. Gawker implored the masses to “End Online Panhandling Forever!” calling Kickstarter “begging by and for the privileged” (it’s not). Gizmodo proclaimed “We’re Done With Kickstarter,” arguing that turning an idea into reality should be more difficult than convincing “a mob of drooling, optimistic simpletons” to fund an online campaign (it is). Entrepreneur attempted to explain “Why Crowdfunding is Bad for Business” — apparently, it’s because the crowd lacks the business acumen of high-net-worth investors (irrelevant).
These and other anti-crowdfunding declarations are misguided, failing to consider crowdfunding’s broader implications on the people who engage in it and on the economy at large. In reality, crowdfunding is a boon for philanthropists, artists, investors, and entrepreneurs.