Motor racing stars and supporters from around the world have helped raise more than a million dollars for British Formula 4 driver Billy Monger who lost both his legs following a horrific crash at Donington Park.
The Crowdfunding Professional Association is working to take advantage of new federal rules allowing individuals to participate in equity funding of new ventures. Its new expert community is targeted at those looking to launch a campaign.
The slowing economy has opened up new opportunities for businesses seeking alternative sources of funding for their ventures, as traditional avenues of financing dry up. Crowdfunding, or the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically through the Internet, has gained momentum.
A New York group has met nearly 6,000 per cent of its crowdfunding goal for a Lego-compatible tape designed to foster brick building on “virtually any surface.”
The inventors of Nimuno Loops, a tape covered in bumps designed to be compatible with Lego bricks, sought $8,000 (£6,521.56) in funding on IndieGoGo, but as of Wednesday they had raised more than $460,000 (£374,959.25) with a month left in the campaign.