Crowdfunding

Crowdfunding, commonly understood as the sourcing of small contributions from a large number of individuals, has a long history. In the summer of 1885, the Statue of Liberty was complete but unassembled, scattered in pieces at a New York City harbor. Baltimore, Boston, San Francisco, and Philadelphia were all vying for the statue, offering to pay for the pedestal and assembly if it were relocated to their city. In a bid to keep the Statue of Liberty in New York, newspaper publisher Joseph Pulitzer spearheaded a crowdfunding campaign to raise the funds necessary to pay for the construction of the granite pedestal and installation of the statue. In exchange for contributions, Pulitzer offered model statues: 5 dollars for a 12-inch model and 1 dollar for ...