The History of Crowdfunding

The first case of crowdfunding is related to the Statue of Liberty, the famous symbol of New York City. When the Statue of Liberty was donated by the French, the United States did not have the resources to finance the construction of the pedestal that was supposed to support it.

There were several attempts to raise the necessary sum of 100,000.00 dollars, but none of them were successful.

 So Pulitzer, who was a newspaper editor at the time, offered to publish in his newspaper the name of anyone who donated money, regardless of the amount paid. In just five months, 102,000.00 dollars was raised from 120,000 donors who, in most cases, had donated less than 1 dollar each.

In 2007, crowdfunding becomes a fundamental tool to allow a man in the US to stand as a candidate and win the presidential elections. On February 14 2007 Barack Obama launched his fundraising campaign on the World Wide Web platform, he believed it was possible to finance his own campaign for the presidential elections, in an innovative way and above all by directly involving the American population. History proved him right! In February 2008 the campaign reached its apex, raising 55 million dollars, about 1.2 million euros a day! (Source “The Atlantic, Joshua Green, The Amazing Money Machine”)